Solar Panel Cost Guide in Fairmont, MN (2024 Update)
- Fairmont Solar Installation Cost: $19,975
- 25-Year Savings: $16,481
- Payback Period: 16.3 Years
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Average Cost of Solar Panels in Fairmont
Find out how much it might cost to make the switch to solar in Fairmont.
The average cost of a solar system in Fairmont is 4 per watt.To account for the typical energy usage of the average home in Fairmont, most homeowners require a 7.1-kilowatt system. Using the figure above, a solar installation costs about $19,975, or $28,564 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The true cost of installing solar panels can vary based on a few factors, such as how many panels you need, your energy consumption and what installation company you go with.With average savings of about $16,000 on energy bills over 20 years, many homeowners in Fairmont find going solar can pay off big.
You can click the button below to get connected with a top solar company in Fairmont that can help you get a more accurate cost estimate for your home.
Solar savings over time in Fairmont
| Year | Return on Investment |
|---|---|
| 1 years | $-19,046 |
| 3 years | $-17,188 |
| 5 years | $-15,329 |
| 7 years | $-13,471 |
| 9 years | $-11,612 |
| 11 years | $-9,754 |
| 13 years | $-7,895 |
| 15 years | $-6,037 |
| 17 years | $-4,178 |
| 19 years | $-2,320 |
| 21 years | $-461 |
| 23 years | $1,398 |
| 25 years | $3,256 |
Top Solar Installers in Fairmont
Trying to put up solar panels by yourself can be a dangerous task, which is why getting a solar installer is a good option for many homeowners. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.
There are several licensed solar professionals that can install solar panels for you. 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 Fairmont
Factors that Affect Solar Panel Costs in Fairmont
There are several factors that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production need 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 $4,030.The kind of solar panels and equipment you get is another factor that will considerably affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Plus, solar equipment consists of more than just the solar panels themselves. You’ll also need to decide on 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
Most solar installers in Fairmont offer solar loans, which reduce your upfront costs of installing solar.While solar loans make switching to solar energy more accessible for Fairmont homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar company you choose to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar installation companies in Fairmont, and each can charge varying amounts for labor and equipment.Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and decide on the company that offers the products, warranties and services you want and also is within 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 | $8,290 | 17.0 years |
| 8 kW | $4.11 | $23,019 | $11,505 | 16.7 years |
| 10 kW | $4.03 | $28,210 | $14,945 | 16.3 years |
| 12 kW | $3.95 | $33,175 | $18,611 | 16.0 years |
| 14 kW | $3.87 | $37,914 | $22,503 | 15.7 years |
| 16 kW | $3.79 | $42,428 | $26,620 | 15.4 years |
| 18 kW | $3.71 | $46,716 | $30,963 | 15.0 years |
| 20 kW | $3.63 | $50,778 | $35,532 | 14.7 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose considerably influences your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to do the job well. Another way you can verify your installer’s reputation is by reading reviews.
- Contract: Even though reading through a contract can take a lot of time, it’s important to do it fully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
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 Fairmont, MN Solar Cost FAQs
What is the average cost of installing solar panels in Fairmont?
The average cost of solar panels in Fairmont is about $20,150 for a 5-kW system and $40,300 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
The initial cost is a very important factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Can you sell solar power back to the grid in Fairmont?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future power bills.
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 their energy production will have decreased significantly after that point. You can replace them once you've had them for that long or you can keep using 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.