Solar Panels Cost 8.8k-20k in Albert Lea, MN | October, 2024

Solar Panels Cost $8.8k-$20k in Albert Lea, MN | October, 2024

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How much do solar panels cost in Albert Lea, MN in 2024?

As of October, 2024, the current cost to get solar panels installed in Albert Lea, MN is $4.23 per watt.

Said another way, for every 1000 watts (or 1 Kw) your system can generate you will spend $4,230 to get your system installed in . When you deduct the 30% federal tax credit, you can expect to spend approximately $14,805 for a 5 kW solar setup in Albert Lea. It's vital to consider that a higher capacity system might be essential to fulfill your energy needs.

On the left, you can choose your county to view the average roof size and the maximum capacity for residential solar on houses in your area. You can also see an outline of the costs, payback period and 20 year average savings for a 5 kW system in your county below.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Albert Lea: $14,805US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Albert Lea: 9 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Albert Lea: $10,091US Average: $15,784

Solar Potential in Albert Lea

Estimated system size and solar electricity production per median viable roof in
Albert Lea.

Roof size 724sq. ft.
Capacity 10.13kW DC
Electricity 11.5kkWh AC per yr.

Electricity Costs in Albert Lea, MN & What that Means for Your Solar Panel Pricing

For Albert Lea energy consumers, the typical electric bill is $130.17 per month, with a usage of 836 kWh. Smaller dwellings, such as townhouses and condos, are also covered in the statistics mentioned in the preceding sentence.

Albert Lea, MN's electricity rate is 15.57¢ per kWh in October 2024.

If you’re a typical electricity consumer in Albert Lea you has to have a 7 kW or higher sized system to take care of all of your energy usage demands. Initially, a 7 kWsetup will cost about $29,610, but with a 30% federal tax credit, the price drops to $20,727.

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Average solar panel costs by system size in Albert Lea

To the left side and below, there is the pricing details for multiple sizes of the solar panel systems set up in Albert Lea. Naturally, with a larger solar system, there will be a larger initial investment, but the advantages include greater energy savings and larger income tax credits.

The solar panel cost calculator, located to the right and below, offers a cost and benefit breakdown using an average $130.17 electric bill for Albert Lea. To get personalized results, adjust the $130.17 to align with your typical electricity payment.

System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $695 a year
Est. Price
$8,883
Savings from a 3kWthis system
  • Est. yearly production 4,346 kWh
  • Est. monthly savings $58
  • Full payback in 6 years
Environmental Impacts
  • Reduces CO2 emissions by 1.74 tons a year
  • Equivalent to planting 80 trees a year
  • Equivalent to driving 4,310 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $927 a year
Est. Price
$11,844
Savings from a 4kWthis system
  • Est. yearly production 5,795 kWh
  • Est. monthly savings $77
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 2.32 tons a year
  • Equivalent to planting 107 trees a year
  • Equivalent to driving 5,747 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,159 a year
Est. Price
$14,805
Savings from a 5kWthis system
  • Est. yearly production 7,244 kWh
  • Est. monthly savings $97
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 2.9 tons a year
  • Equivalent to planting 133 trees a year
  • Equivalent to driving 7,183 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,391 a year
Est. Price
$17,766
Savings from a 6kWthis system
  • Est. yearly production 8,692 kWh
  • Est. monthly savings $116
  • Full payback in 11 years
Environmental Impacts
  • Reduces CO2 emissions by 3.48 tons a year
  • Equivalent to planting 160 trees a year
  • Equivalent to driving 8,620 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,623 a year
Est. Price
$20,727
Savings from a 7kWthis system
  • Est. yearly production 10,141 kWh
  • Est. monthly savings $130
  • Full payback in 13 years
Environmental Impacts
  • Reduces CO2 emissions by 3.91 tons a year
  • Equivalent to planting 179 trees a year
  • Equivalent to driving 9,669 mi less a year

Albert Lea Solar Panel Installation Incentives & Rebates | 2024

If you own a agricultural property or small business in a rural area, the REAP Grant could cover between 80% and 100% of your solar or wind turbine installation costs. Think you are eligible? Use our REAP Grant eligibility tool to see if you are eligible.

