Solar Panels Cost 5.2k-15k in Inver Grove Heights, MN | October, 2024

Solar Panels Cost $5.2k-$15k in Inver Grove Heights, MN | October, 2024

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How much do solar panels cost in Inver Grove Heights, MN in 2024?

For solar systems in Inver Grove Heights, MN, the price per watt in October, 2024 is around $3.72/W.

Put another way, for every 1000 watts (or 1 Kw) your system can generate you will spend $3,720 to get your system installed in . Subtracting the 30% federal tax credit, a 5 kW solar installation in Inver Grove Heights typically costs $13,020. It's worth noting that a larger system may be necessary to fully meet your energy requirements.

To the left, you can choose your county to view the average roof size and the maximum capacity of solar panel systems for houses in your area. Find below a detailed overview of the {price|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.
Inver Grove Heights: $13,020US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Inver Grove Heights: 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.
Inver Grove Heights: $5,201US Average: $15,784

Solar Potential in Inver Grove Heights

Estimated system size and solar electricity production per median viable roof in
Inver Grove Heights.

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

Electricity Costs in Inver Grove Heights, MN & What that Means for Your Solar Panel Pricing

The average electricity bill in Inver Grove Heights, for a usage of 633 kWh per month, is $99.17. Smaller homes, such as micro-apartments, are also included in the data mentioned in the previous sentence.

As of October 2024, the mean rate for electricity per kWh in Inver Grove Heights, MN amounts to 15.66¢.

The average electricity user in Inver Grove Heights will require a 6 kW or more solar setup to account for their full electricity requirements. Upfront, a 6 kW solar panel installation is priced at around $22,320, with a 30% tax credit, the total comes down to $15,624.

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Average solar panel costs by system size in Inver Grove Heights

Shown below and to the left, you can find a detailed pricing structure for multiple solar panel system sizes installed in Inver Grove Heights. With larger solar systems, the price increases, but so do the electricity savings and the income tax credits you can gain.

The solar panel calculator, positioned to the right and below, provides a detailed cost and benefit analysis based on a typical $99.17 electric bill for Inver Grove Heights. For personalized results, adjust the $99.17 to what your average electricity bill is.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $464 a year
Est. Price
$5,208
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 2.44 tons a year
  • Equivalent to planting 112 trees a year
  • Equivalent to driving 6,048 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $695 a year
Est. Price
$7,812
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 3.67 tons a year
  • Equivalent to planting 168 trees a year
  • Equivalent to driving 9,072 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $927 a year
Est. Price
$10,416
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 4.89 tons a year
  • Equivalent to planting 224 trees a year
  • Equivalent to driving 12,096 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,159 a year
Est. Price
$13,020
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 6.11 tons a year
  • Equivalent to planting 281 trees a year
  • Equivalent to driving 15,120 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,391 a year
Est. Price
$15,624
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 6.26 tons a year
  • Equivalent to planting 288 trees a year
  • Equivalent to driving 15,499 mi less a year

Inver Grove Heights Solar Panel Installation Incentives & Rebates | 2024

Rural entrepreneurs and farmers might find that the REAP Grant pays for 80% to 100% of their costs when installing solar energy or wind energy systems. Think you fit the criteria? Confirm your eligibility with our REAP Grant eligibility tool.

For those looking into residential solar, the 30% federal income tax credit is available to most people, making solar a practical option in various states. A multitude of state and local programs are in place to encourage the use of solar energy.

Minnesota residents have access to 12 solar rebate and incentive initiatives from multiple utilities and governmental organizations.

Solar incentives in MN

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 expect to own your residence longer than the solar system's payback period, solar panels are a good investment in Inver Grove Heights. If you install a 5 kW solar system in Inver Grove Heights, MN, you might save $10,780.8 over 20 years on average, with a break even point at roughly 11 years.

The cost of not having solar panels in Inver Grove Heights, MN

Opting not to install solar panels or a separate backup energy solution results in you missing out on the savings noted earlier and makes you fully reliant on your electric utility for electricity. As we've seen in numerous recent news reports, complete reliance on your utility is not always ideal.

Recently, utilities in Inver Grove Heights have averaged an average of 0.8 outages per customer annually. On average, an outage lasts 83.9 minutes. When major events such as aging infrastructure, tornadoes or construction accidents occur, these durations can increase significantly

Whether featuring a backup battery or not, a solar panel system can help alleviate the stress of possible future outages.

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 Inver Grove Heights, MN?

Your Energy Needs - Investing in larger solar panel systems costs more upfront, but the price per watt is reduced as the system size grows. Many consumers realize it's a good idea to set up a solar system that can produce enough power to fully cover their electric bill, because it helps them reduce costs.

Make & Model - Solar panels and mounting equipment are available in a range of makes and models. It's important to choose a highly rated contractor, considering the brand preferences that contractors may have. Buyers often find that using better quality equipment leads to a more satisfactory long-term experience.

Solar Panel Type - The industry standard is now monocrystalline panels, and for good reason. Although they are pricier, they provide increased energy. The majority of installers utilize panels made from this material.

Your Property - Each property and home presents unique challenges. Irregular terrain, trees, or other obstructions may complicate the installation process. These days, the majority of solar installers can assess your home with satellite images and incorporate these considerations in the first cost estimate.

Labor Rates - Different companies have varying pay scales for their employees, and these costs are ultimately borne by consumers. It is often observed that businesses with higher wages garner superior reviews for their work and customer service.

Permitting & Interconnection - Your final installation price will be impacted by the permitting and utility interconnection fees, which differ by area. Quality local installers will incorporate these figures into your preliminary estimates to avoid any surprises.

See what solar panels cost in other MN cities

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Who are the best solar installers in Inver Grove Heights?

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.

Inver Grove Heights, MN Solar Panel Cost FAQs

  • As recorded in October, 2024, the standard cost for solar panel installations in Inver Grove Heights, MN is $3.72/W. With the federal tax credit, the cost of a 5 kW solar panel system in Inver Grove Heights, MN drops to roughly $13,020.
  • There are 12 rebates and incentives available in Minnesota from a range of utility providers and government organizations. Also, nearly everyone can take advantage of the 30% federal tax credit.
  • Paying cash offers the most savings, but there are now numerous financing options for solar panels that are also cost-effective. Information about financing options is typically detailed in initial quotes provided by installers.
  • Yes, in Inver Grove Heights, MN, 5 kW solar panel systems typically pay off in 11 years, and users save around $10,780.8 in electricity costs over 20 years.
Ginalyn Gelera
Last Reviewed By: Ginalyn Gelera
Published: 2024-10-01