Solar Panel Cost Guide in North Mankato, MN (2024 Update)

  • North Mankato Solar Installation Cost: $20,064
  • 25-Year Savings: $21,222
  • Payback Period: 14.2 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 North Mankato

Find out what the average cost of installing solar panels is in North Mankato.

In North Mankato, solar panels cost about 4 per watt on average.Since a 7.1-kW system is needed to cover the energy needs of a typical home in North Mankato, the average price of going solar will be about $20,064 after claiming the federal solar tax credit of 0.

The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of making the switch to solar can vary based on a few factors, such as what size system you need, your energy usage and what company you go with.But, once you've paid the initial cost of installation, the savings for most homeowners is typically fruitful, with a net average savings of about $19,000 over 20 years on energy bills.

To see your potential savings and connect with a local solar expert, click the button below.

Solar savings over time in North Mankato

Year Return on Investment
1 years $-18,784
3 years $-16,226
5 years $-13,667
7 years $-11,108
9 years $-8,549
11 years $-5,990
13 years $-3,431
15 years $-872
17 years $1,687
19 years $4,246
21 years $6,805
23 years $9,363
25 years $11,922

Top Solar Installers in North Mankato

When going solar, many homeowners prefer to hire a solar company since installing a solar system yourself can be a time-consuming project. In addition, if you’d like to maximize your investment in solar energy, using a solar company can help with that as well. Different providers can offer repairs, expertise on how to install solar panels and sometimes even information on local incentives, rebates and net metering programs.

You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some 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 North Mankato

Factors that Affect Solar Panel Costs in North Mankato

Although the average cost of a solar system in North Mankato is $20,064, your actual cost may be higher or lower than that. There are many factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to consider.

Solar Equipment

The cost of solar panels varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation need 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.The type of solar equipment you choose can increase or decrease your cost 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. However, more efficient panels could save you more over time on your energy bills. In addition, add-on products, like solar batteries, can bump up your total well above the North Mankato average.

Solar Financing Terms

If paying for a solar system in cash is too expensive, solar loans are an affordable route because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.Although solar loans make going solar more accessible for North Mankato homeowners, they can also add to the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.

Solar Panel Installation Company

The solar company you hire to handle your switch to green energy can play a role in your total costs. There are about 3 solar panel companies operating in North Mankato, and each can charge varying amounts for labor and equipment.The company’s size can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing due to greater 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 discount can bring their pricing down 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 $12,228 14.8 years
8 kW $4.11 $23,019 $16,755 14.5 years
10 kW $4.03 $28,210 $21,508 14.2 years
12 kW $3.95 $33,175 $26,486 13.9 years
14 kW $3.87 $37,914 $31,691 13.6 years
16 kW $3.79 $42,428 $37,121 13.3 years
18 kW $3.71 $46,716 $42,776 13.1 years
20 kW $3.63 $50,778 $48,658 12.8 years

How to Save on Solar Panels

There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:

  • Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should secure and what the project timeline is.
  • Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
  • Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
  • Contract: It’s important to read through your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.

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 North Mankato, MN Solar Cost FAQs

What is the average cost of installing solar panels in North Mankato?

The average cost of solar panels in North Mankato 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 type of solar panels you want, what size system you need and how much energy you consume.

Should I lease or buy solar panels in North Mankato?

Leasing solar panels can be an option if you can’t afford to pay upfront or secure 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 savings from going solar.

How much can I save on power bills after switching to solar?

Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $994.36 per year.

How many solar panels do I need to power my home?

The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a 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 cover 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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