Solar Panel Cost Guide in Wayzata, MN (2023 Update)
- Wayzata Solar Installation Cost: $14,317
- 25-Year Savings: $19,173
- Payback Period: 10.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Wayzata
Here's how much it might cost to make the switch to solar in Wayzata.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Wayzata, the typical cost of a solar system is 2.84 per watt. The average Wayzata homeowner needs a 7.2-kilowatt system, which would cost about $14,314 with the federal tax credit, or $20,469 before the 30% tax credit is applied.
These figures are only averages, and your own solar costs will vary based on your specific situation and what company you go with. Many homeowners find installing a solar panel system is a rewarding investment. The average homeowner in Wayzata can save around $18,000 on their electricity bills over 20 years.
To receive a free quote from a vetted solar company in Wayzata, you can click the button below.
Solar savings over time in Wayzata
| Year | Return on Investment |
|---|---|
| 1 years | $-13,038 |
| 3 years | $-10,479 |
| 5 years | $-7,920 |
| 7 years | $-5,361 |
| 9 years | $-2,802 |
| 11 years | $-243 |
| 13 years | $2,316 |
| 15 years | $4,874 |
| 17 years | $7,433 |
| 19 years | $9,992 |
| 21 years | $12,551 |
| 23 years | $15,110 |
| 25 years | $17,669 |
Top Solar Installers in Wayzata
Many homeowners opt for a solar installer since figuring out how to install solar panels by yourself can be a labor-intensive endeavor. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some nearby:
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
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
See all of the solar companies in Wayzata
Factors that Affect Solar Panel Costs in Wayzata
There are a number of factors that can play into your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. There are several different solar panel brands and the one you choose also changes the cost. Generally, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
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. Even though solar loans make going solar more accessible for Wayzata homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The last key cost factor you should consider is the installer you choose. Given the growing popularity of clean energy solutions in Wayzata, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. Larger national companies typically have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
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
The solar company you opt for will affect not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, such as:
- Contract: Though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
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
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
EcoWatch's Wayzata, MN Solar Cost FAQs
How much does it cost to install solar panels in Wayzata?
This is a hard question to answer exactly, 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. It will cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Wayzata?
Leasing solar panels can be an appealing choice, because it often comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
How long do solar panels last in Wayzata?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.