Solar Panel Cost Guide in Edina, MN (2024 Update)
- Edina Solar Installation Cost: $20,316
- 25-Year Savings: $21,469
- Payback Period: 14.2 Years
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Average Cost of Solar Panels in Edina
Find out what the average cost of solar panels are in Edina.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Edina, the average cost of a solar system is 4 per watt.Using this figure, a typical 7.2-kW system would cost about $20,316 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of going solar can vary quite a bit based on a few factors, such as what size system you need, your energy usage and what installation company you go with.Even with the large initial cost, the average Edina homeowner can save around $19,000 on their power bills over 20 years, which is one of the perks of solar.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Edina
| 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 Edina
Many homeowners opt for a solar installer since figuring out how to install solar panels yourself can be challenging. Companies can also have access to a large variety of the best solar panels and help you decide which one will be best for your family.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Edina
Factors that Affect Solar Panel Costs in Edina
For many Edina homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Edina, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. Because of that, it’s crucial to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use.The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted 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. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are offered by most installers in Edina, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible.It’s a good idea to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The solar company you choose to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies in Edina, and each can charge different amounts for labor and equipment.Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and find a company that provides the products, warranties and services you want and also fit into your budget.
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 | $12,211 | 14.8 years |
| 8 kW | $4.11 | $23,019 | $16,733 | 14.5 years |
| 10 kW | $4.03 | $28,210 | $21,480 | 14.2 years |
| 12 kW | $3.95 | $33,175 | $26,453 | 13.9 years |
| 14 kW | $3.87 | $37,914 | $31,652 | 13.6 years |
| 16 kW | $3.79 | $42,428 | $37,076 | 13.3 years |
| 18 kW | $3.71 | $46,716 | $42,726 | 13.1 years |
| 20 kW | $3.63 | $50,778 | $48,602 | 12.8 years |
How to Save on Solar Panels
There are a large number of companies available in Edina, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Reputation: Well-established companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: Different companies offer various brands and models of panels. If you want a specific brand, make sure the solar company you’re considering has it.
- Contract: Before you sign a contract with a solar company, make sure to read it through fully so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Edina, MN Solar Cost FAQs
What is the average cost of installing solar panels in Edina?
This is a hard question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $20,150 for a 5-kW system and $40,300 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 above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Are solar panels free in Edina?
You can’t get solar panels for free in Edina. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
How will having solar panels impact how much my home is worth?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Edina is currently $608,537, which means you can look forward to a value of about $24,950 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Edina is a rewarding investment.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of 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.