Solar Panel Cost Guide in New Market, MN (2024 Update)
- New Market Solar Installation Cost: $20,196
- 25-Year Savings: $19,210
- Payback Period: 15.1 Years
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Average Cost of Solar Panels in New Market
We go over average solar pricing in New Market.
Currently, the national average cost of solar panels is $2.66 per watt. However, in New Market, the typical cost of solar panels is 4 per watt.To cover the typical energy needs of the average home in New Market, most homeowners require a 7.2-kilowatt system. Using the figure above, a solar installation costs around $20,196, or $28,880 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of installing solar panels can vary based on multiple factors, such as what size system you need, your energy usage and what installation company you go with.Even with the significant initial cost, the average New Market homeowner can save around $18,000 on their power bills over 20 years, which is one of the perks of solar.
You can click the button below to get connected with a pre-vetted solar company in New Market that can help you get a more accurate cost estimate for your home.
Solar savings over time in New Market
| Year | Return on Investment |
|---|---|
| 1 years | $-18,916 |
| 3 years | $-16,357 |
| 5 years | $-13,799 |
| 7 years | $-11,240 |
| 9 years | $-8,681 |
| 11 years | $-6,122 |
| 13 years | $-3,563 |
| 15 years | $-1,004 |
| 17 years | $1,555 |
| 19 years | $4,114 |
| 21 years | $6,673 |
| 23 years | $9,231 |
| 25 years | $11,790 |
Top Solar Installers in New Market
DIY solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Using an installer can make swapping over to solar power much easier. Another upside of utilizing a solar installer is that they can help you optimize your investment by bringing down your future costs of repairs and replacements because of warranties and helping you learn about local incentives you can take advantage of.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 New Market
Factors that Affect Solar Panel Costs in New Market
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few key factors that will push your cost above or below the average in New Market: 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
The size of the solar system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $4,030. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your electric bills. Additionally, add-on products, like solar batteries, can bring your total well above the New Market average.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are offered by most installers in New Market, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible.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 a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The remaining significant cost factor you should keep in mind is the installer you choose. Given the growing popularity of renewable energy solutions in New Market, you’ll have many options to choose from, but each comes at various price points 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 pricing because they have access to greater 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 promotion can bring their pricing down to compete with bigger 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 | $10,424 | 15.7 years |
| 8 kW | $4.11 | $23,019 | $14,351 | 15.4 years |
| 10 kW | $4.03 | $28,210 | $18,503 | 15.1 years |
| 12 kW | $3.95 | $33,175 | $22,880 | 14.8 years |
| 14 kW | $3.87 | $37,914 | $27,483 | 14.5 years |
| 16 kW | $3.79 | $42,428 | $32,312 | 14.2 years |
| 18 kW | $3.71 | $46,716 | $37,367 | 13.9 years |
| 20 kW | $3.63 | $50,778 | $42,647 | 13.6 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because picking a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Long-standing companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Different companies will carry different brands and kinds of panels. If you want a specific brand, make sure the solar installer you’re considering has it.
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
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 New Market, MN Solar Cost FAQs
How much does it cost to install solar panels in New Market?
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 additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Are solar panels free in New Market?
You can’t get solar panels for free in New Market. 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 prefer to own your solar panels, you can finance them with a solar loan.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.