Solar Panels Cost 5.1k-15k in Hanover, MN | October, 2024

Solar Panels Cost $5.1k-$15k in Hanover, MN | October, 2024

High Power Bills?

Reduce or replace your electricity bill with solar

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

For solar panels in Hanover, MN, the cost per watt in October, 2024 is around $3.69/W.

Put another way, for every 1000 watts (or 1 Kw) your system can generate you will spend $3,690 to get your system installed in . A 5 kW solar panel system in Hanover averages about $12,915 after accounting for the 30% federal income tax credit. Please consider, a 5kW system may not be enough to fulfill your energy needs.

To the left, you can select your county to determine the typical roof size and average maximum capacity for solar panels on homes in your area. Displayed below is an overview 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.
Hanover: $12,915US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Hanover: 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.
Hanover: $6,678US Average: $15,784

Solar Potential in Hanover

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

Roof size 715sq. ft.
Capacity 10kW DC
Electricity 11.7kkWh AC per yr.

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

The typical electricity usage in Hanover is 647 kWh per month, resulting in a $104.70 monthly electric bill average. Compact apartments are also encompassed in the figures cited in the prior sentence. The lower energy use in these types of dwellings impacts those averages.

For October 2024, the mean electricity rate in Hanover, MN amounts to 16.19¢ per kWh.

In Hanover, a system size of 6 kW or more is required for the average energy consumer to satisfy their entire power consumption needs. The cost for aa 6 kW solar setup comes to $22,140 upfront, but after the 30% tax credit, the total cost drops to $15,498.

Go Solar for less than your cell phone bill.

Average solar panel costs by system size in Hanover

On the left side below, the pricing details for multiple sizes of the solar panel systems installed in Hanover is displayed. When you opt for a bigger solar system, the cost is larger, but it also results in higher electricity savings and a more substantial income tax credit.

Using the solar panel cost calculator located down and to the right, you can view a detailed cost and benefit analysis based on an average electric bill of $104.70 in Hanover. If you seek more customized results, just adjust the $104.70 to whichever your typical electricity bill is.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $464 a year
Est. Price
$5,166
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 1.44 tons a year
  • Equivalent to planting 66 trees a year
  • Equivalent to driving 3,558 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $695 a year
Est. Price
$7,749
Savings from a 3kWthis system
  • Est. yearly production 4,346 kWh
  • Est. monthly savings $58
  • Full payback in 6 years
Environmental Impacts
  • Reduces CO2 emissions by 2.16 tons a year
  • Equivalent to planting 99 trees a year
  • Equivalent to driving 5,336 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $927 a year
Est. Price
$10,332
Savings from a 4kWthis system
  • Est. yearly production 5,795 kWh
  • Est. monthly savings $77
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 2.87 tons a year
  • Equivalent to planting 132 trees a year
  • Equivalent to driving 7,115 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,159 a year
Est. Price
$12,915
Savings from a 5kWthis system
  • Est. yearly production 7,244 kWh
  • Est. monthly savings $97
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 3.59 tons a year
  • Equivalent to planting 165 trees a year
  • Equivalent to driving 8,894 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,391 a year
Est. Price
$15,498
Savings from a 6kWthis system
  • Est. yearly production 8,692 kWh
  • Est. monthly savings $105
  • Full payback in 12 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

Hanover Solar Panel Installation Incentives & Rebates | 2024

If you're a rural small business or farm owner, you might be eligible for REAP Grant coverage of between 80% and 100% for your photovoltaic or wind turbine project. If you believe you might qualify, we suggest trying our REAP Grant eligibility tool to check.

Nearly all residents are eligible for the 30% federal income tax credit for residential solar, making it a feasible option in numerous states throughout the country. Additionally, a variety of state and local programs are available to promote solar adoption.

There are 12 solar rebate and incentive programs currently offered in Minnesota by multiple utilities and government bodies.

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 you intend to own your residence longer than the solar system's payback period, solar panels are a wise investment in Hanover. A 5 kW solar system in Hanover, MN could potentially save you $12,213 over the course of 20 years, with the break even point usually at 10 years.

The cost of not having solar panels in Hanover, MN

In addition to forgoing the savings, the absence of solar panels or another backup energy source results in full dependence on your electric utility for your power needs. As recent examples in the news have shown, full reliance on your utility provider isn't always the best idea.

Annually, the average number of outages per customer in Hanover is about 0.78. The average length of an outage is 85.85 minutes. In events like winter storms, wildlife damage, or equipment failure, this duration can extend significantly.

Even without a backup battery, a solar panel system can help mitigate the strain of future outages you may face.

Power Outages

Currently, 0 customers are being tracked in Wright County.

Learn more

Customers Out:

0

Go Solar for less than your cell phone bill.

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

Your Energy Needs - Even though larger solar panel systems are more expensive initially, the average price per watt decreases as the system size increases. A lot of people find it useful to set up a solar energy system that can offset their entire electric bill. This results in maximum savings.

Make & Model - There are numerous brands and models of solar panels. The preferences for system that your contractor has may make it essential to choose a reputable installer. The use of superior models is probably will result in a more satisfactory long-term experience for buyers.

Solar Panel Type - There are valid reasons why monocrystalline panels are now considered the industry standard. Although they are pricier, they provide increased energy. Most installers work with panels crafted of this material.

Your Property - Every home and property differs in its own way. Challenges such as trees, sloped land, or additional considerations can increase the difficulty of installing solar panels. By using satellite imagery, solar installers can currently assess your home and include these considerations into the first cost estimate.

Labor Rates - The wage differences between companies result in costs that are passed on to the consumers. Higher reviews for services and customer service are often associated with businesses that pay higher wages.

Permitting & Interconnection - The cost of installation will vary depending on local permitting and utility interconnection fees. Experienced local installers will include these figures in your initial estimates to provide transparency.

See what solar panels cost in other MN cities

Go Solar for less than your cell phone bill.

Who are the best solar installers in Hanover?

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.

Hanover, MN Solar Panel Cost FAQs

  • As of October, 2024, the average per-watt cost for solar panels in Hanover, MN is $3.69/W. Post federal tax credit, a 5 kW solar panel system installation in Hanover, MN will roughly cost $12,915.

  • Currently, Minnesota residents can benefit from 12 rebates and incentives available through various utilities and government bodies. Additionally, the vast majority qualify for the 30% federal tax credit.

  • Paying cash yields the most savings, but there are now numerous financing options for solar panels that are also financially beneficial. Financing details are often provided by installers and may be detailed in your initial quotes.

  • Yes, the payback period for 5 kW solar energy systems in Hanover, MN averages 10 years, with electricity savings of about $12,213 over 20 years.
Matt Hope
Last Reviewed By: Matt Hope
Published: 2024-10-01