Solar Panel Cost Guide in Thomson, MN (2024 Update)
- Thomson Solar Installation Cost: $21,000
- 25-Year Savings: $18,226
- Payback Period: 15.9 Years
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Average Cost of Solar Panels in Thomson
Find out how much it might cost to install solar panels in Thomson.
In Thomson, solar panels cost about 4 per watt on average.The average Thomson homeowner needs a 7.4-kilowatt system, which would cost about $21,000 with the federal tax credit, or $30,030 before the 0 tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Thomson homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.Many homeowners find adopting solar power is a solid investment. The average homeowner in Thomson can save around $17,000 on their energy bills over 20 years.
To get a free estimate from a pre-vetted solar installation company in Thomson, you can click the button below.
Solar savings over time in Thomson
| Year | Return on Investment |
|---|---|
| 1 years | $-19,958 |
| 3 years | $-17,875 |
| 5 years | $-15,792 |
| 7 years | $-13,709 |
| 9 years | $-11,627 |
| 11 years | $-9,544 |
| 13 years | $-7,461 |
| 15 years | $-5,378 |
| 17 years | $-3,295 |
| 19 years | $-1,212 |
| 21 years | $871 |
| 23 years | $2,953 |
| 25 years | $5,036 |
Top Solar Installers in Thomson
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Going with a solar company can make switching to solar power much easier. The expertise that solar companies provide can be useful as well, particularly if you don’t quite know what brand of solar equipment would be right for your home.
If you're looking for a solar installer in Thomson, the EcoWatch team has compiled 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 Thomson
Factors that Affect Solar Panel Costs in Thomson
The cost of installing a solar system in Thomson can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
One of the most significant 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 energy your household consumes, the larger your system will likely need to be. You can expect to pay around $4,030 per kilowatt in Thomson.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, higher efficiency could save you more over time on your energy bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Thomson average.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That’s why many Thomson homeowners choose to finance their solar panel systems to offset upfront costs.While solar loans make adopting solar energy more accessible for Thomson homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panels can play a part in determining the cost. Thomson’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Thomson are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 | $9,015 | 16.5 years |
| 8 kW | $4.11 | $23,019 | $12,472 | 16.2 years |
| 10 kW | $4.03 | $28,210 | $16,154 | 15.9 years |
| 12 kW | $3.95 | $33,175 | $20,062 | 15.6 years |
| 14 kW | $3.87 | $37,914 | $24,196 | 15.3 years |
| 16 kW | $3.79 | $42,428 | $28,555 | 14.9 years |
| 18 kW | $3.71 | $46,716 | $33,140 | 14.6 years |
| 20 kW | $3.63 | $50,778 | $37,950 | 14.3 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Installation Process: Make sure you’re on the same page with the company regarding how the installation process will go and what needs to be done before your solar panel system is installed, such as updating your electrical system or roof.
- Contract: Review the contract terms closely to make sure you understand the overall cost, completion timeline incentives and warranties.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years in most cases provide high-quality solar panel installation and expertise.
- Solar Panel Brands: The kind of solar panel you’d like to install plays a role in which installer you should choose, since different companies offer different panels.
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 Thomson, MN Solar Cost FAQs
How much does it cost to install solar panels in Thomson?
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. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Thomson?
Leasing solar panels can be an option if you can’t 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 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 bang for your buck from going solar.
How will solar panels impact my home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Thomson is currently $284,787, which means you could be looking at a value of about $11,676 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Thomson is a worthwhile investment.
How long do solar panels last in Thomson?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.