Solar Panels Cost 5.2k-15k in Buffalo, MN | October, 2024

Solar Panels Cost $5.2k-$15k in Buffalo, MN | October, 2024

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How much do solar panels cost in Buffalo, MN in 2024?

To get solar panels installed in Buffalo, MN is approximately $3.72 per watt in the month of October, 2024.

According to this rate per watt, we can come to the conclusion that for every 1 kW (1000 watts) your system can generate you will have to invest $3,720 to have your solar system installed. In Buffalo, you will pay approximately $13,020 for a 5 kW panel install after deducting the 30% federal income tax credit. Your energy needs may require a bigger system.

Choose your county from the menu on the left to view the typical roof size and maximum solar panel capacity for homes in your area. Displayed below is a summary of the costs, payback period, and 20-year average savings for a 5 kW system installed in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Buffalo: $13,020US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Buffalo: 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.
Buffalo: $9,206US Average: $15,784

Solar Potential in Buffalo

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

Roof size 715sq. ft.
Capacity 10kW DC
Electricity 11.7kkWh AC per yr.

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

The average monthly electric bill for a Buffalo energy consumer is $115.86, based on an typical usage of 681 kWh. Compact dwellings, such as townhouses and duplexes, are also encompassed in the figures noted in the prior sentence.

In October 2024, the average electricity rate in Buffalo, MN is 17.01¢ per kWh.

In Buffalo, the typical energy consumer must have a solar power setup of 6 kW or more to satisfy their full electricity needs. Currently, a 6 kW solar panel installation costs around $15,624 after incentives.

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Average solar panel costs by system size in Buffalo

To the left side and below, you will see the cost summary for multiple sizes of solar panel systems set up in Buffalo. More extensive solar installations carry a higher price, yet they also provide increased electricity savings and more generous income tax credits.

Refer to the solar panel cost calculator to the right and below to see the cost and benefit details based on an average $115.86 electric bill in Buffalo. To get results more personalized, change the $115.86 to reflect your average electricity bill.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $493 a year
Est. Price
$5,208
Savings from a 2kWthis system
  • Est. yearly production 2,897 kWh
  • Est. monthly savings $41
  • Full payback in 4 years
Environmental Impacts
  • Reduces CO2 emissions by 1.38 tons a year
  • Equivalent to planting 63 trees a year
  • Equivalent to driving 3,421 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $739 a year
Est. Price
$7,812
Savings from a 3kWthis system
  • Est. yearly production 4,346 kWh
  • Est. monthly savings $62
  • Full payback in 6 years
Environmental Impacts
  • Reduces CO2 emissions by 2.07 tons a year
  • Equivalent to planting 95 trees a year
  • Equivalent to driving 5,132 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $985 a year
Est. Price
$10,416
Savings from a 4kWthis system
  • Est. yearly production 5,795 kWh
  • Est. monthly savings $82
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 2.76 tons a year
  • Equivalent to planting 127 trees a year
  • Equivalent to driving 6,843 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,231 a year
Est. Price
$13,020
Savings from a 5kWthis system
  • Est. yearly production 7,244 kWh
  • Est. monthly savings $103
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 3.46 tons a year
  • Equivalent to planting 159 trees a year
  • Equivalent to driving 8,554 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,478 a year
Est. Price
$15,624
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 3.91 tons a year
  • Equivalent to planting 179 trees a year
  • Equivalent to driving 9,669 mi less a year

Buffalo Solar Panel Installation Incentives & Rebates | 2024

For rural small businesses and farms, the REAP Grant could provide funding that covers between 80% and 100% of the necessary expenses for installing renewable energy systems. Believe you fit this category? Confirm your qualification with our REAP Grant eligibility tool.

For residential solar projects, nearly all people are eligible for the 30% federal income tax credit, which makes solar a sensible solution in many parts of the country. Alongside federal efforts, state and local programs help to support the use of solar power.

Residents of Minnesota can access 12 solar rebate and incentive programs from a number of 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?

Homeowners in Buffalo who expect to live in their residence beyond the payback period of their solar system will find solar panels an clear choice. If you install a 5 kW solar system in Buffalo, MN, you might save $14,786.4 over 20 years on average, with a break even point at roughly 9 years.

The cost of not having solar panels in Buffalo, MN

Apart from missing out on the savings highlighted above, the absence of solar panels or an alternative backup energy solution leads to total dependency on your electric utility for power. Complete dependence on your utility isn't always the best idea, as numerous recent news reports have illustrated.

Yearly, customers in Buffalo have experienced approximately 0.42 utility outages.Each year, customers in Buffalo have experienced approximately 0.42 utility outages. On average, an outage lasts 28.62 minutes. When major events such as wildlife damage, grid management errors or landslides occur, these durations can increase significantly

A solar panel system could lessen the burden of future outages, even if it lacks a backup battery.

Power Outages

Currently, 0 customers are being tracked in Wright County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Buffalo, MN?

Your Energy Needs - Even if the initial expense is larger, the price per watt declines with larger solar panel systems. Consumers often realize that setting up a solar system to fully cover their electric bill is a good move, resulting in the most savings.

Make & Model - Like other items, solar panels are available in a range of makes and models. The potential system preferences of your selected installer make it crucial to pick a highly rated company. For consumers seeking a superior long-term experience, opting for better quality equipment is essential.

Solar Panel Type - For many good reasons, monocrystalline panels are now the industry standard. Although they are costlier, they generate increased energy. The majority of installers utilize panels made of this material.

Your Property - Every home and property differs in its own way. Challenges like sloping terrain, trees, or additional hindrances can increase the difficulty of installing solar panels. Using satellite imagery, solar installers can today assess your home and integrate these elements into the first cost estimate.

Labor Rates - The pay employees get from their employers vary, and these expenses are passed on to the consumers. Businesses paying more to their employees frequently get higher reviews for their work and customer service.

Permitting & Interconnection - Depending on the area, local permitting and utility interconnection fees will impact the cost of your installation. Quality installers will factor these costs into your preliminary quotes to prevent unexpected expenses.

See what solar panels cost in other MN cities

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Who are the best solar installers in Buffalo?

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.

Buffalo, MN Solar Panel Cost FAQs

  • In Buffalo, MN, the mean cost per watt for solar panels as recorded in October, 2024 is $3.72/W. The approximate cost of a 5 kW solar panel system in Buffalo, MN, after deducting federal tax credits, is $13,020.

  • Minnesota offers 12 different rebates and incentives from a range of utilities and government organizations. Also, nearly everyone can take advantage of the 30% federal tax credit.

  • While cash payments provide the most savings, there are now many financing options for solar panels that are also cost-effective. Information about financing options will often be detailed in your preliminary quotes by many installers.

  • Yes, the typical payback time for 5 kW solar panel systems in Buffalo, MN is 9 years, and the expected electricity cost savings over 20 years is $14,786.4.
Ginalyn Gelera
Last Reviewed By: Ginalyn Gelera
Published: 2024-10-01