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

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

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

For solar panel systems in Hastings, MN, the price per watt in October, 2024 is , on average, $3.81/W.

This means that, solar panel installations will cost you $3,810 per 1000 watts (1 kW) of generation capacity. In Hastings, a 5 kW panel install will require you to pay, on average, $13,335 after the 30% federal income tax credit. Your energy use habits could need a larger system.

Use the menu on the left to pick your county and see the typical roof size and the average maximum capacity for solar panel systems on residences in your area. Below, you can find a complete overview of the costs, payback period, and 20-year typical 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.
Hastings: $13,335US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Hastings: 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.
Hastings: $4,792US Average: $15,784

Solar Potential in Hastings

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

Roof size 751sq. ft.
Capacity 10.5kW DC
Electricity 12.3kkWh AC per yr.

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

The typical monthly kWh usage for a Hastings resident is 614, with an average monthly bill of $99.34. Be mindful that this data set includes apartments and other smaller residences with usually reduced energy requirements.

The electricity rate per kWh in Hastings, MN for October 2024 is 16.18¢.

An average energy consumer in Hastings needs a solar system of a minimum of 6 kW to account for their full electricity usage demands. The expected cost is around $22,860for a 6 kW solar system upfront, but the federal tax credit gives you 30% back, lowering the cost to $16,002.

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Average solar panel costs by system size in Hastings

To the left, you'll see a detailed cost breakdown of the multiple sizes of solar panel systems set up in Hastings. The initial cost for larger solar systems is higher, but they also yield more significant electricity savings and more substantial income tax credits.

Check a cost benefit analysis in the solar panel cost calculator to the right and below, for an average electric bill of $99.34 in Hastings. By modifying the $99.34 to your typical electricity bill, you can get customized results.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $464 a year
Est. Price
$5,334
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 1.52 tons a year
  • Equivalent to planting 70 trees a year
  • Equivalent to driving 3,773 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $695 a year
Est. Price
$8,001
Savings from a 3kWthis system
  • Est. yearly production 4,346 kWh
  • Est. monthly savings $58
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 2.29 tons a year
  • Equivalent to planting 105 trees a year
  • Equivalent to driving 5,660 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $927 a year
Est. Price
$10,668
Savings from a 4kWthis system
  • Est. yearly production 5,795 kWh
  • Est. monthly savings $77
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 3.05 tons a year
  • Equivalent to planting 140 trees a year
  • Equivalent to driving 7,546 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,159 a year
Est. Price
$13,335
Savings from a 5kWthis system
  • Est. yearly production 7,244 kWh
  • Est. monthly savings $97
  • Full payback in 11 years
Environmental Impacts
  • Reduces CO2 emissions by 3.81 tons a year
  • Equivalent to planting 175 trees a year
  • Equivalent to driving 9,433 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,391 a year
Est. Price
$16,002
Savings from a 6kWthis system
  • Est. yearly production 8,692 kWh
  • Est. monthly savings $99
  • 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

Hastings 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. Curious about your eligibility? Use our REAP Grant eligibility tool to check.

Most homeowners can qualify for the 30% federal income tax credit for residential solar, making solar energy a practical option throughout most parts of the country. In addition to federal incentives, there are many state and local initiatives to encourage solar energy adoption.

Minnesota offers 12 solar rebate and incentive programs through different utilities and government agencies.

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're planning to stay in your home past the period required to pay back your solar investment, installing solar panels is a wise decision in Hastings. A 5 kW system in Hastings, MN will save you personally, on average, $10,506.6 over a 20 period and the average break even point is 11 years.

The cost of not having solar panels in Hastings, MN

Besides missing out on the previously mentioned savings, not having solar panels or a separate backup energy source makes you fully reliant on your electric utility for electricity. Relying entirely on your utility isn't always ideal, as several recent news reports have highlighted.

Each year, the utilities in Hastings have averaged about 0.8 outages per customer. On average, the length of an outage is 83.9 minutes. Major events like thunderstorms, equipment failure, or vandalism can cause these durations to rise considerably.

A solar energy system, whether or not it has a backup battery, could help reduce the effects of any future power interruptions you might face.

Power Outages

Currently, 0 customers are being tracked in Dakota County.

Learn more

Customers Out:

0

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

Your Energy Needs - Even though larger solar panel systems are more expensive initially, the average price per watt reduces as the system size increases. Consumers often find that installing a solar system that can offset their electric bill is extremely useful. This method leads to maximum savings.

Make & Model - There are a wide variety of makes and models of solar panels and mounting equipment. Your installer’s system preferences might necessitate picking a reputable company. Buyers frequently find that using better quality models provides a more positive long-term experience.

Solar Panel Type - For numerous good reasons, monocrystalline panels are now the standard in the industry. Although they are more expensive, they deliver increased energy. The majority of installers use panels made from this material.

Your Property - No two properties or homes are identical. Trees, uneven ground, or other obstructions can increase the difficulty of the installation. Solar installers currently commonly leverage satellite imagery to evaluate your home and incorporate these considerations into the initial cost estimate.

Labor Rates - Variations in employee wages across companies cause expenses that are transferred to the consumers. Higher wages often lead to companies getting better reviews for their services and customer service.

Permitting & Interconnection - Your final installation cost will be impacted by local permitting and utility interconnection fees, which vary by area. Reliable local installers will incorporate these figures into your initial estimates to prevent any surprises.

See what solar panels cost in other MN cities

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Who are the best solar installers in Hastings?

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.

Hastings, MN Solar Panel Cost FAQs

  • As of October, 2024, the average solar panel installation cost in Hastings, MN has reached $3.81/W. In Hastings, MN, the cost of installing a 5 kW solar panel system is approximately $13,335 after applying the federal tax credit.

  • At present, there are 12 rebates and incentives available to Minnesota residents from various utility and government programs. Moreover, nearly everyone is eligible for the 30% federal income tax credit.

  • Paying cash yields the most savings, but there are now multiple financing options for solar panels that are also cost-effective. Information about financing options will often be detailed in your preliminary quotes by many installers.

  • Yes, in Hastings, MN, 5 kW solar panel systems usually pay off in 11 years, providing an average electricity cost savings of $10,506.6 over a 20-year period.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-10-01