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

  • Medina Solar Installation Cost: $20,316
  • 25-Year Savings: $19,747
  • Payback Period: 14.9 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 Medina

See how much it might cost to make the switch to solar in Medina.

The national average cost of solar panels is $2.66 per watt, but in Medina it’s 4 per watt.Using this figure, a typical 7.2-kW system would cost about $20,316 before the 0 federal solar tax credit is applied.

Keep in mind that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy consumption, the type of equipment you choose, your solar contractor and more.But, once you've paid the initial cost of installation, the savings for most homeowners is quite fruitful, with a net average savings of about $18,000 over 20 years on electricity bills.

To get a free quote from a vetted solar company in Medina, you can click the button below.

Solar savings over time in Medina

Year Return on Investment
1 years $-19,037
3 years $-16,478
5 years $-13,919
7 years $-11,360
9 years $-8,801
11 years $-6,242
13 years $-3,684
15 years $-1,125
17 years $1,434
19 years $3,993
21 years $6,552
23 years $9,111
25 years $11,670

Top Solar Installers in Medina

Many homeowners choose to use a solar installation company since figuring out how to install solar panels yourself can be challenging. Companies can also provide access to quality options of the best solar panels and help you decide which one will be right for your home.

Working with a professional solar company can help you make the most of your investment in solar. Here are our recommendations:

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 Medina

Factors that Affect Solar Panel Costs in Medina

Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that affect your total cost in Medina: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over 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 installing solar panels. That’s why it’s important to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are provided by most installers in Medina, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible.It’s wise to include the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it’ll take to pay off the loan.

Solar Panel Installation Company

The solar installer you opt for to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Medina, and each can charge different amounts for labor and equipment.The company’s size can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion 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 $10,776 15.5 years
8 kW $4.11 $23,019 $14,820 15.2 years
10 kW $4.03 $28,210 $19,089 14.9 years
12 kW $3.95 $33,175 $23,584 14.6 years
14 kW $3.87 $37,914 $28,305 14.3 years
16 kW $3.79 $42,428 $33,251 14.0 years
18 kW $3.71 $46,716 $38,423 13.7 years
20 kW $3.63 $50,778 $43,820 13.4 years

How to Save on Solar Panels

Since the model of solar panels and the installer you choose greatly affects your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:

  • Contract: Before you sign a contract with a solar installer, make sure to read it through carefully so you understand the terms. Also, ask questions if you’re unsure about some of the terms, such as what the warranty covers and what services you can expect from them.
  • Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. Two 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 positive reviews from previous customers.
  • Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
  • Solar Panel Brands: Different companies have different brands and models of panels. If you prefer a specific brand, make sure the solar company you’re considering has it.

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 Medina, MN Solar Cost FAQs

What is the average cost of installing solar panels in Medina?

The average cost of solar panels in Medina 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 kind of solar panels you want, what size system you need and how much energy you use.

Is it better to lease or buy solar panels in Medina?

Leasing solar panels can be an appealing choice, because it typically comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.

How much can I save on power bills after installing solar panels?

It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Medina, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.

How long do solar panels last in Medina?

Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use 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.

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