Solar Panel Cost Guide in Waconia, MN (2024 Update)
- Waconia Solar Installation Cost: $20,100
- 25-Year Savings: $18,803
- Payback Period: 15.2 Years
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Average Cost of Solar Panels in Waconia
We break down average solar pricing in Waconia.
The average cost of a solar panel system in Waconia is 4 per watt.Using this figure, a typical 7.1-kW system would cost about $20,100 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Waconia homeowners. The price 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 investment in solar is worth paying. On average you could be looking at about $18,000 in savings on electricity bills over 20 years.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Waconia
| 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 Waconia
Although you can install solar panels yourself, it involves extra time and handiness. Because of that, most homeowners choose to hire a solar panel installer. The expertise that solar installers offer can be helpful as well, particularly if you aren’t sure what brand of solar equipment would be right for your home.
Working with a licensed solar installer 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 Waconia
Factors that Affect Solar Panel Costs in Waconia
Although the average cost of a solar system in Waconia is $20,100, your actual cost may differ. There are quite a few factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $4,030.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Waconia, where sunlight isn’t as abundant, efficiency can quickly pay off. Also, 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 Waconia to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar company in the area offers financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in a higher cost over time because of interest.However, the interest on solar loans also adds to your all-in costs, so it’s important to include that in your estimate as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar panel installer you pick will play a role in your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor.You may notice national solar installers that have lower prices due to their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $10,158 | 15.9 years |
| 8 kW | $4.11 | $23,019 | $13,996 | 15.5 years |
| 10 kW | $4.03 | $28,210 | $18,059 | 15.2 years |
| 12 kW | $3.95 | $33,175 | $22,348 | 14.9 years |
| 14 kW | $3.87 | $37,914 | $26,862 | 14.6 years |
| 16 kW | $3.79 | $42,428 | $31,602 | 14.3 years |
| 18 kW | $3.71 | $46,716 | $36,568 | 14.0 years |
| 20 kW | $3.63 | $50,778 | $41,760 | 13.7 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you hire.
- Contract: Though reading through a contract can be tedious, it’s important to do it fully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: Make sure you’re on the same page with the company with regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
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 Waconia, MN Solar Cost FAQs
What is the average cost of installing solar panels in Waconia?
This is a tough question to answer precisely, because the cost depends on a few different 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 additional solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Waconia?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Can you sell solar power back to the grid in Waconia?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future energy bills.
How long do solar panels last in Waconia?
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.