Solar Panels Cost 5.3k-16k in Foley, MN | October, 2024

Solar Panels Cost $5.3k-$16k in Foley, MN | October, 2024

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

For the month of October, 2024, the price per watt of solar systems in Foley, MN is $3.82/W, on average.

Utilizing the rate, we can conclude that for every 1 kW (1000 watts) of solar power capacity will cost you $3,820 for installation. After receiving the 30% federal tax credit, you will pay around $13,370, in Foley, for a 5 kW solar installation. A more powerful system could be needed to adequately cover your energy consumption effectively.

By selecting your county on the left, you can find the average roof size and the average maximum capacity for residential solar panel systems in your area. Find below a detailed 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.
Foley: $13,370US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Foley: 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.
Foley: $6,750US Average: $15,784

Solar Potential in Foley

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

Roof size 733sq. ft.
Capacity 10.25kW DC
Electricity 11.9kkWh AC per yr.

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

In Foley, the typical kWh usage is 644 per month, and the electric bill is $107.71. It is crucial to understand that this number encompasses the energy consumption of apartments and smaller homes.

The average rate for electricity in Foley, MN during October, 2024 is 16.71¢ per kWh.

To meet their entire power requirements of a typical user in Foley, a solar system of 6 kW or more is required. The expense for aa 6 kW solar installation is approximately $22,920 upfront, but with a 30% tax credit, the price decreases to $16,044.

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Average solar panel costs by system size in Foley

To the left, you will find a cost breakdown for different solar panel system sizes installed in Foley. The investment for a bigger solar panel setup is higher, but it also offers higher electricity savings and more substantial income tax credits.

The solar panel cost and benefit breakdown, visible in the calculator to the right and below, is based on an average electric bill of $107.71 in Foley. Easily change the $107.71 to your average electricity bill for customized results.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $493 a year
Est. Price
$5,348
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 1.38 tons a year
  • Equivalent to planting 63 trees a year
  • Equivalent to driving 3,417 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $739 a year
Est. Price
$8,022
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 2.07 tons a year
  • Equivalent to planting 95 trees a year
  • Equivalent to driving 5,126 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $985 a year
Est. Price
$10,696
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 2.76 tons a year
  • Equivalent to planting 127 trees a year
  • Equivalent to driving 6,834 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,231 a year
Est. Price
$13,370
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 3.45 tons a year
  • Equivalent to planting 159 trees a year
  • Equivalent to driving 8,543 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,478 a year
Est. Price
$16,044
Savings from a 6kWthis system
  • Est. yearly production 8,692 kWh
  • Est. monthly savings $108
  • Full payback in 12 years
Environmental Impacts
  • Reduces CO2 emissions by 3.63 tons a year
  • Equivalent to planting 167 trees a year
  • Equivalent to driving 8,991 mi less a year

Foley Solar Panel Installation Incentives & Rebates | 2024

For rural farms and small businesses, the REAP Grant might currently cover between 80% and 100% of the expenses for installing photovoltaic or wind energy systems. If you think you might qualify, we suggest trying our REAP Grant eligibility tool to confirm.

Nearly all residents are eligible for the 30% federal income tax credit for residential solar, making it a practical option in numerous states across the country. Furthermore, many regional and state programs are set up to get more people to adopt solar power.

Different utilities and governmental organizations 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?

For homeowners in Foley planning to stay beyond the payback period of their solar system, solar panels are the obvious choice. In Foley, MN, the installation of a 5 kW solar system can save you an average of $12,480.4 over 20 years, with an average break even point of 10 years.

The cost of not having solar panels in Foley, MN

Forgoing solar panels or an alternative backup energy source results in you'll miss out on the savings mentioned before and be fully dependent on your electric utility for power. Complete dependence on your utility company isn't always the best condition, as recent media examples have revealed.

On a yearly basis, the average number of outages per customer in Foley has been 0.87. Typically, outages have an average duration of 97.11 minutes. However, during significant events such as earthquakes, aging infrastructure, or planned maintenance, these times can drastically increase.

Whether or not a backup battery is included, a solar panel system could reduce the impact of future power outages you might experience.

Power Outages

Currently, 0 customers are being tracked in Benton County.

Learn more

Customers Out:

0

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

Your Energy Needs - Despite the greater initial expense, the cost per watt declines when using larger solar panel systems. Many consumers realize it's a great idea to set up a solar system that can produce enough power to fully cover their electric bill, because it helps them save more money.

Make & Model - Just like other products, solar panels and mounting equipment are offered in a range of makes and models. The potential brand preferences of your installer mean that it is it is even more vital to choose a reputable company. Higher grade materials typically result in an better long-term experience for the buyer.

Solar Panel Type - Monocrystalline panels have become the industry standard, and it's not hard to see why. They come with a higher price but are better at generating energy. The majority of solar panel installers use panels made of this type of material.

Your Property - Each property and home has its own unique features. Trees, irregular terrain, or additional challenges may add to the difficulty of the installation. Using satellite imagery, solar installers can today assess your home and include these elements into the first cost estimate.

Labor Rates - Companies pay varying pay rates to their employees, which are then passed on to the prices consumers pay. Higher wages frequently lead to businesses getting better reviews for their services and customer service.

Permitting & Interconnection - Local permitting and utility interconnection fees, which change by area, will impact your installation cost. 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 Foley?

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.

Foley, MN Solar Panel Cost FAQs

  • The average solar panel cost in Foley, MN as of October, 2024 is estimated at $3.82/W. Post federal tax credit, a 5 kW solar panel system installation in Foley, MN will roughly cost $13,370.

  • Right now, Minnesota has 12 rebates and incentives available through a variety of utility companies and government entities. Also, nearly everyone can take advantage of the 30% federal tax credit.

  • Although cash payments provide the greatest savings, several financing options for solar panels now exist that are also cost-effective. Financing options are often provided by installers and may be included in your initial quotes.

  • Yes, the typical payback time for 5 kW solar panel systems in Foley, MN is 10 years, and the expected electricity cost savings over 20 years is $12,480.4.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-10-01