For those looking into residential solar, the 30% federal income tax credit is offered to nearly everyone, making solar a feasible option in various states. A number of state and local efforts are set up to enhance the adoption of solar energy.

Minnesota residents have access to 12 solar rebate and incentive initiatives from multiple utilities and governmental bodies.

Owatanna Public Utilities - Solar Rebate Program

Value:Up to $500

Commercial and residential customers of OPU, the municipal power utility for the city of Owatonna, may be entitled to rebates on solar PV systems and water heaters. Rebates add to existing federal tax incentives. New PV installations will yield a $500 rebate regardless of their rated capacity. Water heaters yield a rebate based on the area of the panels; the current rate is $15 per square foot. To qualify, systems should meet all city, state, and federal standards and be interconnected to the grid under a net metering contract. Interested customers should schedule an energy audit with an OPU participating solar contractor.

Minnesota Power - SolarSense Solar Rebate Program

Value:Up to $10,000

Minnesota Power customers may be entitled to rebates on new solar photovoltaic systems. To qualify, a system must meet all state and federal standards, be installed by a certified solar contractor, and be interconnected to the grid under a net metering contract. The incentive amount is determined through an NREL tool which considers the system's rated capacity and other design characteristics. Current rates are 56 cents/estimated kilowatt hour of production in the first year of the system's use. Minnesota Power must preapprove all incentives. Customers must therefore apply for the rebate before purchasing their system. Additional information is available from the website.

Value of Solar Tariff

Value:Varies

Net metering in Minnesota is set to be replaced by a Value of Solar (VOST) tariff program standardized by the Department of Commerce. No utility has implemented such a program as of 2021, though Xcel Energy is exploring retail-rate tariffs in a similar vein to VOST. VOST operates as an "inflow-outflow" program. Customers are technically billed for all electricity they generate, including excess generation (EG) sent to the grid. Rather than paying for all generated energy, however, they will only owe the cost of their "nettable energy" in that cycle. Nettable energy is equal to total power generated at the standard billed cost minus EG at a different "credit rate." As with net metering, should generation exceed consumption, the remaining credits will be applied to subsequent cycles. VOST contracts last for 20 years; credit rates are fixed for the length of the contract. "Virtual VOST" provisions exist to compensate microgrid subscribers in proportion.

Farm Opportunities Loan Program

Value:Varies

New sustainable farm equipment may be eligible for special financing through Minnesota's Farm Opportunity Loan Program. The program is administered by the state Rural Finance Authority in conjunction with various funding partners. Loans can cover up to 80% of purchase and installation costs. The RFA assumes responsibility for servicing 45% of the principal up to $45,000. Interest on the RFA portion is 3%; the remaining 55% will accrue interest at the current market rate. Additional information is available from the RFA website.

Community-Based Energy Development (C-BED) Tariff

Value:Varies

Utilities in Minnesota are required to participate in Community-Based Energy Development tariff programs (C-BED) to support the construction and onboarding of new renewable energy facilities, including solar and wind farms. C-BED contracts last for 20 years. During the term, the state will pay utilities at a fixed rate for the energy they produce. The underlying goal is for utilities to more easily recoup the costs for their renewable facilities. Additional information is available from the Minnesota Public Utilities Commission website.

Value-Added Stock Loan Participation Program

Value:Varies

The Minnesota Rural Finance Authority (RFA) operates a stock financing program to aid farmers in purchasing shares of nearby wind farms or biomass energy facilities. Loans are offered by private banking partners, though the RFA sets loan terms and low interest rates for up to 45% of the principal. Qualifying applicants must not be worth more than $450,000. Additional information is available from the RFA website.

