Solar Panel Cost Guide in New Ulm, MN (2024 Update)
- New Ulm Solar Installation Cost: $20,014
- 25-Year Savings: $20,303
- Payback Period: 14.5 Years
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Average Cost of Solar Panels in New Ulm
Here’s how much it might cost to switch to solar power in New Ulm.
The national average cost of solar panels is $2.66 per watt, but in New Ulm it’s 4 per watt.The average New Ulm homeowner needs a 7.1-kilowatt system, which would cost about $20,014 with the federal tax credit, or $28,620 before the 0 tax credit is applied.
Bear in mind that the figures above are only estimates based on the average New Ulm homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.Despite the high initial cost, the average New Ulm homeowner can save around $18,000 on their electricity bills over 20 years, which is one of the advantages of solar.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in New Ulm
| Year | Return on Investment |
|---|---|
| 1 years | $-18,734 |
| 3 years | $-16,175 |
| 5 years | $-13,617 |
| 7 years | $-11,058 |
| 9 years | $-8,499 |
| 11 years | $-5,940 |
| 13 years | $-3,381 |
| 15 years | $-822 |
| 17 years | $1,737 |
| 19 years | $4,296 |
| 21 years | $6,855 |
| 23 years | $9,414 |
| 25 years | $11,972 |
Top Solar Installers in New Ulm
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a pain. Taking advantage of a solar company can make your switch to solar power much easier. Another benefit of using a solar company is that they can help you optimize your return of 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 take care of your solar installation project. Here are our suggestions:
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 New Ulm
Factors that Affect Solar Panel Costs in New Ulm
For many New Ulm homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in New Ulm, with typical prices between $20,000 to $40,000. There are a number of 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. Because of that, it’s a priority to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use.The model of solar panels and equipment you choose is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Moreover, solar equipment consists of more than just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are available from most installers in New Ulm, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable.When considering your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar panel installer you select will influence your total cost to go solar. Different companies will charge different amounts for the equipment and labor.Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and find a company that provides the products, warranties and services you want and also fit into your budget.
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 | $11,495 | 15.1 years |
| 8 kW | $4.11 | $23,019 | $15,778 | 14.8 years |
| 10 kW | $4.03 | $28,210 | $20,287 | 14.5 years |
| 12 kW | $3.95 | $33,175 | $25,021 | 14.3 years |
| 14 kW | $3.87 | $37,914 | $29,981 | 14.0 years |
| 16 kW | $3.79 | $42,428 | $35,167 | 13.7 years |
| 18 kW | $3.71 | $46,716 | $40,579 | 13.4 years |
| 20 kW | $3.63 | $50,778 | $46,216 | 13.1 years |
How to Save on Solar Panels
The solar panel company you choose will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should consider, including:
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Contract: Before signing a contract with a solar installer, make sure you read it through completely so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
- Warranty: Warranties that provide coverage for defective panels and repairs over a long period of time such as 25 years are the best you can get in the business, and offering such a warranty is one indication of a quality 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 New Ulm, MN Solar Cost FAQs
What is the average cost of installing solar panels in New Ulm?
This is a difficult question to answer exactly, because the cost depends on a few different 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. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in New Ulm?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Can you sell solar power back to the grid in New Ulm?
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 give you credit toward your future electricity bills.
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 how much energy they produce will have decreased significantly after that point. You can replace them once you've had 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.