Solar Panels Cost 13k-24k in Glencoe, MN | October, 2024

Solar Panels Cost $13k-$24k in Glencoe, MN | October, 2024

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

To go solar in October, 2024 in Glencoe, MN is, on average, $3.86/W.

In accordance with this cost per watt, you can come to the conclusion that for every 1 kW (1000 watts) your solar panels can produce, you will need to invest, on average, $3,860 for installation. In Glencoe, you will spend about $13,510 for a 5 kW panel install once the 30% federal income tax credit is factored in. However, a 5kW system may not be sufficient to fulfill your energy demands.

To the left,choose your area to determine the average roof size and the average maximum capacity of solar panels for homes in your county. Below is a complete summary 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.
Glencoe: $13,510US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Glencoe: 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.
Glencoe: $5,648US Average: $15,784

Solar Potential in Glencoe

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

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

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

In Glencoe, the standard electric bill is $103.95 per month, and residents use 1,014 kWh. These statistics also account for apartments and other compact residences with less energy needs.

As of October 2024, the mean rate for electricity per kWh in Glencoe, MN is 10.25¢.

In Glencoe, average consumers need a system size of 9 kW or greater to fully satisfy their full energy consumption requirements. Currently, a 9 kW setup costs around $24,318 after incentives.

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Average solar panel costs by system size in Glencoe

Shown on the left, you will find a price breakdown for different solar panel system sizes set up in Glencoe. Although a more extensive solar installation does come with a higher price tag, it also provides greater electricity savings and more substantial income tax credits.

Check a cost benefit analysis in the solar panel cost calculator down and to the right, for an average electric bill of $103.95 in Glencoe. To get results more personalized, change the $103.95 to align with your regular electricity bill.

System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $724 a year
Est. Price
$13,510
Savings from a 5kWthis system
  • Est. yearly production 7,244 kWh
  • Est. monthly savings $60
  • Full payback in 11 years
Environmental Impacts
  • Reduces CO2 emissions by 2.27 tons a year
  • Equivalent to planting 104 trees a year
  • Equivalent to driving 5,625 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $869 a year
Est. Price
$16,212
Savings from a 6kWthis system
  • Est. yearly production 8,692 kWh
  • Est. monthly savings $72
  • Full payback in 13 years
Environmental Impacts
  • Reduces CO2 emissions by 2.73 tons a year
  • Equivalent to planting 125 trees a year
  • Equivalent to driving 6,749 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,014 a year
Est. Price
$18,914
Savings from a 7kWthis system
  • Est. yearly production 10,141 kWh
  • Est. monthly savings $85
  • Full payback in 15 years
Environmental Impacts
  • Reduces CO2 emissions by 3.18 tons a year
  • Equivalent to planting 146 trees a year
  • Equivalent to driving 7,874 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,159 a year
Est. Price
$21,616
Savings from a 8kWthis system
  • Est. yearly production 11,590 kWh
  • Est. monthly savings $97
  • Full payback in 17 years
Environmental Impacts
  • Reduces CO2 emissions by 3.64 tons a year
  • Equivalent to planting 167 trees a year
  • Equivalent to driving 8,999 mi less a year
System Size 9kW
Roof Size Min. space required
644 ft²
Electricity Value Annual Production $1,304 a year
Est. Price
$24,318
Savings from a 9kWthis system
  • Est. yearly production 13,039 kWh
  • Est. monthly savings $104
  • Full payback in 19 years
Environmental Impacts
  • Reduces CO2 emissions by 3.91 tons a year
  • Equivalent to planting 180 trees a year
  • Equivalent to driving 9,690 mi less a year

Glencoe Solar Panel Installation Incentives & Rebates | 2024

The REAP Grant can fund anywhere from 80% to 100% of the expenses involved in setting up solar or wind turbines for rural small businesses and farms. If you believe yourself eligible, we recommend utilizing our REAP Grant eligibility tool to confirm your qualification.

Almost all residents can take advantage of a 30% federal income tax credit for residential solar, making it a practical option in various areas of the United States. Together with federal efforts, state and local programs help to promote the use of solar power.

A total of 12 solar rebates and incentives are available in Minnesota through multiple 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?

If your goal is to own your home well past the payback period of your solar system, solar panels are an obvious choice in Glencoe. By installing a 5 kW solar system in Glencoe, MN, you can expect to save roughly $11,438 over 20 years, with the break even point typically being 11 years.

The cost of not having solar panels in Glencoe, MN

Choosing not to install solar panels or a different backup energy solution results in you missing out on the savings mentioned earlier and makes you fully reliant on your electric utility for electricity. The media has shown several cases where complete reliance on your utility isn't always ideal.

Lately, the utilities in McLeod County have experienced an average of 0.95 outages per customer annually. Outages typically last for an average of 114.46 minutes. Major occurrences like high winds, grid management errors, or wildlife damage can lead to a significant rise in these time frames.

A solar panel system could alleviate the strain of future outages, even if it doesn't have a backup battery.

Power Outages

Currently, 0 customers are being tracked in McLeod County.

Learn more

Customers Out:

0

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

Your Energy Needs - With larger solar panel systems, the cost per watt declines, despite the greater upfront expense. Setting up a solar panel system that can fully offset the electric bill is advantageous to consumers because of the money saved.

Make & Model - There are numerous brands and models of solar panels and mounting equipment. Your installer’s brand preferences might necessitate selecting a reputable company. The use of superior materials is likely to result in a more satisfactory long-term experience for buyers.

Solar Panel Type - Monocrystalline panels have become the industry standard, and rightly so. Even though they are costlier, they produce more energy. The majority of installers utilize panels constructed from this material.

Your Property - No two properties or homes are identical. Uneven ground, trees, or other impediments can increase the difficulty of the installation. Nowadays, the majority of solar installers can assess your home with satellite images and include these considerations in the first cost estimate.

Labor Rates - The wage differences between companies cause costs that are passed on to the consumers. Reviews for work and customer service are usually higher for companies that pay higher wages.

Permitting & Interconnection - The local permitting and utility interconnection fees, which change by region, will influence your final installation price. Experienced local installers will integrate these numbers into your preliminary quotes to avoid any surprises.

See what solar panels cost in other MN cities

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Who are the best solar installers in Glencoe?

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.

Glencoe, MN Solar Panel Cost FAQs

  • As of October, 2024, the average solar panel installation cost in Glencoe, MN has reached $3.86/W. Post federal tax credit, a 5 kW solar panel system installation in Glencoe, MN will roughly cost $13,510.

  • Various utility providers and government organizations in Minnesota are offering 12 rebates and incentives at this time. On top of that, most individuals are eligible for the 30% federal income tax credit.

  • While cash payments offer the most savings, there are now many financing options for solar panels that are also advantageous. Many installers will include information about financing options in their initial quotes.

  • Yes, in Glencoe, MN, the average time for 5 kW solar panel systems to pay for themselves is 11 years, leading to electricity savings of $11,438 over a 20-year period.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-10-01