Solar Panels Cost 8.0k-18k in Corcoran, MN | October, 2024

Solar Panels Cost $8.0k-$18k in Corcoran, MN | October, 2024

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

You will pay $3.83/W to get solar panels in October, 2024 in Corcoran, MN.

Stemming from this price, you can conclude that for every 1000 watts (1 kW) your panels can generate you will need to invest $3,830 to get your solar panels installed. After receiving the 30% federal tax credit, you can expect to pay about $13,405, in Corcoran, for a 5 kW solar installation. However, it’s vital to take into account that a larger system might be needed to adequately cover your energy consumption.

To your left, you have the option to select your county and find the average roof size along with the average maximum capacity for solar panel installations on homes in your area. Displayed below is an analysis of the price, 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.
Corcoran: $13,405US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Corcoran: 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.
Corcoran: $9,532US Average: $15,784

Solar Potential in Corcoran

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

Roof size 554sq. ft.
Capacity 7.75kW DC
Electricity 8.8kkWh AC per yr.

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

In Corcoran, the average electric bill is $119.51 per month, and residents use 819 kWh. Apartments and compact living spaces with reduced energy consumption are taken into account in this figure.

Corcoran, MN's electricity rate is on average 14.58¢ per kWh in October 2024.

If you use a typical amount of electricity in Corcoran, you'll need a solar panel system of 7 kW or higher to fully cover your full electricity usage demands. Currently, a 7 kW solar installation is priced at around $18,767 after incentives.

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Average solar panel costs by system size in Corcoran

Presented below and to the left, you can find a thorough price breakdown for different solar panel system sizes set up in Corcoran. The more extensive the solar array, the higher the initial expense, but also the more substantial electricity savings and income tax credits you'll get.

The solar panel cost calculator below and to the right details costs and benefits, considering an average $119.51 electric bill in Corcoran Change the $119.51 to your usual electricity bill payment for more accurate results.

System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $652 a year
Est. Price
$8,043
Savings from a 3kWthis system
  • Est. yearly production 4,346 kWh
  • Est. monthly savings $54
  • Full payback in 6 years
Environmental Impacts
  • Reduces CO2 emissions by 1.41 tons a year
  • Equivalent to planting 65 trees a year
  • Equivalent to driving 3,480 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $869 a year
Est. Price
$10,724
Savings from a 4kWthis system
  • Est. yearly production 5,795 kWh
  • Est. monthly savings $72
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 1.87 tons a year
  • Equivalent to planting 86 trees a year
  • Equivalent to driving 4,639 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,087 a year
Est. Price
$13,405
Savings from a 5kWthis system
  • Est. yearly production 7,244 kWh
  • Est. monthly savings $91
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 2.34 tons a year
  • Equivalent to planting 108 trees a year
  • Equivalent to driving 5,799 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,304 a year
Est. Price
$16,086
Savings from a 6kWthis system
  • Est. yearly production 8,692 kWh
  • Est. monthly savings $109
  • Full payback in 11 years
Environmental Impacts
  • Reduces CO2 emissions by 2.81 tons a year
  • Equivalent to planting 129 trees a year
  • Equivalent to driving 6,959 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,521 a year
Est. Price
$18,767
Savings from a 7kWthis system
  • Est. yearly production 10,141 kWh
  • Est. monthly savings $120
  • Full payback in 13 years
Environmental Impacts
  • Reduces CO2 emissions by 3.11 tons a year
  • Equivalent to planting 143 trees a year
  • Equivalent to driving 7,686 mi less a year

Corcoran Solar Panel Installation Incentives & Rebates | 2024

The REAP Grant is designed to assist rural farmlands and small businesses by covering 80% to 100% of the costs associated with solar or wind turbine installations. Think you might be eligible? Confirm your qualification with our REAP Grant eligibility tool.

For those looking into residential solar, the 30% federal income tax credit is offered to nearly everyone, which makes solar a practical option in many states. Moreover, there are many state and local incentives to further push for the adoption of solar energy.

A variety of utilities and governmental organizations in Minnesota provide 12 solar rebate and incentive programs.

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 foresee living in your home longer than the solar system's payback period, adding solar panels is an obvious decision in Corcoran. In Corcoran, MN, the installation of a 5 kW solar system can save you an average of $15,277.4 over 20 years, with an average break even point of 9 years.

The cost of not having solar panels in Corcoran, MN

The lack of solar panels or another energy backup means you'll forgo the earlier mentioned savings and be completely reliant on your electric utility for power. As shown by recent news stories, complete dependence on your utility company isn't always ideal.

Each year, customers in Corcoran have encountered approximately 0.78 utility outages.Annually, customers in Corcoran have experienced approximately 0.78 utility outages. On average, an outage lasts 85.85 minutes. When major events such as construction accidents, equipment failure or winter storms occur, these durations can increase significantly

A solar panel system could reduce the inconvenience of future outages, even if it is without a backup battery.

Power Outages

Currently, 0 customers are being tracked in Hennepin County.

Learn more

Customers Out:

0

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

Your Energy Needs - The cost per watt declines with larger solar panel systems, even if the upfront cost is higher. Many consumers realize it's a smart idea to install a solar system that can produce enough power to offset their electric bill, because it helps them reduce costs.

Make & Model - Just like other products, solar panels and mounting equipment come in a wide variety of makes and models. Choosing an installer with certain system preferences means it's even more necessary essential to go with a reputable company. The use of high-quality makes and models can significantly improve the long-term experience for buyers.

Solar Panel Type - Monocrystalline panels have emerged as the industry standard, and rightly so. They are more expensive but generate more energy. Most professionals in solar installation work with panels constructed from this material.

Your Property - Challenges like trees, uneven ground, or other considerations can increase the difficulty of installing solar panels. Today, most solar installers can assess your home with satellite images and include these elements in the preliminary cost estimate.

Labor Rates - Companies compensate their employees in varied amounts, and these costs are passed down to consumers. Higher wages frequently lead to businesses getting better reviews for their services and customer service.

Permitting & Interconnection - Your final installation price will be influenced by the permitting and utility interconnection fees, which differ by area. Quality local installers will include these figures in your preliminary estimates to guarantee transparency.

See what solar panels cost in other MN cities

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Who are the best solar installers in Corcoran?

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.

Corcoran, MN Solar Panel Cost FAQs

  • As of October, 2024, the typical cost for solar panels in Corcoran, MN is $3.83/W. A 5 kW solar panel system will cost you around $13,405 in Corcoran, MN after the federal tax credit is applied.

  • At present, there are 12 rebates and incentives available to Minnesota residents from various utility and government programs. On top of that, most individuals are eligible for the 30% federal income tax credit.

  • Paying cash offers the highest savings, but there are now numerous financing options for solar panels that are also cost-effective. Installers typically partner with financing companies and will include this information into your initial quotes.

  • Yes, in Corcoran, MN, the average time for 5 kW solar panel systems to pay for themselves is 9 years, leading to electricity savings of $15,277.4 over a 20-year period.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-10-01