Solar Panel Cost Guide in Shakopee, MN (2024 Update)
- Shakopee Solar Installation Cost: $20,196
- 25-Year Savings: $19,545
- Payback Period: 14.9 Years
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Average Cost of Solar Panels in Shakopee
Find out what the average cost of solar panel installation is in Shakopee.
The national average cost of solar panels is $2.66 per watt, but in Shakopee it’s 4 per watt.Using this figure, a typical 7.2-kW system would cost about $20,196 before the 0 federal solar tax credit is applied.
These figures are only estimates, and how much solar costs for you may vary based on your specific situation and what company you want to go with.For many homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $18,000 in savings on utility bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Shakopee
| Year | Return on Investment |
|---|---|
| 1 years | $-18,916 |
| 3 years | $-16,357 |
| 5 years | $-13,799 |
| 7 years | $-11,240 |
| 9 years | $-8,681 |
| 11 years | $-6,122 |
| 13 years | $-3,563 |
| 15 years | $-1,004 |
| 17 years | $1,555 |
| 19 years | $4,114 |
| 21 years | $6,673 |
| 23 years | $9,231 |
| 25 years | $11,790 |
Top Solar Installers in Shakopee
Many homeowners choose to hire a solar installer since installing solar panels by yourself can be challenging. Another advantage of using a solar installer is that they can help you optimize your return of investment by cutting back on future costs of repairs and replacements because of warranties and giving you information on local incentives you can take advantage of.
If you're looking for a solar company in Shakopee, the EcoWatch team has put together a list of our top suggestions here:
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 Shakopee
Factors that Affect Solar Panel Costs in Shakopee
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that affect your total cost in Shakopee: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $4,030.There are many different solar panel brands and the one you choose also changes the cost. In general, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Shakopee have solar loans, which reduce the initial cost of installing solar panels.When estimating your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The final major cost factor you should keep in mind is the installer you choose. Given the growing popularity of sustainable energy solutions in Shakopee, you’ll have a great number of options to choose from, but each comes at varying price points for labor and equipment.Additionally, some companies in Shakopee have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $10,705 | 15.5 years |
| 8 kW | $4.11 | $23,019 | $14,725 | 15.2 years |
| 10 kW | $4.03 | $28,210 | $18,970 | 14.9 years |
| 12 kW | $3.95 | $33,175 | $23,441 | 14.6 years |
| 14 kW | $3.87 | $37,914 | $28,138 | 14.4 years |
| 16 kW | $3.79 | $42,428 | $33,061 | 14.1 years |
| 18 kW | $3.71 | $46,716 | $38,209 | 13.8 years |
| 20 kW | $3.63 | $50,778 | $43,582 | 13.5 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: Warranties that cover defective panels and repairs over around 25 years are the best you can get in the business, and offering such a warranty is one mark of a quality company.
- Contract: When reading through your solar company’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Even though there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of options before deciding.
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 Shakopee, MN Solar Cost FAQs
How much does it cost to install solar panels in Shakopee?
The average cost of solar panels in Shakopee 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 things such as the kind of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Shakopee?
A solar panel system isn’t free in Shakopee, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Can solar panels significantly reduce my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located 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 $943.60 per year.
How often do you have to replace solar panels?
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.