Solar Panel Cost Guide in Thief River Falls, MN (2024 Update)
- Thief River Falls Solar Installation Cost: $20,551
- 25-Year Savings: $16,499
- Payback Period: 16.6 Years
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Average Cost of Solar Panels in Thief River Falls
We break down average solar pricing in Thief River Falls.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Thief River Falls, the typical cost of a solar system is 4 per watt.Using this figure, a typical 7.3-kW system would cost about $20,551 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy use, the type of solar system you want to get, your solar contractor and more.With average savings of about $16,000 on utility bills over 20 years, many homeowners in Thief River Falls find going solar has a decent ROI.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Thief River Falls
| Year | Return on Investment |
|---|---|
| 1 years | $-19,588 |
| 3 years | $-17,664 |
| 5 years | $-15,739 |
| 7 years | $-13,814 |
| 9 years | $-11,890 |
| 11 years | $-9,965 |
| 13 years | $-8,041 |
| 15 years | $-6,116 |
| 17 years | $-4,191 |
| 19 years | $-2,267 |
| 21 years | $-342 |
| 23 years | $1,582 |
| 25 years | $3,507 |
Top Solar Installers in Thief River Falls
When making the switch to solar, many homeowners prefer to use a solar installer since putting up solar panels yourself can be a difficult project. Plus, warranties and repairs from your solar panel company can protect your investment and lower the cost of maintenance in the long run.
Working with a professional solar company can make going solar easier. Here are our recommendations:
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 Thief River Falls
Factors that Affect Solar Panel Costs in Thief River Falls
Though the average cost of a solar system in Thief River Falls is $20,551, your final cost may be above or below the average. There are many factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay about $4,030 per kilowatt in Thief River Falls.The kind 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, more efficient panels could save you more over time on your electric bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Thief River Falls average.
Solar Financing Terms
Many homeowners find the average cost of solar in Thief River Falls to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in a higher cost over time due to interest.You’ll have to consider the long-term cost of loans, including the amount of 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 above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
Finally, the company you choose to install your solar system can affect the cost. Thief River Falls’s solar companies all have different labor costs and add varying upcharges to equipment. The company’s size can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to greater 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 companies.
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 | $7,913 | 17.2 years |
| 8 kW | $4.11 | $23,019 | $11,003 | 16.9 years |
| 10 kW | $4.03 | $28,210 | $14,317 | 16.6 years |
| 12 kW | $3.95 | $33,175 | $17,858 | 16.3 years |
| 14 kW | $3.87 | $37,914 | $21,624 | 15.9 years |
| 16 kW | $3.79 | $42,428 | $25,616 | 15.6 years |
| 18 kW | $3.71 | $46,716 | $29,833 | 15.3 years |
| 20 kW | $3.63 | $50,778 | $34,277 | 14.9 years |
How to Save on Solar Panels
The company that does your solar panel 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 difficult, we have some tips to help you, such as:
- Contract: When looking through your solar installer’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you opt for.
- Reputation: Make sure your solar system 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: If you’re concerned about the longevity of your solar system, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
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 Thief River Falls, MN Solar Cost FAQs
How much does it cost to install solar panels in Thief River Falls?
The average cost of solar panels in Thief River Falls 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 stuff like the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost when buying solar panels?
The initial cost is a very important factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Can solar panels significantly reduce my power 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 $850.55 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 consumption 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 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.