Fix-Up Loan

Value:Varies

Minnesota homeowners making energy efficiency or accessibility improvements may be eligible for special loans from the state Housing Finance Agency (MHFA). "Fix-Up Loans" have a maximum of $15,000 in principal at market-rate interest. Applicants have direct access to MHFA lending partners and can negotiate loan terms. They may also use the contractors and builders of their choice. Lending partners differ between the 11-county Twin Cities area and the rest of the state. Additional information is available from the MHFA website.

Rural Minnesota Energy Board PACE Program

Value:Varies

The St. Paul Port Authority operates a PACE program in Duluth, Mankato, and certain Twin Cities suburbs and exurbs. Property owners will have access to an open market of local lenders offering competitive loans and terms for energy efficiency improvements. Effectively, funding comes from the government; repayment will therefore take the form of a tax lien senior to the property's mortgage. Residential structures are not eligible for PACE loans due to regulatory concerns from the FHFA. Fannie Mae and Freddie Mac are prohibited from acquiring a mortgage with an active PACE lien. Additional information is available from the Port Authority website.

Minnesota PACE Program (MinnPACE)

Value:Varies

The St. Paul Port Authority operates a PACE program in Duluth, Mankato, and certain Twin Cities suburbs and exurbs. Property owners will have access to an open market of local lenders offering competitive loans and terms for energy efficiency improvements. Effectively, funding comes from the government; repayment will therefore take the form of a tax lien senior to the property's mortgage. Residential structures are not eligible for PACE loans due to regulatory concerns from the FHFA. Fannie Mae and Freddie Mac are prohibited from acquiring a mortgage with an active PACE lien. Additional information is available from the Port Authority website.

Interconnection Standards

Value:Varies

Distributed generation and interconnection practices are standardized by the Minnesota Public Utilities Commission. Standards were last updated in 2019 and continue to be amended regularly. Unlike states which use tiers and levels to organize energy systems, Minnesota uses permit processes as benchmarks. Systems at a qualifying capacity level may be eligible for a "Fast Track" permit review. All systems must follow recognized standards such as those set by IEEE or UL. Customers may be required by their utility to carry liability insurance coverage or install additional safety features.

Renewable Development Fund (RDF)

Value:Varies

Xcel Energy has administered a Renewable Development Fund since 1999. The fund's annual budget amounts to $9 million, the result of a state-set rate per nuclear waste reservoir at the Prairie Island, Minnesota plant. Additional funding comes from a surcharge on Xcel customer bills in Minnesota and western Wisconsin. Funding supports incentive programs and other initiatives to adopt renewable energy. The University of Minnesota's Institute for the Environment also taps into the fund for its own research. Additional information is available from the Xcel website.

Xcel Energy - Solar*Rewards Program

Value:Varies

Solar*Rewards is the formal name for Xcel Energy's net metering and distributed generation tariff incentive programs nationwide. Under Minnesota law, renewable energy customers hold ownership of renewable energy credits (RECs) they generate. With a Solar*Rewards contract, the customer agrees to sell all RECs to the utility for a fixed amount of time and have a bidirectional meter installed on their system to track energy sent back to the grid. In exchange, the utility will provide fair compensation for both excess generation and credits accrued. To qualify for incentives, a new PV system must pass an engineering audit and not exceed 20 kW of DC capacity. Leased systems do not qualify for Solar*Rewards contracts. Additional information is available from the Xcel website.

Are solar panels worth it in Minnesota?

If you're planning to stay in your home past the period required to pay back your solar investment, choosing solar panels is a wise decision in Albert Lea. Having a 5 kW solar system in Albert Lea, MN can potentially save you roughly $16,435.8 over a span of 20 years, with an average break even point of 9 years.

The cost of not having solar panels in Albert Lea, MN

Skipping the installation of solar panels or an alternative backup energy source results in missing the earlier mentioned savings and total reliance on your electric utility for power. As recent news articles have pointed out, full dependence on your utility provider isn't always ideal.

