Solar Panels Cost 2.6k-13k in Edina, MN | October, 2024

Solar Panels Cost $2.6k-$13k in Edina, MN | October, 2024

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

To go solar in Edina, MN averages out to $3.83 per watt in the month of October, 2024.

According to the price, we can come to the conclusion that for every 1000 watts (1 kW) your solar system can generate, you will have to spend, on average, $3,830 for installation. When you deduct the 30% federal tax credit, a 5 kW solar installation in Edina will cost approximately $13,405. However, please keep in mind that a more powerful system might be necessary to fulfill your energy needs.

On the left side, choose your county to see the average roof size and the maximum capacity of residential solar for homes in your area. Find below a complete summary of the {price|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.
Edina: $13,405US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Edina: 11 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Edina: $4,735US Average: $15,784

Solar Potential in Edina

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

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

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

The typical monthly electric bill for Edina residents is $99.52, with a typical usage of 594 kWh. It’s worth noting that this statistic accounts for apartments and smaller homes, which typically require less energy consumption.

The average rate for electricity in Edina, MN in October, 2024 is 16.76¢ per kWh.

The typical energy user in Edina requires a 5 kW or more solar setup to take care of their entire power demands. The cost of a a 5 kW solar installation is approximately $19,150 upfront, but the federal tax credit offers a 30% credit, lowering your final cost to $13,405.

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Average solar panel costs by system size in Edina

Shown on the left side, is a thorough cost summary of the various sizes of solar panel systems installed in Edina. Larger solar installations have a greater cost, yet they also provide higher electricity savings and larger income tax credits.

Using the solar panel cost calculator positioned below and to the right, you can view a detailed cost and benefit analysis based on an average electric bill of $99.52 in Edina. Modify the $99.52 to your typical bill payment for personalized results.

System Size 1kW
Roof Size Min. space required
72 ft²
Electricity Value Annual Production $246 a year
Est. Price
$2,681
Savings from a 1kWthis system
  • Est. yearly production 1,449 kWh
  • Est. monthly savings $21
  • Full payback in 2 years
Environmental Impacts
  • Reduces CO2 emissions by 0.8 tons a year
  • Equivalent to planting 37 trees a year
  • Equivalent to driving 1,984 mi less a year
System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $493 a year
Est. Price
$5,362
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 1.6 tons a year
  • Equivalent to planting 74 trees a year
  • Equivalent to driving 3,969 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $739 a year
Est. Price
$8,043
Savings from a 3kWthis system
  • Est. yearly production 4,346 kWh
  • Est. monthly savings $62
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 2.41 tons a year
  • Equivalent to planting 110 trees a year
  • Equivalent to driving 5,953 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $985 a year
Est. Price
$10,724
Savings from a 4kWthis system
  • Est. yearly production 5,795 kWh
  • Est. monthly savings $82
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 3.21 tons a year
  • Equivalent to planting 147 trees a year
  • Equivalent to driving 7,938 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,231 a year
Est. Price
$13,405
Savings from a 5kWthis system
  • Est. yearly production 7,244 kWh
  • Est. monthly savings $100
  • 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

Edina Solar Panel Installation Incentives & Rebates | 2024

Between 80% and 100% of your solar energy or wind turbine installation costs may be covered by the REAP Grant if you own a rural small business or farm. Think you might be eligible? Confirm your qualification with our REAP Grant eligibility tool.

When it comes to residential solar, most people can take advantage of the 30% federal income tax credit, which makes solar a practical option in most regions of the nation. Furthermore, a range of state and local programs are available to promote solar adoption.

Minnesota residents have access to 12 solar rebate and incentive programs from different 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?

For those in Edina planning to stay in their homes past the payback period of their solar system, solar panels make excellent sense. If you install a 5 kW solar system in Edina, MN, you might save $10,479.8 over 20 years on average, with a break even point at approximately 11 years.

The cost of not having solar panels in Edina, 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. The news has recently proven that full dependence on your utility provider is not always ideal.

On average, customers in Edina have experienced 0.95 utility outages per year over the past few years. Typically, outages have an average duration of 114.46 minutes. However, during significant events such as landslides, construction accidents, or overloaded power grids, these times can drastically increase.

A solar energy system, whether or not it has a backup battery, could reduce the effects of any future power interruptions you might face.

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 Edina, 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 advantageous for individuals to set up a solar system that can generate enough electricity to completely replace their electric bill, which ensures substantial savings.

Make & Model - Solar panels and mounting equipment are available in a range of makes and models. Given the certain brand preferences an installer might have, picking a recommended company is critical. The employment of high-quality equipment is probably will provide a more satisfactory long-term experience for buyers.

Solar Panel Type - It's obvious why monocrystalline panels are now the standard in the industry. Although they are pricier, they deliver increased energy. Many installers utilize panels constructed of this material.

Your Property - Each property and home has its own unique features. Uneven landscapes, trees, or additional challenges may add to the difficulty of the installation. Nowadays, the most solar installers can evaluate your home with satellite images and factor in these elements in the initial cost estimate.

Labor Rates - The pay employees get from their employers vary, and these costs are transferred to the consumers. Higher reviews for work and customer service are generally associated with businesses that pay higher wages.

Permitting & Interconnection - Your installation cost will be impacted by area-specific permitting and utility interconnection fees. Reputable local installers will include these figures in your first estimates to ensure transparency.

See what solar panels cost in other MN cities

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Who are the best solar installers in Edina?

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.

Edina, MN Solar Panel Cost FAQs

  • As recorded in October, 2024, the standard cost for solar panel installations in Edina, MN is $3.83/W. Post federal tax credit, a 5 kW solar panel system installation in Edina, MN will roughly cost $13,405.

  • There are 12 rebates and incentives available in Minnesota from a range of utility providers and government organizations. Moreover, nearly everyone is eligible for the 30% federal income tax credit.

  • Paying cash will result in the most savings, but these days there are several options for financing solar panels that are cost-effective as well. Installers typically partner with financing companies and will include this information into your initial quotes.

  • Yes, in Edina, MN, 5 kW solar panel systems typically pay off in 11 years, and users save around $10,479.8 in electricity costs over 20 years.
Matt Hope
Last Reviewed By: Matt Hope
Published: 2024-10-01