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

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

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

To have a solar system averages out to $3.83 per watt in Minnetrista, MN in the month of October, 2024.

According to this price per watt, we can come to the conclusion that for every 1 kW (1000 watts) your solar system can produce, you will need to invest $3,830 for its installation. When you deduct the 30% federal tax credit, you will pay about $13,405 for a 5 kW solar panel install in Minnetrista. It's important to note that a more extensive system could be needed to meet your energy requirements.

To the left,select your area to see the typical roof size and the average maximum capacity of solar panels for homes in your county. Below is a summary of the costs, payback period, and 20-year average 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.
Minnetrista: $13,405US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Minnetrista: 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.
Minnetrista: $6,998US Average: $15,784

Solar Potential in Minnetrista

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

Roof size 554sq. ft.
Capacity 7.75kW DC
Electricity 8.8kkWh AC per yr.

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

For Minnetrista energy consumers, the typical electric bill is $108.95 per month, with a usage of 693 kWh. These figures incorporate apartments and other smaller residences with lower energy consumption.

In October 2024, Minnetrista, MN's mean electricity rate amounts to 15.73¢ per kWh.

If you’re an average electricity consumer in Minnetrista you must have a 6 kW or more sized system to cover your entire electricity usage needs. Upfront, a 6 kW solar installation is around $22,980, with the federal tax credit returning 30% of your investment amount, lowering the cost to $16,086.

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Average solar panel costs by system size in Minnetrista

To your left, we have provided a full pricing details for the multiple solar panel system sizes installed in Minnetrista. Naturally, with a larger solar system, there will be a larger initial investment, but the advantages consist of greater energy savings and greater income tax credits.

View a cost benefit analysis in the solar panel cost calculator below and to the right, for an average electric bill of $108.95 in Minnetrista. Adjust the $108.95 to your average electricity bill payment for customized results.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $464 a year
Est. Price
$5,362
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 1.38 tons a year
  • Equivalent to planting 64 trees a year
  • Equivalent to driving 3,427 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $695 a year
Est. Price
$8,043
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 2.08 tons a year
  • Equivalent to planting 95 trees a year
  • Equivalent to driving 5,140 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $927 a year
Est. Price
$10,724
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 2.77 tons a year
  • Equivalent to planting 127 trees a year
  • Equivalent to driving 6,854 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,159 a year
Est. Price
$13,405
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 3.46 tons a year
  • Equivalent to planting 159 trees a year
  • Equivalent to driving 8,567 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,391 a year
Est. Price
$16,086
Savings from a 6kWthis system
  • Est. yearly production 8,692 kWh
  • Est. monthly savings $109
  • 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

Minnetrista Solar Panel Installation Incentives & Rebates | 2024

Rural farmers and small business owners could have between 80% and 100% of their photovoltaic or wind turbine installation expenses covered by the REAP Grant. If you believe you might qualify, we suggest utilizing our REAP Grant eligibility tool to verify.

The federal government offers a 30% tax credit for residential solar systems, which makes solar appealing and feasible for a variety of homeowners. A variety of state and local incentives are available to support the use of solar energy.

Different utilities and government entities in Minnesota provide 12 solar rebate and incentive initiatives.

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 Minnetrista intending to stay in their homes past the payback period of their solar system, solar panels make good sense. A 5 kW solar system in Minnetrista, MN could potentially save you $12,743 over the course of 20 years, with the break even point typically at 10 years.

The cost of not having solar panels in Minnetrista, MN

Without solar panels or another backup power source, you miss out on the savings highlighted previously and are entirely on your electric utility for electricity. Full reliance on your utility provider is not always ideal, as recent examples in the news have highlighted.

Each year, utility customers in Minnetrista have encountered an average of 0.78 outages per year. Usually, outages have an average duration of 85.85 minutes. However, during critical events like equipment failure, earthquakes or construction accidents, these times can extend dramatically.

Whether or not it includes a backup battery, a solar panel system could mitigate the effects of future power interruptions you might experience.

Power Outages

Currently, 0 customers are being tracked in Hennepin County.

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Customers Out:

0

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

Your Energy Needs - Investing in larger solar panel systems costs more upfront, but the price per watt is lowered as the system size increases. It is often beneficial for individuals to set up a solar system that can make enough electricity to fully cover their electric bill, which results in substantial savings.

Make & Model - Similar to other products, solar panels and mounting equipment are offered in a wide variety of makes and models. The installer’s preference for system makes it essential to choose a reputable installer. Investing in superior quality makes and models can result in a much better long-term experience for the buyer.

Solar Panel Type - For valid reasons, monocrystalline panels have emerged as the standard in the industry. Although the cost is more, they yield more energy. The majority of installers use these types of panels.

Your Property - Each property and residence is unique. Issues like trees, uneven landscapes, or other impediments may add to the complexity of the installation. Using satellite images, solar installers these days can assess your home and factor in these considerations into the preliminary cost estimate.

Labor Rates - Differences in employee wages across companies lead to expenses that are borne by the consumers. Companies that invest in higher wages usually see higher reviews for their services and customer service.

Permitting & Interconnection - Your installation cost will be affected by area-specific permitting and utility interconnection fees. Good local installers will incorporate these figures into your first 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 Minnetrista?

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.

Minnetrista, MN Solar Panel Cost FAQs

  • As of October, 2024, the typical cost for solar panels in Minnetrista, MN is $3.83/W. After federal tax credits, the installation of a 5 kW solar panel system in Minnetrista, MN is estimated to cost $13,405.

  • If you live in Minnesota, you can find 12 rebates and incentives through different utilities and government agencies. Moreover, the 30% federal tax credit is accessible to nearly everyone.

  • Cash payments yield the highest savings, yet several financing options now available for solar panels are financially beneficial as well. Financing options are frequently available through installers and will be detailed in your initial quotes.

  • Yes, on average, 5 kW solar panels in Minnetrista, MN pay for themselves in 10 years, with homeowners saving approximately $12,743 on electricity over 20 years.
Alex Zdanov
Last Reviewed By: Alex Zdanov
Published: 2024-10-01