Solar Panel Cost Guide in Luverne, MN (2024 Update)

  • Luverne Solar Installation Cost: $19,762
  • 25-Year Savings: $13,818
  • Payback Period: 17.8 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Luverne

Let’s take a look at the average cost of solar in Luverne.

The national average cost of solar panels is $2.66 per watt, but in Luverne it’s 4 per watt.Using this figure, a typical 7.0-kW system would cost about $19,762 before the 0 federal solar tax credit is applied.

Remember that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy consumption, the type of equipment you choose, your solar contractor and more.Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Luverne can save around $15,000 on their energy bills over 20 years.

For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.

Solar savings over time in Luverne

Year Return on Investment
1 years $-18,696
3 years $-16,564
5 years $-14,432
7 years $-12,300
9 years $-10,169
11 years $-8,037
13 years $-5,905
15 years $-3,773
17 years $-1,641
19 years $491
21 years $2,622
23 years $4,754
25 years $6,886

Top Solar Installers in Luverne

Although it's possible to install solar panels yourself, it involves extra time and expertise. For that reason, most homeowners choose to go with a solar panel installer. A solar company can also help save you money over time by providing warranties, repairs and part replacements.

If you’d like to start using solar energy but still aren’t sure which solar company to go with, here are our suggestions for providers nearby:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

Best Technology

Tesla Energy

★★★★★
3.2

  • 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 Luverne

Factors that Affect Solar Panel Costs in Luverne

For many Luverne homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Luverne, 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

The cost of solar panels varies by thousands of dollars due to some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production require 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.There are many different solar panel brands and the one you pick also affects the cost. Usually, the brands that are more efficient tend to also be more expensive. Plus, 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

For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are offered by most installers in Luverne, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable.When figuring out 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

A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Luverne is the company you choose to install your solar panel system. As with choosing a company to build a deck or pool, for example, there’s no shortage of solar installers that offer a range of services at different price points.Additionally, some companies in Luverne are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.

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 $6,160 18.5 years
8 kW $4.11 $23,019 $8,665 18.2 years
10 kW $4.03 $28,210 $11,395 17.8 years
12 kW $3.95 $33,175 $14,351 17.5 years
14 kW $3.87 $37,914 $17,533 17.1 years
16 kW $3.79 $42,428 $20,941 16.7 years
18 kW $3.71 $46,716 $24,574 16.4 years
20 kW $3.63 $50,778 $28,433 16.0 years

How to Save on Solar Panels

Since the type of solar panels and the installer you choose has an impact on 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:

  • Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
  • Installation Process: Make sure you’re on the same page with the installer with regard to how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.
  • Contract: Even though reading through a contract can be tedious, it’s important to do it thoroughly so you can make sure you understand what services your solar company will provide and the terms of the warranty.
  • Warranty: If you’re concerned about the longevity of your solar system, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

Best Technology

Tesla Energy

★★★★★
3.2

  • 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 Luverne, MN Solar Cost FAQs

How much does it cost to install solar panels in Luverne?

The average cost of solar panels in Luverne 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 things like the kind 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 a key factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.

How will installing solar panels impact the value of my home?

Solar panels can increase your property’s value considerably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."

What solar power system size is right for my home?

The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can 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 install 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.

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