Solar Panel Cost Guide in Red Wing, MN (2024 Update)
- Red Wing Solar Installation Cost: $20,354
- 25-Year Savings: $20,377
- Payback Period: 14.7 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in Red Wing
See how much it might cost to switch to solar power in Red Wing.
The average cost of solar panels in Red Wing is 4 per watt.Using this figure, a typical 7.2-kW system would cost about $20,354 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Red Wing homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.Despite the significant upfront cost, the average Red Wing homeowner can save around $18,000 on their electricity bills over 20 years, which is one of the perks of solar.
To receive a free quote from a top solar installation company in Red Wing, you can click the button below.
Solar savings over time in Red Wing
Year | Return on Investment |
---|---|
1 years | $-19,075 |
3 years | $-16,516 |
5 years | $-13,957 |
7 years | $-11,398 |
9 years | $-8,839 |
11 years | $-6,280 |
13 years | $-3,721 |
15 years | $-1,162 |
17 years | $1,397 |
19 years | $3,956 |
21 years | $6,514 |
23 years | $9,073 |
25 years | $11,632 |
Top Solar Installers in Red Wing
Many homeowners decide to use a solar panel installer since installing solar panels on your own can be challenging. Local solar companies can also help you optimize your return on investment by assisting with any local incentives and by providing warranties and repairs.
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 Red Wing
Factors that Affect Solar Panel Costs in Red Wing
There are many factors that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
When it comes to estimating the price of solar panels in Red Wing, one of the most crucial 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 usage, which you can gauge by looking at past electricity bills. Your overall cost can increase by about $4,030 for each additional kilowatt you need.There are several different solar panel brands and the one you pick also affects the cost. In many cases, the brands that have better efficiency tend to also be more expensive. In addition, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
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 Red Wing, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable.However, the interest on solar loans also increases your overall costs, so it’s vital to keep that in mind as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar company you pick will play a role in your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor.The size of the company can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to more resources and better 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 | $11,270 | 15.2 years |
8 kW | $4.11 | $23,019 | $15,478 | 14.9 years |
10 kW | $4.03 | $28,210 | $19,911 | 14.7 years |
12 kW | $3.95 | $33,175 | $24,570 | 14.4 years |
14 kW | $3.87 | $37,914 | $29,455 | 14.1 years |
16 kW | $3.79 | $42,428 | $34,566 | 13.8 years |
18 kW | $3.71 | $46,716 | $39,902 | 13.5 years |
20 kW | $3.63 | $50,778 | $45,464 | 13.2 years |
How to Save on Solar Panels
The solar installer you opt for will affect 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, such as:
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- 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 previous customers and solar experts like the EcoWatch team.
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you go with.
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 Red Wing, MN Solar Cost FAQs
What is the average cost of installing solar panels in Red Wing?
This is a hard question to answer exactly, because the cost depends on many factors. Generally 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 other solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Red Wing?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The downside 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
Is going solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
How long do solar panels last in Red Wing?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.