Solar Panel Cost Guide in Litchfield, MN (2024 Update)
- Litchfield Solar Installation Cost: $20,046
- 25-Year Savings: $17,142
- Payback Period: 16.0 Years
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Average Cost of Solar Panels in Litchfield
We go over average solar pricing in Litchfield.
While the national average of solar panels is $2.66 per watt, solar panels in Litchfield generally cost around 4.Because a 7.1-kW system is needed to cover the energy needs of a typical home in Litchfield, the average price of going solar will be about $20,046 after claiming the federal solar tax credit of 0.
These figures are only averages, and your own solar costs will most likely differ based on factors unique to your home and what company you go with.But, once you've paid the initial cost of installation, the return on investment for most homeowners is quite rewarding, with a net average savings of about $17,000 over 20 years on electricity bills.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Litchfield
| Year | Return on Investment |
|---|---|
| 1 years | $-18,767 |
| 3 years | $-16,208 |
| 5 years | $-13,649 |
| 7 years | $-11,090 |
| 9 years | $-8,531 |
| 11 years | $-5,972 |
| 13 years | $-3,413 |
| 15 years | $-854 |
| 17 years | $1,705 |
| 19 years | $4,263 |
| 21 years | $6,822 |
| 23 years | $9,381 |
| 25 years | $11,940 |
Top Solar Installers in Litchfield
Many homeowners opt for a solar installation company since trying to put up solar panels by yourself can be a labor-intensive endeavor. Local solar installers can also help you maximize your return on investment by walking you through any local incentives you can take advantage of and by providing warranties and repairs.
If you're on the hunt for a solar company in Litchfield, we've compiled a list of our top suggestions here:
See all of the solar companies in Litchfield
Factors that Affect Solar Panel Costs in Litchfield
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that determine your overall cost in Litchfield: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. For that reason, it’s a priority to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use.There are many different solar panel brands and the one you choose also affects the cost. Typically, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you’re looking to get can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Litchfield to be too steep, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to a higher cost over time due to interest.While solar loans make adopting solar energy more accessible for Litchfield 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 make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you hire to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Litchfield, and each can charge varying amounts for labor and equipment.The size of the company can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower 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 | $8,798 | 16.7 years |
| 8 kW | $4.11 | $23,019 | $12,183 | 16.3 years |
| 10 kW | $4.03 | $28,210 | $15,792 | 16.0 years |
| 12 kW | $3.95 | $33,175 | $19,628 | 15.7 years |
| 14 kW | $3.87 | $37,914 | $23,689 | 15.4 years |
| 16 kW | $3.79 | $42,428 | $27,976 | 15.1 years |
| 18 kW | $3.71 | $46,716 | $32,488 | 14.7 years |
| 20 kW | $3.63 | $50,778 | $37,227 | 14.4 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Warranty: Warranties that provide coverage for replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering that kind of warranty is one sign of a quality company.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to get the job done well. Another way you can research your installer’s reputation is by reading reviews.
- Contract: It’s important to look over your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
EcoWatch's Litchfield, MN Solar Cost FAQs
How much does it cost to install solar panels in Litchfield?
The average cost of solar panels in Litchfield 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 certain factors such as the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to think about when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Litchfield?
Each state has some kind 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 utility bills.
How long do solar panels last in Litchfield?
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 opt to 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.