Solar Panel Cost Guide in Victoria, MN (2024 Update)
- Victoria Solar Installation Cost: $20,100
- 25-Year Savings: $19,020
- Payback Period: 15.1 Years
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Average Cost of Solar Panels in Victoria
Find out how much it might cost to go solar in Victoria.
In Victoria, solar panels cost about 4 per watt on average.The average solar panel system size in Victoria is around 7.1 kilowatts, meaning a cost of about $20,100 for a solar installation, or $28,743 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Victoria homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.With typical savings of about $18,000 on energy bills over 20 years, many homeowners in Victoria find investing in solar can be quite rewarding.
You can click the button below to get connected with a top solar company in Victoria for a quote for your home.
Solar savings over time in Victoria
| Year | Return on Investment |
|---|---|
| 1 years | $-18,821 |
| 3 years | $-16,262 |
| 5 years | $-13,703 |
| 7 years | $-11,144 |
| 9 years | $-8,585 |
| 11 years | $-6,026 |
| 13 years | $-3,467 |
| 15 years | $-908 |
| 17 years | $1,650 |
| 19 years | $4,209 |
| 21 years | $6,768 |
| 23 years | $9,327 |
| 25 years | $11,886 |
Top Solar Installers in Victoria
Many homeowners opt for a solar panel installer since figuring out how to install solar panels by yourself can be hard. Plus, if you aren’t sure what type of solar panels and equipment you want, a solar company can help you find the right equipment for you after a site survey and consultation.
Working with a vetted solar company can make going solar easier. Here are our recommendations:
See all of the solar companies in Victoria
Factors that Affect Solar Panel Costs in Victoria
Though the average cost of a solar system in Victoria is $20,100, your final cost may be above or below the average. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar 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 about $4,030 per kilowatt in Victoria.Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Victoria, where sunlight isn’t as abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are available from most installers in Victoria, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more affordable.When estimating your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can play a part in determining your pricing. Victoria’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle 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 | $10,341 | 15.7 years |
| 8 kW | $4.11 | $23,019 | $14,239 | 15.4 years |
| 10 kW | $4.03 | $28,210 | $18,363 | 15.1 years |
| 12 kW | $3.95 | $33,175 | $22,713 | 14.8 years |
| 14 kW | $3.87 | $37,914 | $27,289 | 14.5 years |
| 16 kW | $3.79 | $42,428 | $32,090 | 14.2 years |
| 18 kW | $3.71 | $46,716 | $37,116 | 13.9 years |
| 20 kW | $3.63 | $50,778 | $42,369 | 13.6 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose greatly influences your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- 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 such as a system component breaking or if the company goes out of business.
- Installation Process: Make sure you’re aligned with the company regarding how the installation process will go and what you need to do before your solar system is installed, such as updating your electrical system or roof.
EcoWatch's Victoria, MN Solar Cost FAQs
How much does it cost to install solar panels in Victoria?
This is a tough 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 cost more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to consider when buying solar panels?
Cost is a key factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Can solar panels completely eradicate my energy 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 $931.47 per year.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide to replace them once you've had 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.