Solar Panel Cost Guide in Lake Elmo, MN (2024 Update)
- Lake Elmo Solar Installation Cost: $20,370
- 25-Year Savings: $22,061
- Payback Period: 14.0 Years
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Average Cost of Solar Panels in Lake Elmo
We break down average solar pricing in Lake Elmo.
In Lake Elmo, solar panels cost about 4 per watt on average.The average solar panel system size in Lake Elmo is around 7.2 kilowatts, meaning a cost of about $20,370 for a solar installation, or $29,129 before the 0 federal solar tax credit is applied.
These figures are only averages, and the cost of going solar for you will differ based on the amount of energy your home requires and what company you want to go with.Despite the large initial cost, the average Lake Elmo homeowner can save around $19,000 on their electricity bills over 20 years, which is one of the perks of solar.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Lake Elmo
| Year | Return on Investment |
|---|---|
| 1 years | $-19,090 |
| 3 years | $-16,531 |
| 5 years | $-13,973 |
| 7 years | $-11,414 |
| 9 years | $-8,855 |
| 11 years | $-6,296 |
| 13 years | $-3,737 |
| 15 years | $-1,178 |
| 17 years | $1,381 |
| 19 years | $3,940 |
| 21 years | $6,499 |
| 23 years | $9,058 |
| 25 years | $11,616 |
Top Solar Installers in Lake Elmo
Trying to install solar panels by yourself can be a dangerous undertaking, which is why getting a solar installation company is a good option for many homeowners. Solar warranties and repairs are ordinarily included in the cost of installation when you opt for a solar contractor too, which can save you more money after your upfront investment.
If you're looking for a solar company in Lake Elmo, the EcoWatch team has compiled a list of our top suggestions here:
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 Lake Elmo
Factors that Affect Solar Panel Costs in Lake Elmo
For many Lake Elmo homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Lake Elmo, with typical prices between $20,000 to $40,000. There are several factors that significantly 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 affects the overall cost of installing solar panels. For that reason, it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Lake Elmo, where sunlight isn’t as abundant, efficiency can quickly pay off. Also, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That’s why many Lake Elmo homeowners decide to finance their solar panel systems to make going solar more affordable.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar installation company you choose will play a role in your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor.You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $12,656 | 14.5 years |
| 8 kW | $4.11 | $23,019 | $17,326 | 14.3 years |
| 10 kW | $4.03 | $28,210 | $22,221 | 14.0 years |
| 12 kW | $3.95 | $33,175 | $27,343 | 13.7 years |
| 14 kW | $3.87 | $37,914 | $32,690 | 13.4 years |
| 16 kW | $3.79 | $42,428 | $38,263 | 13.1 years |
| 18 kW | $3.71 | $46,716 | $44,061 | 12.9 years |
| 20 kW | $3.63 | $50,778 | $50,085 | 12.6 years |
How to Save on Solar Panels
There are many companies available in Lake Elmo, 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:
- Reputation: Your solar installer should have a sound 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 that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
- Contract: Though reading through a contract can be tedious, it’s important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Installation Process: When going solar, it’s essential to maintain an open line of communication with your solar panel installer. See to it that you understand how the installation process will go and the project timeline.
- Warranty: Warranties that cover replacement parts and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one sign of a good company.
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 Lake Elmo, MN Solar Cost FAQs
What is the average cost of installing solar panels in Lake Elmo?
This is a tough question to answer exactly, because the cost depends on a variety of 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. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Are solar panels free in Lake Elmo?
You can’t get solar panels for free in Lake Elmo. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Do solar panels increase how much your home is worth?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them after having 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.