Solar Panel Cost Guide in Minocqua, WI (2023 Update)
- Minocqua Solar Installation Cost: $13,724
- 25-Year Savings: $24,017
- Payback Period: 9.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Minocqua
See how much it might cost to switch to solar power in Minocqua.
In Minocqua, solar panels cost about 2.6 per watt on average. Because a 7.5-kW system is needed to cover the energy usage of a typical home in Minocqua, the average price of going solar will be about $13,723 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average Minocqua homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. For most homeowners, the upfront cost of solar is worth paying. On average homeowners in Minocqua see about $19,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a top solar company in Minocqua that can help you get a more accurate cost estimate for your home.
Solar savings over time in Minocqua
| Year | Return on Investment |
|---|---|
| 1 years | $-12,606 |
| 3 years | $-10,370 |
| 5 years | $-8,134 |
| 7 years | $-5,898 |
| 9 years | $-3,662 |
| 11 years | $-1,426 |
| 13 years | $810 |
| 15 years | $3,046 |
| 17 years | $5,281 |
| 19 years | $7,517 |
| 21 years | $9,753 |
| 23 years | $11,989 |
| 25 years | $14,225 |
Top Solar Installers in Minocqua
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Hiring a solar company can make your switch to solar power much easier. A solar company can also help save you money over time by providing warranties, repairs and system component replacements.
You can work with a local solar installer to get a free estimate 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
See all of the solar companies in Minocqua
Factors that Affect Solar Panel Costs in Minocqua
Even though the average cost of a solar system in Minocqua is $13,723, your final cost may be higher or lower than that. There are quite a few factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend around $2,600 per kilowatt in Minocqua. There are several different solar panel brands and the one you choose also changes the cost. Generally speaking, the brands that have better efficiency tend to also cost more. Plus, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are provided by most installers in Minocqua, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more affordable. Although solar loans make adopting solar energy more accessible for Minocqua homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Minocqua is the company you hire to install your PV system. Similar to choosing a company to install new cabinets, for example, there's no shortage of solar installers that offer a range of services at different price points. Larger national companies usually have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle 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 | $2.70 | $11,357 | $18,672 | 9.5 years |
| 8 kW | $2.65 | $14,851 | $25,188 | 9.3 years |
| 10 kW | $2.60 | $18,200 | $31,849 | 9.1 years |
| 12 kW | $2.55 | $21,403 | $38,655 | 8.9 years |
| 14 kW | $2.50 | $24,461 | $45,607 | 8.7 years |
| 16 kW | $2.44 | $27,373 | $52,705 | 8.5 years |
| 18 kW | $2.39 | $30,139 | $59,948 | 8.4 years |
| 20 kW | $2.34 | $32,760 | $67,337 | 8.2 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Warranty: Warranties that cover replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one indication of a quality company.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you hire.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Contract: Before signing a contract with a solar company, make sure you look it over fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
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 Minocqua, WI Solar Cost FAQs
What is the average cost of installing solar panels in Minocqua?
The average cost of solar panels in Minocqua is about $13,000 for a 5-kW system and $26,000 for a 10-kW system before the ITC, but the actual cost will depend on things such as 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 Minocqua?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Can solar panels eliminate my power bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Minocqua, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them after having 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.