Yearly, customers in Albert Lea face approximately 0.66 outages every year. On average, the length of an outage is 61 minutes. Major events like winter storms, wildlife damage, or grid management errors can cause these durations to rise considerably.

A solar panel system with (or without) a backup battery could reduce the strain of future outages you face.

Power Outages

Currently, 0 customers are being tracked in Freeborn County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Albert Lea, MN?

Your Energy Needs - Larger solar panel systems have a higher upfront cost, but the cost per watt decreases as the system size increases. It is often beneficial for consumers to install a solar system that can generate enough electricity to fully cover their electric bill, which leads to substantial savings.

Make & Model - Like many other products, there are different makes and models of solar panels to choose from. Your installer’s potential system preferences make it essential to select a recommended contractor. For consumers wanting a better long-term experience, choosing superior quality equipment is essential.

Solar Panel Type - Monocrystalline panels have emerged as the standard in the industry, and rightly so. Although the cost is higher, they deliver more energy. The majority of installers use these kinds of panels.

Your Property - Challenges such as irregular terrain, trees, or other obstructions can increase the difficulty of installing solar panels. Solar installers now have the ability to use satellite images to evaluate your home and factor in these considerations in the first cost estimate.

Labor Rates - The differing wages that companies give their employees result in costs that are inevitably transferred to consumers. Businesses that invest in higher wages typically see higher reviews for their work and customer service.

Permitting & Interconnection - Your installation cost will be influenced by area-specific permitting and utility interconnection fees. Quality local installers will integrate these figures into your initial estimates to prevent any surprises.

See what solar panels cost in other MN cities

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Who are the best solar installers in Albert Lea?

Academy Energy Group

Newburgh, IN(812) 518-2150

Services

  • Auditing of energy requirements for independent energy generation.
  • Solar systems for selling electricity back to the grid.
  • Monitoring of independent energy generation.
  • Reparation of solar arrays.
  • Installation of solar arrays.

Solar Farm

St. Paul, MN(651) 271-8410

Services

  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.

Dividend Finance

San Francisco, CA(415) 805-7000

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.

Sundial Energy

St. Louis Park, MN(612) 439-9591

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

SunPower Corporation

San Jose, CA(800) 786-7693

Services

  • Installation of batteries for energy storage.
  • Monitoring of independent energy generation.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.
  • Installation of solar arrays.
  • Reparation of solar arrays.

Harvest Solar

Jackson, MI(888) 907-6527

Services

  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

Sunnova Energy

Houston, TX(866) 786-6682

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.

GRNE Solar

Palatine, IL(312) 859-3417

Services

  • Installation of batteries for energy storage.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

Entegrity

Little Rock, AR(800) 700-1414

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

Ideal Energy

Fairfield, IA(800) 634-4454

Services

  • Reparation of solar arrays.
  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

LightEdison

Denver, CO(888) 966-6377

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.

Empire Solar Group

Salt Lake City, UT(800) 467-4562

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

Albert Lea, MN Solar Panel Cost FAQs

  • As of October, 2024, the average solar panel installation cost in Albert Lea, MN has reached $4.23/W. After federal tax credits, the installation of a 5 kW solar panel system in Albert Lea, MN is estimated to cost $14,805.

  • Residents of Minnesota can currently take advantage of 12 rebates and incentives offered by various utilities and government bodies. Additionally, the vast majority qualify for the 30% federal tax credit.

  • Opting for cash payments provides the highest savings, but there are now numerous financing options for solar panels that are financially sensible. Many installers have partnerships with financing companies and will provide this information in your initial quotes.

  • Yes, on average, 5 kW solar panels in Albert Lea, MN pay for themselves in 9 years, with homeowners saving approximately $16,435.8 on electricity over 20 years.
Matt Hope
Last Reviewed By: Matt Hope
Published: 2024-10-01