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

  • Owatonna Solar Installation Cost: $20,208
  • 25-Year Savings: $20,846
  • Payback Period: 14.4 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 Owatonna

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

In Owatonna, solar panels cost about 4 per watt on average.The average Owatonna homeowner needs a 7.2-kilowatt system, which would cost about $20,208 with the federal tax credit, or $28,897 before the 0 tax credit is applied.

The prices above are just estimates to give you an idea of the cost of a solar panel system. The true cost of installing solar panels can vary based on several factors, such as how many panels you need, your energy consumption and what installation company you go with.Even with the significant initial cost, the average Owatonna homeowner can save around $19,000 on their power bills over 20 years, which is one of the advantages of solar.

You can click the button below to get connected with a vetted solar installer in Owatonna for a quote for your home.

Solar savings over time in Owatonna

Year Return on Investment
1 years $-18,929
3 years $-16,370
5 years $-13,811
7 years $-11,252
9 years $-8,693
11 years $-6,134
13 years $-3,575
15 years $-1,016
17 years $1,542
19 years $4,101
21 years $6,660
23 years $9,219
25 years $11,778

Top Solar Installers in Owatonna

Many homeowners opt for a solar panel company since installing solar panels on your own can be challenging. Solar installers provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.

If you’d like to switch to solar energy but still aren’t sure which solar company to go with, here are our recommendations for providers near you:

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 Owatonna

Factors that Affect Solar Panel Costs in Owatonna

Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few primary factors that affect your total cost in Owatonna: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.

Solar Equipment

When it comes to estimating the price of a solar system in Owatonna, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can gauge by looking at past power bills. Your overall cost can increase by about $4,030 for each additional kilowatt you need.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your electric bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Owatonna average.

Solar Financing Terms

For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are available from most installers in Owatonna, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable.You’ll have to consider the long-term cost of financing options, including the total interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.

Solar Panel Installation Company

A final factor to consider when trying to estimate the cost of solar for your home or business in Owatonna is the company you get to install your PV system. Similar to choosing a company to build a deck or pool, for instance, there are plenty of solar installers that provide a range of services at different price points.Larger national companies usually have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.

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 $11,785 15.0 years
8 kW $4.11 $23,019 $16,165 14.7 years
10 kW $4.03 $28,210 $20,770 14.4 years
12 kW $3.95 $33,175 $25,601 14.1 years
14 kW $3.87 $37,914 $30,658 13.8 years
16 kW $3.79 $42,428 $35,941 13.5 years
18 kW $3.71 $46,716 $41,449 13.2 years
20 kW $3.63 $50,778 $47,183 13.0 years

How to Save on Solar Panels

The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:

  • Warranty: If you’re concerned about the endurance of your solar panels, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can research your installer’s reputation is by reading reviews.
  • Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
  • Solar Panel Brands: The type of solar panel you want to install plays a role in which installer you should opt for, since different companies have access to different panels.

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 Owatonna, MN Solar Cost FAQs

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

The average cost of solar panels in Owatonna is about $20,150 for a 5-kW system and $40,300 for a 10-kW system before the ITC, but the actual 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.

Should I lease or buy solar panels in Owatonna?

Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property 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 bang for your buck from going solar.

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

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

How many solar panels should I get to power my home?

The exact number of solar panels you need depends on your household energy needs 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 buy 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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