Solar Panel Cost Guide in Grand Forks, ND (2023 Update)
- Grand Forks Solar Installation Cost: $30,289
- 25-Year Savings: $44,719
- Payback Period: 10.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Grand Forks
We break down average solar pricing in Grand Forks.
The national average cost of solar panels is $2.66 per watt, but in Grand Forks it's 2.42 per watt. To cover the typical energy usage of the average home in Grand Forks, most homeowners require a 17.9-kilowatt system. Using the per-watt figure above, a solar installation costs about $30,289, or $43,313 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy consumption, the type of solar panels you want to get, your solar contractor and more. Despite the large initial cost, the average Grand Forks homeowner can save about $16,000 on their power bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a highly rated solar company in your area for a personalized estimate.
Solar savings over time in Grand Forks
| Year | Return on Investment |
|---|---|
| 1 years | $-27,288 |
| 3 years | $-21,288 |
| 5 years | $-15,287 |
| 7 years | $-9,287 |
| 9 years | $-3,286 |
| 11 years | $2,715 |
| 13 years | $8,715 |
| 15 years | $14,716 |
| 17 years | $20,716 |
| 19 years | $26,717 |
| 21 years | $32,718 |
| 23 years | $38,718 |
| 25 years | $44,719 |
Top Solar Installers in Grand Forks
Although it's possible to install solar panels on your own, it takes extra time and handiness. That's why the majority of homeowners choose a solar panel installer. Plus, if you aren't sure what type of solar panels and equipment you need, a solar expert can help you find the right equipment for you after a site survey and consultation.
If you'd like to switch to solar energy but still aren't certain which solar system company to go with, here are our recommendations 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
See all of the solar companies in Grand Forks
Factors that Affect Solar Panel Costs in Grand Forks
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that will push your cost above or below the average in Grand Forks: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,420. The type of solar panels and equipment you choose is another factor that will considerably affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That's why many Grand Forks 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 above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Grand Forks is the company you choose to install your solar panel system. As with choosing a company to build a deck or pool, for instance, there are plenty of solar installers that offer a range of services for different budgets. Additionally, some companies in Grand Forks have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.52 | $10,571 | $14,605 | 10.5 years |
| 8 kW | $2.47 | $13,823 | $19,744 | 10.3 years |
| 10 kW | $2.42 | $16,940 | $25,019 | 10.1 years |
| 12 kW | $2.37 | $19,921 | $30,429 | 9.9 years |
| 14 kW | $2.32 | $22,767 | $35,975 | 9.7 years |
| 16 kW | $2.27 | $25,478 | $41,656 | 9.5 years |
| 18 kW | $2.23 | $28,053 | $47,473 | 9.3 years |
| 20 kW | $2.18 | $30,492 | $53,425 | 9.1 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Contract: Though reading through a contract can take a lot of time, it's important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years in most cases offer quality solar panel installation and expertise.
- Solar Panel Brands: The brand of solar panel you want plays a part in which installer you should go with, since different companies have access to different panels.
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 Grand Forks, ND Solar Cost FAQs
What is the average cost of installing solar panels in Grand Forks?
The average cost of solar panels in Grand Forks is about $12,100 for a 5-kW system and $24,200 for a 10-kW system before the ITC, but the real cost will depend on things like the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Grand Forks?
Leasing solar panels can be an appealing choice, as 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 incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Can solar panels significantly reduce my energy bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Grand Forks, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
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 usually 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.