Solar Panels Cost 2.7k-13k in New Ulm, MN | October, 2024

Solar Panels Cost $2.7k-$13k in New Ulm, MN | October, 2024

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How much do solar panels cost in New Ulm, MN in 2024?

To go solar in New Ulm, MN in the month of October, 2024 averages out to $3.88/W.

You should expect the price to be $3,880, on average, for every 1 kW (or 1000 watts) of solar energy your solar system can produce. In New Ulm, when you subtract the 30% federal income tax credit, a 5 kW solar installation sets you back $13,580. A 5kW system might not be sufficient to fully meet your energy demands.

Use the left-hand menu to select your area and find the typical roof size and the maximum capacity for solar panel systems on homes in your county. Below, you can see an outline 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.
New Ulm: $13,580US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
New Ulm: 13 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
New Ulm: $2,109US Average: $15,784

Solar Potential in New Ulm

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

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

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

New Ulm energy consumers typically use 562 kWh monthly, with an average monthly bill of $89.62. Flats and other smaller housing units with reduced energy requirements are included in this statistic.

The average electricity rate in New Ulm, MN in October 2024 is 15.93¢ per kWh.

In New Ulm, a system size of 5 kW or higher is a must for the typical energy user to cover their entire electricity consumption needs. Currently, a 5 kW setup is priced at around $13,580 after incentives.

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Average solar panel costs by system size in New Ulm

Presented on the left and below is the price breakdown for different sizes of the solar panel systems installed in New Ulm. Of course, with a bigger solar system, you'll see a higher upfront cost, but the advantages are more electricity savings and larger income tax credits.

In the calculator located below and to the right, you will find a breakdown of solar panel costs and benefits, calculated with an average $89.62 electric bill for New Ulm. Swap the $89.62 with your usual electricity bill to get more accurate results.

System Size 1kW
Roof Size Min. space required
72 ft²
Electricity Value Annual Production $232 a year
Est. Price
$2,716
Savings from a 1kWthis system
  • Est. yearly production 1,449 kWh
  • Est. monthly savings $19
  • Full payback in 3 years
Environmental Impacts
  • Reduces CO2 emissions by 0.84 tons a year
  • Equivalent to planting 38 trees a year
  • Equivalent to driving 2,075 mi less a year
System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $464 a year
Est. Price
$5,432
Savings from a 2kWthis system
  • Est. yearly production 2,897 kWh
  • Est. monthly savings $39
  • Full payback in 5 years
Environmental Impacts
  • Reduces CO2 emissions by 1.68 tons a year
  • Equivalent to planting 77 trees a year
  • Equivalent to driving 4,149 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $695 a year
Est. Price
$8,148
Savings from a 3kWthis system
  • Est. yearly production 4,346 kWh
  • Est. monthly savings $58
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 2.51 tons a year
  • Equivalent to planting 115 trees a year
  • Equivalent to driving 6,224 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $927 a year
Est. Price
$10,864
Savings from a 4kWthis system
  • Est. yearly production 5,795 kWh
  • Est. monthly savings $77
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 3.35 tons a year
  • Equivalent to planting 154 trees a year
  • Equivalent to driving 8,299 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,159 a year
Est. Price
$13,580
Savings from a 5kWthis system
  • Est. yearly production 7,244 kWh
  • Est. monthly savings $90
  • 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 9,667 mi less a year

New Ulm Solar Panel Installation Incentives & Rebates | 2024

The REAP Grant offers substantial financial support, potentially covering 80% to 100% of the costs for rural businesses and farmlands to install solar or wind energy systems. Curious about your eligibility? Use our REAP Grant eligibility tool to find out.

For those looking into residential solar, the 30% federal income tax credit is accessible to most people, making solar a sensible option in numerous states. Besides the federal incentives, state and local programs also seek to boost solar energy uptake.

A total of 12 solar rebates and incentives are available in Minnesota through different utility companies and government organizations.

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 New Ulm looking to stay in their homes past the payback period of their solar system, solar panels make perfect sense. With a 5 kW solar system in New Ulm, MN, the average savings over a 20 period is $7,928.8, with break even usually occurring at 13 years.

The cost of not having solar panels in New Ulm, MN

Beyond 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 shown by recent news stories, complete dependence on your utility company isn't always ideal.

On average, customers in Brown County have faced 0.94 utility outages per year over the past few years. Typically, outages have an average duration of 99.51 minutes. However, during significant events such as thunderstorms, vandalism, or aging infrastructure, these times can drastically increase.

Whether or not a backup battery is present, a solar panel system could help ease the impact of future power outages you might experience.

Power Outages

Currently, 0 customers are being tracked in Brown County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in New Ulm, MN?

Your Energy Needs - The upfront cost for larger solar panel systems is higher, but the cost per watt decreases as the system size grows. Setting up a solar system that makes sufficient electricity to eliminate their electric bill is beneficial to most individuals, ensuring savings.

Make & Model - There are a variety of makes and models of solar panels. The potential system preferences of your installer mean that it is it's even more necessary to choose a reputable contractor. For a more favorable long-term experience, buyers should opt for superior quality equipment.

Solar Panel Type - The industry standard is now monocrystalline panels, and rightly so. They have a higher price, but they produce more energy. Most solar panel installers choose this type of material.

Your Property - Each property and home is one of a kind. Uneven ground, trees, or other hindrances can increase the difficulty of installing solar panels. These days, most solar installers are able to utilize satellite images to evaluate your home and include these factors for the initial cost estimate.

Labor Rates - The wages that companies pay their employees differ, and these costs are inevitably reflected in consumer prices. Higher reviews for work and customer service are generally associated with businesses that pay higher wages.

Permitting & Interconnection - Local permitting and utility interconnection fees, which vary by region, will impact your final installation cost. Reputable local installers will include these figures in your initial estimates to ensure transparency.

See what solar panels cost in other MN cities

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Who are the best solar installers in New Ulm?

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.

New Ulm, MN Solar Panel Cost FAQs

  • During October, 2024, the average price for solar panel installations in New Ulm, MN is $3.88/W. Post federal tax credit, a 5 kW solar panel system installation in New Ulm, MN will roughly cost $13,580.

  • Currently, Minnesota residents can benefit from 12 rebates and incentives available through various utilities and government bodies. Moreover, nearly everyone is eligible for the 30% federal income tax credit.

  • Opting to pay in cash provides the highest savings, but there are now multiple financing options for solar panels that make financial sense. Initial quotes from installers will frequently detail information about available financing options.

  • Yes, the payback period for 5 kW solar energy systems in New Ulm, MN averages 13 years, with electricity savings of about $7,928.8 over 20 years.
Ginalyn Gelera
Last Reviewed By: Ginalyn Gelera
Published: 2024-10-01