Solar Panel Cost Guide in Detroit Lakes, MN (2024 Update)
- Detroit Lakes Solar Installation Cost: $20,409
- 25-Year Savings: $15,980
- Payback Period: 16.8 Years
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Average Cost of Solar Panels in Detroit Lakes
Let’s take a look at the average cost of solar in Detroit Lakes.
In Detroit Lakes, solar panels cost about 4 per watt on average.Since a 7.2-kW system is needed to cover the energy costs of a typical home in Detroit Lakes, the average price of going solar will be about $20,409 after claiming the federal solar tax credit of 0.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy use, the type of solar panels you choose, your solar contractor and more.With average savings of about $16,000 on electricity bills over 20 years, many homeowners in Detroit Lakes find going solar can pay off big.
To receive a free estimate from a highly rated solar installer in Detroit Lakes, you can click the button below.
Solar savings over time in Detroit Lakes
| Year | Return on Investment |
|---|---|
| 1 years | $-19,447 |
| 3 years | $-17,522 |
| 5 years | $-15,598 |
| 7 years | $-13,673 |
| 9 years | $-11,749 |
| 11 years | $-9,824 |
| 13 years | $-7,899 |
| 15 years | $-5,975 |
| 17 years | $-4,050 |
| 19 years | $-2,125 |
| 21 years | $-201 |
| 23 years | $1,724 |
| 25 years | $3,648 |
Top Solar Installers in Detroit Lakes
When going solar, many homeowners prefer to hire a solar installer since installing solar panels yourself can be a difficult project. The expertise that solar installers offer can be invaluable as well, particularly if you aren’t sure what kind of solar equipment would be right for your home.
If you’d like to make the switch to solar but still aren’t sure which solar system installer to go with, here are our suggestions for providers nearby:
See all of the solar companies in Detroit Lakes
Factors that Affect Solar Panel Costs in Detroit Lakes
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that will push your cost above or below the average in Detroit Lakes: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar panel system in Detroit Lakes, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy usage, which you can gauge by looking at past energy bills. Your total cost can increase by around $4,030 for each additional kilowatt you need.The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your power bills. Additionally, extra products, like solar batteries, can bump up your total well above the Detroit Lakes average.
Solar Financing Terms
Many homeowners find the average cost of solar in Detroit Lakes to be prohibitively costly, even if the investment pays off over time. Fortunately, nearly every solar company in the area offers financing options. Solar loans substantially decrease upfront costs in most cases, but they also lead to paying more over time because of interest.Though solar loans make going solar more accessible for Detroit Lakes homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you select will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor.The size of the company can sometimes play the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of greater resources and bulk pricing. Smaller local companies might be more costly, but they generally 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 | $4.19 | $17,603 | $7,577 | 17.5 years |
| 8 kW | $4.11 | $23,019 | $10,554 | 17.1 years |
| 10 kW | $4.03 | $28,210 | $13,757 | 16.8 years |
| 12 kW | $3.95 | $33,175 | $17,186 | 16.5 years |
| 14 kW | $3.87 | $37,914 | $20,840 | 16.1 years |
| 16 kW | $3.79 | $42,428 | $24,719 | 15.8 years |
| 18 kW | $3.71 | $46,716 | $28,825 | 15.5 years |
| 20 kW | $3.63 | $50,778 | $33,156 | 15.1 years |
How to Save on Solar Panels
There are a lot of 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:
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Contract: When looking through your solar installer’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years most likely offer high-quality solar panel installation and expertise.
- Warranty: Warranties that provide coverage for defective panels and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one sign of a quality company.
EcoWatch's Detroit Lakes, MN Solar Cost FAQs
How much does it cost to install solar panels in Detroit Lakes?
The average cost of solar panels in Detroit Lakes 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 things like the kind of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to consider when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your property value?
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 Detroit Lakes is currently $362,809, which means you can look forward to a value of about $14,875 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Detroit Lakes is a fruitful investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.