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

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

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

The average price per watt of solar systems in Faribault, MN in October, 2024 is estimated at $3.76/W.

Stemming from this price, we are able to conclude that for every 1000 watts (1 kW) your solar system can produce, you will have to invest $3,760 for installation. When you consider the 30% federal tax credit, you will spend around $13,160, in Faribault, for a 5 kW panel install. However, bear in mind that you may require a more extensive system to ensure your energy demands are met.

By selecting your county on the left, you can find out the average roof size and the average maximum capacity for residential solar panel systems in your area. The following analysis, below, highlights 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.
Faribault: $13,160US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Faribault: 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.
Faribault: $6,566US Average: $15,784

Solar Potential in Faribault

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

Roof size 724sq. ft.
Capacity 10.13kW DC
Electricity 11.5kkWh AC per yr.

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

For energy consumers in Faribault, the average electric bill amounts to $105.69 per month, with a typical usage of 638 kWh. Flats and other smaller living spaces with reduced energy consumption are covered in this figure.

The rate of electricity in Faribault, MN, on average, is 16.57¢ per kWh in October 2024.

If your household consumes an average amount of electricity in Faribault, you will want a solar power system of 6 kW or higher to fully cover your full electricity usage requirements. The initial cost for a 6 kW setup amounts to $22,560, but after receiving a 30% federal tax credit, your total comes down to $15,792.

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Average solar panel costs by system size in Faribault

Shown on the left, you will find a pricing structure for multiple solar panel system sizes installed in Faribault. The more extensive the solar array, the higher the initial expense, but also the more substantial electricity savings and income tax credits you'll receive.

The solar panel cost and benefit breakdown, visible in the calculator to the right and below, is based on an average electric bill of $105.69 in Faribault. To get more personalized results, easily adjust the $105.69to match your usual electricity bill amount.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $493 a year
Est. Price
$5,264
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 1.72 tons a year
  • Equivalent to planting 79 trees a year
  • Equivalent to driving 4,248 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $739 a year
Est. Price
$7,896
Savings from a 3kWthis system
  • Est. yearly production 4,346 kWh
  • Est. monthly savings $62
  • Full payback in 6 years
Environmental Impacts
  • Reduces CO2 emissions by 2.57 tons a year
  • Equivalent to planting 118 trees a year
  • Equivalent to driving 6,371 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $985 a year
Est. Price
$10,528
Savings from a 4kWthis system
  • Est. yearly production 5,795 kWh
  • Est. monthly savings $82
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 3.43 tons a year
  • Equivalent to planting 158 trees a year
  • Equivalent to driving 8,495 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,231 a year
Est. Price
$13,160
Savings from a 5kWthis system
  • Est. yearly production 7,244 kWh
  • Est. monthly savings $103
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 4.29 tons a year
  • Equivalent to planting 197 trees a year
  • Equivalent to driving 10,619 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,478 a year
Est. Price
$15,792
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 4.43 tons a year
  • Equivalent to planting 204 trees a year
  • Equivalent to driving 10,969 mi less a year

Faribault Solar Panel Installation Incentives & Rebates | 2024

The REAP Grant can potentially cover between 80% and 100% of the installation costs for photovoltaic or wind turbines for rural small businesses and agricultural businesses. If you feel you might be eligible, try our REAP Grant eligibility tool to confirm your qualification.

Adding residential solar panels comes with a 30% federal tax credit, offered to nearly all homeowners, making it a smart option for many areas throughout the United States. State and local governments offer various programs to further encourage the switch to solar energy.

Residents of Minnesota can access 12 solar rebate and incentive programs from a number of utilities and governmental organizations.

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?

Intending to stay in your house beyond the solar payback period? Solar panels are a wise investment in Faribault. A 5 kW system in Faribault, MN will help you save you, on average, $12,205.6 over a 20 period and the average break even point is 10 years.

The cost of not having solar panels in Faribault, MN

Without solar panels or another backup power source, you lose out on the earlier mentioned savings and are entirely dependent on your electric utility for electricity. As we have seen in many recent news reports, complete reliance on your utility is not always ideal.

Recently, Faribault has seen an average of 0.87 utility outages per customer each year. On average, each outage lasts for 92.35 minutes. Major events like lightning strikes, equipment failure, or construction accidents can considerably extend these durations.

Whether or not a backup battery is present, a solar panel system could help ease the impact of future power outages you might face.

Power Outages

Currently, 0 customers are being tracked in Rice County.

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Customers Out:

0

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

Your Energy Needs - Larger solar panel setups come with a higher price tag, yet the cost per watt lowers as the size of the system expands. For most individuals, installing a system that can generate enough power to fully offset their entire electric bill is beneficial, providing significant savings.

Make & Model - Solar panels, just like many other products, come in different makes and models. The preferences for brand that your contractor has may make it vital to select a reputable installer. Choosing higher quality materials typically ensures a more satisfying long-term experience for the buyer.

Solar Panel Type - The standard in the industry is now monocrystalline panels, and justifiably so. Despite the higher price tag, these panels generate greater energy output. Many installation experts use panels constructed from this material.

Your Property - Every home and property is unique. Uneven land, trees, or v can increase the complexity of the installation. By using satellite images, many solar installers these days can evaluate your home and incorporate these considerations into the preliminary cost estimate.

Labor Rates - Employees get varied wages from different companies, and these costs are passed on to the consumers. Businesses paying more to their employees frequently receive higher reviews for their work and customer service.

Permitting & Interconnection - The final price of your installation will be impacted by local permitting and utility interconnection fees, which differ by location. That said, experienced local installers will be able to build these numbers into your initial quotes so there are no surprises.

See what solar panels cost in other MN cities

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Who are the best solar installers in Faribault?

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.

Faribault, MN Solar Panel Cost FAQs

  • The typical cost per watt for solar panels in Faribault, MN as of October, 2024 is $3.76/W. A 5 kW solar panel system will cost you around $13,160 in Faribault, MN after the federal tax credit is applied.

  • Various utility providers and government organizations in Minnesota are offering 12 rebates and incentives at this time. Also, nearly everyone can take advantage of the 30% federal tax credit.

  • Even though paying cash provides the most savings, there are now multiple financing options for solar panels that also are cost-effective. Installers often have partnerships with financing companies and will include this information in your initial quotes.

  • Yes, the average 5 kW solar panel payback period in Faribault, MN stands at 10 years, yielding average electricity savings of $12,205.6 over 20 years.
Matt Hope
Last Reviewed By: Matt Hope
Published: 2024-10-01