Solar Panel Cost Guide in Rice Lake, MN (2024 Update)
- Rice Lake Solar Installation Cost: $21,487
- 25-Year Savings: $18,563
- Payback Period: 15.9 Years
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Average Cost of Solar Panels in Rice Lake
Find out what the average cost of solar panels are in Rice Lake.
Although the national average of solar panels is $2.66 per watt, solar panels in Rice Lake generally cost around 4.Because a 7.6-kW system is needed to cover the energy consumption of a typical home in Rice Lake, the average price of going solar will be about $21,487 after claiming the federal solar tax credit of 0.
Bear in mind that the figures above are only estimates based on the average energy use of Rice Lake homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.For many homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $17,000 in savings on utility bills over 20 years.
Click the button below to get connected to a vetted solar company in your area for a custom quote.
Solar savings over time in Rice Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-20,446 |
| 3 years | $-18,363 |
| 5 years | $-16,280 |
| 7 years | $-14,197 |
| 9 years | $-12,114 |
| 11 years | $-10,031 |
| 13 years | $-7,949 |
| 15 years | $-5,866 |
| 17 years | $-3,783 |
| 19 years | $-1,700 |
| 21 years | $383 |
| 23 years | $2,466 |
| 25 years | $4,549 |
Top Solar Installers in Rice Lake
When making the switch to solar, many homeowners choose to use a solar company since putting up solar panels yourself can be a difficult project. Local solar installers can also help you optimize your return on investment by walking you through any local incentives and by offering warranties and repairs.
Working with a licensed solar installer can help your solar project go smoothly. Here are our recommendations:
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 Rice Lake
Factors that Affect Solar Panel Costs in Rice Lake
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that determine your overall cost in Rice Lake: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar system in Rice Lake, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can determine by looking at past power bills. Your overall cost can increase by around $4,030 for each additional kilowatt you need.Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Rice Lake, where sunlight isn’t as abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Rice Lake to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to paying more over time because of interest.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The solar panel installation company you pick will influence your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor.Larger national companies typically have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric car 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 | $8,947 | 16.6 years |
| 8 kW | $4.11 | $23,019 | $12,381 | 16.3 years |
| 10 kW | $4.03 | $28,210 | $16,040 | 15.9 years |
| 12 kW | $3.95 | $33,175 | $19,926 | 15.6 years |
| 14 kW | $3.87 | $37,914 | $24,036 | 15.3 years |
| 16 kW | $3.79 | $42,428 | $28,373 | 15.0 years |
| 18 kW | $3.71 | $46,716 | $32,935 | 14.7 years |
| 20 kW | $3.63 | $50,778 | $37,723 | 14.3 years |
How to Save on Solar Panels
The solar installer you opt for will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should keep in mind, including:
- Installation Process: When going solar, it’s crucial to keep an open line of communication with your solar installer. Confirm that you understand how the installation process works and the completion timeline.
- Contract: Before you sign a contract with a solar company, be sure to read it through fully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Rice Lake, MN Solar Cost FAQs
What is the average cost of installing solar panels in Rice Lake?
This is a difficult question to answer precisely, because the cost depends on many 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 more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Rice Lake?
Leasing solar panels can be an option if you are unable 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 Rice Lake?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future power 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 stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can replace them after having them for that long or you can keep using 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.