Solar Panels Cost 5.3k-15k in Forest Lake, MN | October, 2024

Solar Panels Cost $5.3k-$15k in Forest Lake, MN | October, 2024

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How much do solar panels cost in Forest Lake, MN in 2024?

It averages out to $3.79/W to go solar in October, 2024 in Forest Lake, MN.

For every 1000 watts (1 kW) your solar system can produce, you will need to spend, on average, $3,790 to have it installed. You are able to conclude this by using this rate price cost above. Typically, the cost of a 5 kW panel install in Forest Lake, after you deduct 30% federal tax credit, comes to $13,265. It's vital to take into account that a higher capacity system could be needed to fully meet your energy demands.

To the left,choose your area to access information on the typical roof size and the average maximum capacity of residential solar for homes in your county. You can review the price, payback period, and 20-year average savings for a 5 kW system in your county below.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Forest Lake: $13,265US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Forest Lake: 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.
Forest Lake: $5,448US Average: $15,784

Solar Potential in Forest Lake

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

Roof size 679sq. ft.
Capacity 9.5kW DC
Electricity 10.8kkWh AC per yr.

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

Energy consumers in Forest Lake usually use 679 kWh per month, with an average monthly bill of $101.66. Small residences, such as lofts and duplexes, are also encompassed in the figures mentioned in the prior sentence.

The electricity rate per kWh in Forest Lake, MN for October 2024 averages 14.97¢.

To cover their full power consumption requirements of an average user in Forest Lake, a solar power system of 6 kW or higher is a must. Currently, a 6 kW setup costs around $15,918 after incentives.

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Average solar panel costs by system size in Forest Lake

Presented on the left, you will find a cost summary for different solar panel system sizes set up in Forest Lake. Of course, with a bigger solar system, you will have a larger initial investment, but the rewards are higher electricity savings and larger income tax credits.

The solar panel cost calculator, positioned down and to the right, provides a breakdown of costs and benefits using an average $101.66 electric bill for Forest Lake. Custom results can be gotten by adjusting the $101.66 to your typical bill amount.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $435 a year
Est. Price
$5,306
Savings from a 2kWthis system
  • Est. yearly production 2,897 kWh
  • Est. monthly savings $36
  • Full payback in 4 years
Environmental Impacts
  • Reduces CO2 emissions by 1.39 tons a year
  • Equivalent to planting 64 trees a year
  • Equivalent to driving 3,433 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $652 a year
Est. Price
$7,959
Savings from a 3kWthis system
  • Est. yearly production 4,346 kWh
  • Est. monthly savings $54
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 2.08 tons a year
  • Equivalent to planting 96 trees a year
  • Equivalent to driving 5,150 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $869 a year
Est. Price
$10,612
Savings from a 4kWthis system
  • Est. yearly production 5,795 kWh
  • Est. monthly savings $72
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 2.77 tons a year
  • Equivalent to planting 127 trees a year
  • Equivalent to driving 6,867 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,087 a year
Est. Price
$13,265
Savings from a 5kWthis system
  • Est. yearly production 7,244 kWh
  • Est. monthly savings $91
  • Full payback in 11 years
Environmental Impacts
  • Reduces CO2 emissions by 3.47 tons a year
  • Equivalent to planting 159 trees a year
  • Equivalent to driving 8,583 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,304 a year
Est. Price
$15,918
Savings from a 6kWthis system
  • Est. yearly production 8,692 kWh
  • Est. monthly savings $102
  • Full payback in 13 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

Forest Lake Solar Panel Installation Incentives & Rebates | 2024

The financial burden of installing solar or wind turbines for rural agricultural enterprises and small businesses could be eased with the REAP Grant, covering 80% to 100% of the costs. Wondering if you fall into this category? Check your eligibility with our REAP Grant eligibility tool.

Homeowners can benefit from a 30% federal income tax credit for setting up residential solar panels, which makes solar power a feasible option throughout much of the country. Moreover, a number of state and local programs are available to promote solar adoption.

Minnesota provides 12 solar rebates and incentives from various utility companies and government departments.

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 Forest Lake intending to stay in their homes past the payback period of their solar system, solar panels make good sense. By installing a 5 kW solar system in Forest Lake, MN, you can expect to save around $11,133.4 over 20 years, with the break even point usually being 11 years.

The cost of not having solar panels in Forest Lake, MN

Skipping solar panels or an alternative backup energy source results in you'll miss out on the savings highlighted before and be completely dependent on your electric utility for power. As recent news articles have shown, full dependence on your utility provider is not always ideal.

On average, customers in Forest Lake have experienced 0.73 utility outages per year over the past few years. Typically, outages have an average duration of 85.31 minutes. However, during significant events such as equipment failure, hurricanes or wildlife damage, these times can drastically increase.

Whether equipped with a backup battery or not, a solar panel system can reduce the strain of potential future outages.

Power Outages

Currently, 0 customers are being tracked in Washington County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Forest Lake, MN?

Your Energy Needs - The upfront cost for larger solar panel systems is larger, but the cost per watt reduces as the system size expands. Many consumers realize it's a good idea to set up a solar system that can make enough power to offset their electric bill, because it helps them achieve greater savings.

Make & Model - There are a range of makes and models of solar panels and mounting equipment. Since your contractor may prefer particular brands, it's crucial to select a highly rated company. Choosing better quality materials can yield a much better long-term experience for the buyer.

Solar Panel Type - For several valid reasons, monocrystalline panels are now the industry standard. They come with a higher price, but they provide more energy. Most solar panel installers opt for this type of material.

Your Property - Each home and property is unique in its own way. Uneven land, trees, or additional considerations may complicate the installation. Today, the majority of solar installers can assess your home with satellite images and factor in these considerations in the preliminary cost estimate.

Labor Rates - Companies provide varying pay rates to their employees, which are then shown in the prices consumers pay. Businesses tend to receive higher reviews for their services and customer service when they pay better wages.

Permitting & Interconnection - Local permitting and utility interconnection fees, which vary by area, will influence your installation cost. That said, reputable local installers will be able to incorporate these numbers into your first 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 Forest Lake?

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.

Forest Lake, MN Solar Panel Cost FAQs

  • As recorded in October, 2024, the standard cost for solar panel installations in Forest Lake, MN is $3.79/W. Installing a 5 kW solar panel system in Forest Lake, MN will cost approximately $13,265 after applying the federal tax credit.

  • Currently, Minnesota residents can benefit from 12 rebates and incentives available through various utilities and government bodies. Moreover, nearly everyone is eligible for the 30% federal income tax credit.

  • Paying cash offers the most savings, but there are now numerous financing options for solar panels that are also advantageous. Initial quotes from installers will frequently include information about available financing options.

  • Yes, the typical duration for 5 kW solar panel systems to pay back their cost in Forest Lake, MN is 11 years, with electricity savings estimated at $11,133.4 over 20 years.
Ginalyn Gelera
Last Reviewed By: Ginalyn Gelera
Published: 2024-10-01