Solar Panels Cost 4.9k-14k in Elk River, MN | October, 2024

Solar Panels Cost $4.9k-$14k in Elk River, MN | October, 2024

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How much do solar panels cost in Elk River, MN in 2024?

To have solar panels installed is approximately $3.53 per watt in Elk River, MN in October, 2024.

In accordance with the cost per watt, we are able to conclude that for every 1000 watts (1 kW) of solar power capacity will require an investment of $3,530 for installation. After receiving the 30% federal tax credit, you can expect to spend around $12,355, in Elk River, for a 5 kW solar installation. A 5kW system might not be sufficient to meet your energy needs.

To the left, you have the option to select your county and view the average roof size along with the average maximum capacity for solar panel systems in homes in your area. Below is a breakdown of the costs, 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.
Elk River: $12,355US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Elk River: 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.
Elk River: $10,084US Average: $15,784

Solar Potential in Elk River

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

Roof size 679sq. ft.
Capacity 9.5kW DC
Electricity 10.7kkWh AC per yr.

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

For Elk River households, the average monthly kWh usage is 724, with an standard electric bill of $115.56. Small homes, including micro-apartments, are also encompassed in the data mentioned in the {previous|prior sentence.

The average electricity rate in Elk River, MN in October 2024 is 15.97¢ per kWh.

To fully meet the energy requirements of a typical consumer in Elk River, a solar panel system of 6 kW or more is a must. The installation of a a 6 kW solar system will set you back approximately $21,180 initially, but with the federal income tax credit, you can get 30% back, reducing the cost to $14,826.

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Average solar panel costs by system size in Elk River

Shown on the left side, you'll see a thorough pricing structure of the various sizes of solar panel systems set up in Elk River. The initial cost for larger solar systems is greater, but they also yield greater electricity savings and higher income tax credits.

The calculator below and to the right gives a detailed summary of solar panel costs and benefits, based on an average electric bill of $115.56 in Elk River. To get customized results, easily adjust the $115.56to match your usual electricity bill amount.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $464 a year
Est. Price
$4,942
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 1.46 tons a year
  • Equivalent to planting 67 trees a year
  • Equivalent to driving 3,626 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $695 a year
Est. Price
$7,413
Savings from a 3kWthis system
  • Est. yearly production 4,346 kWh
  • Est. monthly savings $58
  • Full payback in 5 years
Environmental Impacts
  • Reduces CO2 emissions by 2.2 tons a year
  • Equivalent to planting 101 trees a year
  • Equivalent to driving 5,439 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $927 a year
Est. Price
$9,884
Savings from a 4kWthis system
  • Est. yearly production 5,795 kWh
  • Est. monthly savings $77
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 2.93 tons a year
  • Equivalent to planting 135 trees a year
  • Equivalent to driving 7,251 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,159 a year
Est. Price
$12,355
Savings from a 5kWthis system
  • Est. yearly production 7,244 kWh
  • Est. monthly savings $97
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 3.66 tons a year
  • Equivalent to planting 168 trees a year
  • Equivalent to driving 9,064 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,391 a year
Est. Price
$14,826
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 4.39 tons a year
  • Equivalent to planting 202 trees a year
  • Equivalent to driving 10,877 mi less a year

Elk River Solar Panel Installation Incentives & Rebates | 2024

The REAP Grant currently offers between 80% and 100% support for the installation costs of solar energy or wind turbines for rural small businesses and farmlands. If you feel you might be in this category, we suggest confirming your qualification with our REAP Grant eligibility tool.

For those considering residential solar, the 30% federal income tax credit is offered to nearly everyone, which makes solar power a smart investment in various parts of the country. State and local efforts are also in place to enhance the growth of solar energy use.

In Minnesota, different utilities and government organizations offer 12 solar rebate and incentive initiatives.

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 Elk River planning to stay in their homes past the payback period of their solar system, solar panels make perfect sense. Having a 5 kW solar system in Elk River, MN can potentially save you roughly $15,379.4 over a span of 20 years, with an average break even point of 9 years.

The cost of not having solar panels in Elk River, MN

In addition to missing out on the savings discussed previously, not installing solar panels or another form of backup power results in you being completely dependent on your electric utility. Full reliance on your utility provider isn't always the best idea, as recent examples in the news have shown.

Generally, customers in Elk River experience around 0.15 outages. The typical duration of each outage is 13.29 minutes. When significant events such as high winds, aging infrastructure, or wildlife damage occur, these time frames can become much longer.

Even without a backup battery, a solar panel system can mitigate the stress of future outages you may experience.

Power Outages

Currently, 0 customers are being tracked in Sherburne County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Elk River, MN?

Your Energy Needs - Even though larger solar panel systems are more costly, the average cost per watt diminishes as the system size grows. For most homeowners, setting up a system that can make enough power to fully offset their entire electric bill is advantageous, providing significant savings.

Make & Model - Solar panels, just like many other products, are available in a variety of makes and models. Choosing an contractor with specific brand preferences means it's even more important essential to go with a recommended company. Consumers who prioritize better materials usually enjoy a more favorable long-term experience.

Solar Panel Type - For several reasons, monocrystalline panels have become the standard in the industry. Although they are more expensive, they provide increased energy. Most installers work with panels made from this material.

Your Property - Trees, uneven landscapes, or other hindrances can make the installation process more challenging. Nowadays, many solar installers can assess your home with satellite images and include these factors in the initial cost estimate.

Labor Rates - The wages employees get from their employers are different, and these costs are transferred to the consumers. Often, companies paying more in wages also enjoy higher ratings for their services and customer service.

Permitting & Interconnection - Your final installation price will be impacted by the permitting and utility interconnection fees, which change by area. Experienced local installers will include these numbers into your first quotes to prevent any surprises.

See what solar panels cost in other MN cities

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Who are the best solar installers in Elk River?

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.

Elk River, MN Solar Panel Cost FAQs

  • In October, 2024, the average cost of solar panels per watt in Elk River, MN is $3.53/W. The cost of installing a 5 kW solar panel system in Elk River, MN is about $12,355 post federal tax credit.

  • If you live in Minnesota, you can find 12 rebates and incentives through different utilities and government agencies. In addition, the 30% federal income tax credit is available to almost everyone.

  • Cash payments yield the highest savings, yet several financing options now available for solar panels are advantageous as well. Installers frequently provide financing options and will include them in your initial quotes.

  • Yes, in Elk River, MN, the average time for 5 kW solar panel systems to pay for themselves is 9 years, leading to electricity savings of $15,379.4 over a 20-year period.
Ginalyn Gelera
Last Reviewed By: Ginalyn Gelera
Published: 2024-10-01