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

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

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How much do solar panels cost in Eden Prairie, MN in 2024?

In Eden Prairie, MN in October, 2024, the average price per watt for solar panel systems is estimated at $3.74/W

Each 1 kW (1000 watts) of solar power capacity will cost you $3,740 for installation. Subtracting the 30% federal tax credit, a 5 kW panel install in Eden Prairie generally costs $13,090. Please consider, a 5kW system may not be sufficient to meet your energy requirements.

On the left side, select your county to discover the typical roof size and the maximum capacity of solar panel systems for homes in your area. Displayed below is an analysis 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.
Eden Prairie: $13,090US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Eden Prairie: 10 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Eden Prairie: $6,706US Average: $15,784

Solar Potential in Eden Prairie

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

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

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

The average kWh usage for Eden Prairie residents is 647 monthly, with an average electric bill of $105.86. It is crucial to understand that this statistic encompasses the energy consumption of apartments and other compact living spaces.

For October 2024, Eden Prairie, MN's average electricity rate amounts to 16.37¢ per kWh.

In Eden Prairie, a system size of 6 kW or more is required for the average energy user to account for their full power needs. The upfront cost for a 6 kW setup is $22,440, but after a 30% tax credit, your total comes down to $15,708.

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Average solar panel costs by system size in Eden Prairie

On the left side below, you can find a detailed price breakdown for multiple solar panel system sizes installed in Eden Prairie. Naturally, with a more extensive solar system, there will be a larger initial investment, but the advantages consist of higher electricity savings and greater income tax credits.

The breakdown of costs and benefits for solar panels, displayed in the calculator below and to the right, is based on an average electric bill of $105.86 in Eden Prairie. Change the $105.86 to your average bill payment for custom results.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $464 a year
Est. Price
$5,236
Savings from a 2kWthis system
  • Est. yearly production 2,897 kWh
  • Est. monthly savings $39
  • Full payback in 4 years
Environmental Impacts
  • Reduces CO2 emissions by 1.42 tons a year
  • Equivalent to planting 65 trees a year
  • Equivalent to driving 3,524 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $695 a year
Est. Price
$7,854
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 2.14 tons a year
  • Equivalent to planting 98 trees a year
  • Equivalent to driving 5,286 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $927 a year
Est. Price
$10,472
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 2.85 tons a year
  • Equivalent to planting 131 trees a year
  • Equivalent to driving 7,048 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,159 a year
Est. Price
$13,090
Savings from a 5kWthis system
  • Est. yearly production 7,244 kWh
  • Est. monthly savings $97
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 3.56 tons a year
  • Equivalent to planting 163 trees a year
  • Equivalent to driving 8,810 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,391 a year
Est. Price
$15,708
Savings from a 6kWthis system
  • Est. yearly production 8,692 kWh
  • Est. monthly savings $106
  • Full payback in 12 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

Eden Prairie Solar Panel Installation Incentives & Rebates | 2024

Rural entrepreneurs and farmers might find that the REAP Grant pays for 80% to 100% of their costs when installing photovoltaic or wind energy systems. Believe you might qualify? Use our REAP Grant eligibility tool to confirm your eligibility.

Installing residential solar panels comes with a 30% federal tax credit, accessible to most homeowners, making it a good option for many areas across the country. Additionally, there are numerous state and local incentives to further promote the adoption of solar energy.

Different utilities and governmental bodies in Minnesota offer 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?

When you intend to live in your home beyond the payback period of your solar system, solar panels are an excellent choice in Eden Prairie. If you install a 5 kW solar system in Eden Prairie, MN, you might save $12,316.4 over 20 years on average, with a break even point at roughly 10 years.

The cost of not having solar panels in Eden Prairie, MN

Beyond missing out on the savings noted above, the absence of solar panels or an alternative backup energy solution leads to total dependency on your electric utility for power. As evidenced by recent news stories, full reliance on your utility company is not always ideal.

Each year, the average number of outages per customer in Eden Prairie is about 0.84. The average length of an outage is 91.37 minutes. In events like heavy rain and flooding, planned maintenance, or equipment failure, this duration can extend significantly.

Installing a solar panel system, irrespective of whether it features a backup battery, could reduce the pressure of future outages you might encounter.

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 Eden Prairie, MN?

Your Energy Needs - Though the initial cost of larger solar panel systems is larger, the price per watt diminishes as the system gets larger. It is often beneficial for consumers to set up a solar system that can produce enough electricity to offset their electric bill, which results in substantial savings.

Make & Model - Solar panels and mounting equipment, just like many other products, come in different makes and models. The installer’s preference for brand makes it essential to pick a reputable company. Better quality materials often result in a more positive long-term experience for buyers.

Solar Panel Type - There's a good reason why monocrystalline panels are now the industry standard. They have a higher price but are more efficient. Most solar panel installers use panels made of this type of material.

Your Property - Each property and home has its own characteristics. Factors like trees, uneven land, or other impediments can make the installation more challenging. With the use of satellite images, solar installers these days can evaluate your home and include these considerations into the first cost estimate.

Labor Rates - Various wages are offered to employees by various companies, and these costs are transferred to the consumers. Businesses paying more to their employees often garner higher reviews for their services and customer service.

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

See what solar panels cost in other MN cities

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Who are the best solar installers in Eden Prairie?

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.

Eden Prairie, MN Solar Panel Cost FAQs

  • In October, 2024, the typical price per watt for solar panels in Eden Prairie, MN is $3.74/W. The approximate cost of a 5 kW solar panel system in Eden Prairie, MN, after deducting federal tax credits, is $13,090.

  • There are 12 rebates and incentives available in Minnesota from a range of utility providers and government organizations. Additionally, almost everyone is entitled to the 30% federal income tax credit.

  • Cash payments yield the greatest savings, but many financing options for solar panels that are cost-effective are now available. Many installers have financing partners and will provide this information in your initial quotes.

  • Yes, the typical payback time for 5 kW solar panel systems in Eden Prairie, MN is 10 years, and the expected electricity cost savings over 20 years is $12,316.4.
Matt Hope
Last Reviewed By: Matt Hope
Published: 2024-10-01