Solar Panel Cost Guide in Wayzata, MN (Mar 2023)
- Wayzata Solar Installation Cost: $14,314
- 25-Year Savings: $19,177
- Payback Period: 10.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Wayzata
See how much it might cost to go solar in Wayzata.
In Wayzata, solar panels cost about 2.84 per watt on average. To cover the typical energy usage of the average home in Wayzata, most homeowners require a 7.2-kilowatt system. Using the per-watt figure above, a solar installation costs about $14,314, or $20,469 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy use, the type of equipment you want to get, your solar contractor and more. With typical savings of about $18,000 on utility bills over 20 years, many homeowners in Wayzata find installing solar panels has a decent ROI.
Click the button below to get connected to a top solar panel company in your area for a personalized quote.
Solar savings over time in Wayzata
| Year | Return on Investment |
|---|---|
| 1 years | $-12,974 |
| 3 years | $-10,295 |
| 5 years | $-7,616 |
| 7 years | $-4,936 |
| 9 years | $-2,257 |
| 11 years | $422 |
| 13 years | $3,101 |
| 15 years | $5,781 |
| 17 years | $8,460 |
| 19 years | $11,139 |
| 21 years | $13,818 |
| 23 years | $16,497 |
| 25 years | $19,177 |
Top Solar Installers in Wayzata
When switching to solar energy, many homeowners prefer to hire a solar installer since overseeing your solar installation yourself can be a difficult project. Companies can also have access to various kinds of the best solar panels and help you decide which one will be right for your home.
If you'd like to go solar but still aren't certain which solar panel installer to go with, here are our suggestions for providers nearby:
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Wayzata
Factors that Affect Solar Panel Costs in Wayzata
For many Wayzata homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Wayzata, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,840. The brand of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That's why many Wayzata homeowners opt to finance their solar panel systems to make going solar more affordable. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
Lastly, the company you get to install your solar system can play a role in determining the cost. Wayzata's solar companies all have different labor costs and add varying upcharges to equipment. The size of the company sometimes plays the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing due to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.95 | $12,405 | $15,496 | 11.1 years |
| 8 kW | $2.90 | $16,222 | $20,980 | 10.9 years |
| 10 kW | $2.84 | $19,880 | $26,622 | 10.7 years |
| 12 kW | $2.78 | $23,379 | $32,424 | 10.5 years |
| 14 kW | $2.73 | $26,719 | $38,384 | 10.3 years |
| 16 kW | $2.67 | $29,900 | $44,504 | 10.0 years |
| 18 kW | $2.61 | $32,921 | $50,783 | 9.8 years |
| 20 kW | $2.56 | $35,784 | $57,220 | 9.6 years |
How to Save on Solar Panels
There are numerous companies to choose from in Wayzata, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Installation Process: Make sure you're aligned with the installer in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Solar Panel Brands: The model of solar panel you need to install plays a role in which company you should choose, since different companies offer different panels.
- Contract: Although reading through a contract can be tedious, it's important to do it fully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can check your installer's reputation is by reading reviews.
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Wayzata, MN Solar Cost FAQs
What is the average cost of installing solar panels in Wayzata?
This is a tough question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $14,200 for a 5-kW system and $28,400 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Are solar panels free in Wayzata?
Solar panels aren't free in Wayzata, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
How much can I save on electricity bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $930.04 per year.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.