Solar Panel Cost Guide in Corcoran, MN (2024 Update)
- Corcoran Solar Installation Cost: $20,316
- 25-Year Savings: $20,321
- Payback Period: 14.7 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Corcoran
Find out what the average cost of solar panel installation is in Corcoran.
In Corcoran, solar panels cost about 4 per watt on average.Because a 7.2-kW system is needed to cover the energy usage of a typical home in Corcoran, the average price of going solar will be about $20,316 after claiming the federal solar tax credit of 0.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy needs, the type of solar panels you choose, your solar contractor and more.Even with the significant initial cost, the average Corcoran homeowner can save about $18,000 on their power bills over 20 years, which is one of the positives of solar.
To get a free quote from a highly rated solar company in Corcoran, you can click the button below.
Solar savings over time in Corcoran
| Year | Return on Investment |
|---|---|
| 1 years | $-19,037 |
| 3 years | $-16,478 |
| 5 years | $-13,919 |
| 7 years | $-11,360 |
| 9 years | $-8,801 |
| 11 years | $-6,242 |
| 13 years | $-3,684 |
| 15 years | $-1,125 |
| 17 years | $1,434 |
| 19 years | $3,993 |
| 21 years | $6,552 |
| 23 years | $9,111 |
| 25 years | $11,670 |
Top Solar Installers in Corcoran
When going solar, many homeowners choose to hire a solar company since handling can be a difficult project. Solar warranties and repairs are often included in the cost of installation when you sign a contract with a solar contractor too, which can save you more money over time.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some near you:
See all of the solar companies in Corcoran
Factors that Affect Solar Panel Costs in Corcoran
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that affect your total cost in Corcoran: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
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 power your household consumes, the larger your system will likely need to be. You can expect to spend about $4,030 per kilowatt in Corcoran.The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are available from most installers in Corcoran, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable.However, the interest on solar loans also increases your total costs, so it’s important to take that into consideration as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The final major cost factor you should take into consideration is the installer you choose. Given the growing popularity of green energy solutions in Corcoran, you’ll have many options to choose from, but each comes at various price points for labor and equipment.Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to 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 | $4.19 | $17,603 | $11,255 | 15.2 years |
| 8 kW | $4.11 | $23,019 | $15,457 | 15.0 years |
| 10 kW | $4.03 | $28,210 | $19,886 | 14.7 years |
| 12 kW | $3.95 | $33,175 | $24,540 | 14.4 years |
| 14 kW | $3.87 | $37,914 | $29,420 | 14.1 years |
| 16 kW | $3.79 | $42,428 | $34,526 | 13.8 years |
| 18 kW | $3.71 | $46,716 | $39,857 | 13.5 years |
| 20 kW | $3.63 | $50,778 | $45,414 | 13.2 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose considerably affects your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a couple decades are the gold standard in the business, and offering such a warranty is one mark of a good company.
- Contract: Look through the contract terms thoroughly to make sure you understand the overall cost, project completion timeline rebates and warranties.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can research your installer’s reputation is by reading reviews.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Although there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of offerings before making your decision.
EcoWatch's Corcoran, MN Solar Cost FAQs
What is the average cost of installing solar panels in Corcoran?
The average cost of solar panels in Corcoran is about $20,150 for a 5-kW system and $40,300 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the model 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 Corcoran?
Leasing solar panels can be an appealing choice, as it usually comes with low or $0 upfront payments. The drawback 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.
How will having solar panels impact how much my home is worth?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Corcoran is currently $562,064, which means you can look forward to a value of about $23,045 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Corcoran is a rewarding investment.
How long do solar panels last in Corcoran?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.