Solar Panel Cost Guide in Faribault, MN (2024 Update)
- Faribault Solar Installation Cost: $20,226
- 25-Year Savings: $20,246
- 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 Faribault
Find out what the average cost of a solar system is in Faribault.
The average cost of solar panels in Faribault is 4 per watt.The average solar panel system size in Faribault is around 7.2 kilowatts, meaning a cost of about $20,226 for a solar installation, or $28,923 before the 0 federal solar tax credit is applied.
These figures are only averages, and your own solar costs may differ based on the amount of energy your home requires and what company you want to go with.With typical savings of about $18,000 on energy bills over 20 years, many homeowners in Faribault find investing in solar has a decent ROI.
You can click the button below to get connected with a vetted solar installer in Faribault for a quote for your home.
Solar savings over time in Faribault
| Year | Return on Investment |
|---|---|
| 1 years | $-18,946 |
| 3 years | $-16,387 |
| 5 years | $-13,828 |
| 7 years | $-11,269 |
| 9 years | $-8,711 |
| 11 years | $-6,152 |
| 13 years | $-3,593 |
| 15 years | $-1,034 |
| 17 years | $1,525 |
| 19 years | $4,084 |
| 21 years | $6,643 |
| 23 years | $9,202 |
| 25 years | $11,761 |
Top Solar Installers in Faribault
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Using a solar company can make switching to solar power much easier. Because solar panels are exposed to the elements every day, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
If you’d like to switch to solar energy but still aren’t certain which solar system installer to go with, here are our recommendations for providers in Faribault:
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 Faribault
Factors that Affect Solar Panel Costs in Faribault
The cost of installing a solar system in Faribault can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is the size of the system you need, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the cost of a solar system in Faribault, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can determine by looking at past energy bills. Your total cost can increase by around $4,030 for each additional kilowatt you need.There are many different solar panel brands and the one you choose also affects the cost. Typically, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you’re looking to install can affect your total cost. If you only 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 offered by most installers in Faribault, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable.When considering your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can impact the cost. Faribault’s solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $11,268 | 15.2 years |
| 8 kW | $4.11 | $23,019 | $15,476 | 14.9 years |
| 10 kW | $4.03 | $28,210 | $19,909 | 14.7 years |
| 12 kW | $3.95 | $33,175 | $24,568 | 14.4 years |
| 14 kW | $3.87 | $37,914 | $29,452 | 14.1 years |
| 16 kW | $3.79 | $42,428 | $34,562 | 13.8 years |
| 18 kW | $3.71 | $46,716 | $39,898 | 13.5 years |
| 20 kW | $3.63 | $50,778 | $45,459 | 13.2 years |
How to Save on Solar Panels
There are numerous companies available in Faribault, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: The brand of solar panel you want to get plays a part in which installer you should choose, since different companies have access to different panels.
- Contract: Look through the contract terms closely to make sure you understand the total cost, completion timeline rebates and warranties.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
- Installation Process: Make sure you’re aligned with the installer in regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as updating or replacing your electrical system or roof.
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 Faribault, MN Solar Cost FAQs
What is the average cost of installing solar panels in Faribault?
The average cost of solar panels in Faribault 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 kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Faribault?
A solar panel system isn’t free in Faribault, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Can you sell solar power back to the grid in Faribault?
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 give you credit toward your future utility bills.
What solar power system size is right for 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 get between 20 and 35 panels to account for 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.