Solar Panels Cost 5.1k-15k in Byron, MN | October, 2024

Solar Panels Cost $5.1k-$15k in Byron, MN | October, 2024

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

To go solar averages out to $3.66 per watt in October, 2024 in Byron, MN.

It will cost you $3,660, on average, per 1K (or 1000 watts) your solar system is able to generate. After receiving the 30% federal tax credit, you will pay around $12,810 for a 5 kW panel install in Byron. Please consider, a 5kW system might not be sufficient to adequately cover your energy consumption.

To your left, you have the option to select your county and view the typical roof size along with the average maximum capacity for solar panel installations on homes in your area. Below, you can see a summary of the price, payback period and 20 year average savings for a 5 kW system in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Byron: $12,810US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Byron: 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.
Byron: $9,773US Average: $15,784

Solar Potential in Byron

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

Roof size 697sq. ft.
Capacity 9.75kW DC
Electricity 10.7kkWh AC per yr.

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

Energy consumers in Byron typically pay $116.97 per month for electricity, with a typical monthly usage of697 kWh. This number also reflects data from apartments and smaller homes with reduced energy needs.

Byron, MN's electricity rate is 16.79¢ per kWh in October 2024.

To meet their full power consumption needs of an average user in Byron, a solar power system of 6 kW or higher is a must. After incentives, a 6 kW setup costs around $15,372.

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Average solar panel costs by system size in Byron

On the left side, you'll see a detailed cost breakdown of the various sizes of solar panel systems implemented in Byron. Even though a more extensive solar installation carries a larger expense, it also provides higher electricity savings and higher income tax credits.

Check a cost benefit analysis in the solar panel cost calculator to the right and below, for an average electric bill of $116.97 in Byron. Adjust the $116.97 to your typical electricity bill payment for results that fit your situation.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $493 a year
Est. Price
$5,124
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 1.34 tons a year
  • Equivalent to planting 62 trees a year
  • Equivalent to driving 3,324 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $739 a year
Est. Price
$7,686
Savings from a 3kWthis system
  • Est. yearly production 4,346 kWh
  • Est. monthly savings $62
  • Full payback in 5 years
Environmental Impacts
  • Reduces CO2 emissions by 2.01 tons a year
  • Equivalent to planting 93 trees a year
  • Equivalent to driving 4,985 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $985 a year
Est. Price
$10,248
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 2.69 tons a year
  • Equivalent to planting 123 trees a year
  • Equivalent to driving 6,647 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,231 a year
Est. Price
$12,810
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 3.36 tons a year
  • Equivalent to planting 154 trees a year
  • Equivalent to driving 8,309 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,478 a year
Est. Price
$15,372
Savings from a 6kWthis system
  • Est. yearly production 8,692 kWh
  • Est. monthly savings $117
  • Full payback in 11 years
Environmental Impacts
  • Reduces CO2 emissions by 3.83 tons a year
  • Equivalent to planting 176 trees a year
  • Equivalent to driving 9,473 mi less a year

Byron Solar Panel Installation Incentives & Rebates | 2024

For rural small businesses and agricultural properties, the REAP Grant could provide funding that covers between 80% and 100% of the necessary expenses for installing renewable energy systems. If you think you might qualify, we suggest trying our REAP Grant eligibility tool to check.

For those looking into residential solar, the 30% federal income tax credit is available to most people, which makes solar a feasible option in many states. State and local governments have various programs to promote the switch to solar energy.

Minnesota has 12 solar rebate and incentive initiatives offered by various utilities and government agencies.

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 live in your home past the solar system's payback period, solar panels are a wise decision in Byron. By installing a 5 kW solar system in Byron, MN, you can expect to save roughly $15,262.8 over 20 years, with the break even point usually being 9 years.

The cost of not having solar panels in Byron, MN

Failing to have solar panels or an alternative backup energy means missing the savings mentioned earlier and being entirely reliant on your electric utility for electricity. Recent media coverage has demonstrated that complete reliance on your utility is not always ideal.

There are about 0.9 outages per customer annually in Byron. Usually, outages have an average duration of 99.08 minutes. However, during critical events like wildlife damage, equipment failure or winter storms, these times can extend dramatically.

A solar energy system could help mitigate the effects of future outages, with or without a backup battery.

Power Outages

Currently, 0 customers are being tracked in Olmsted County.

Learn more

Customers Out:

0

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

Your Energy Needs - Larger solar panel systems have a higher upfront cost, but the cost per watt diminishes. Setting up a solar system that makes sufficient electricity to offset their electric bill is useful to most individuals, resulting in savings.

Make & Model - Solar panels and mounting equipment are offered in a variety of makes and models. Considering the brand preferences that your installer may have, it's crucial to choose a highly rated contractor. To ensure a more favorable long-term experience, buyers should consider higher quality materials.

Solar Panel Type - Monocrystalline panels have emerged as the standard in the industry, and it's not hard to see why. These panels have a higher cost but offer a higher energy efficiency. Many installers in the industry use panels constructed of this material.

Your Property - No two properties or homes are the same. Trees, sloped land, or additional considerations can make the installation process more challenging. These days, satellite images allow the majority of solar installers to assess your home and factor in these considerations into the preliminary cost estimate.

Labor Rates - The wages that companies pay their employees are different, and these costs are inevitably shown in consumer prices. Businesses paying more to their employees often get 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 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 Byron?

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.

Byron, MN Solar Panel Cost FAQs

  • In October, 2024, the typical price per watt for solar panels in Byron, MN is $3.66/W. With the federal tax credit, the cost of a 5 kW solar panel system in Byron, MN drops to roughly $12,810.

  • If you live in Minnesota, you can find 12 rebates and incentives through different utilities and government agencies. On top of that, nearly everyone can qualify for the 30% federal tax credit.

  • Even though paying cash yields the best savings, there are now numerous financing options for solar panels that are also advantageous. Financing options are frequently available through installers and will be included in your initial quotes.

  • Yes, on average, 5 kW solar panels in Byron, MN pay for themselves in 9 years, with homeowners saving approximately $15,262.8 on electricity over 20 years.
Alex Zdanov
Last Reviewed By: Alex Zdanov
Published: 2024-10-01