Solar Panels Cost 7.4k-17k in North Branch, MN | October, 2024

Solar Panels Cost $7.4k-$17k in North Branch, MN | October, 2024

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How much do solar panels cost in North Branch, MN in 2024?

Going solar in October, 2024 in North Branch, MN averages out to $3.57/W.

Said another way, solar panel installations will cost you about $3,570 per 1 kW (or 1000 watts) of production capacity. In North Branch, a 5 kW solar setup will set you back, on average, $12,495 after the 30% federal income tax credit. Please keep in mind that a bigger system may be necessary to satisfy your energy needs.

Select your county from the menu on the left to find the average roof size and maximum solar panel system capacity for homes in your area. Below, you can see a comprehensive outline of the costs, payback period, and 20-year typical 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.
North Branch: $12,495US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
North Branch: 8 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
North Branch: $13,710US Average: $15,784

Solar Potential in North Branch

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

Roof size 679sq. ft.
Capacity 9.5kW DC
Electricity 10.6kkWh AC per yr.

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

North Branch residents generally have an average monthly electric bill of $131.50 per month, with a typical usage of 790 kWh. Apartments and compact living spaces with lower energy requirements are covered in this statistic.

In October 2024, North Branch, MN's average electricity rate amounts to 16.64¢ per kWh.

If your household consumes an average amount of electricity in North Branch, you will want a solar panel system of 7 kW or higher to fully meet your entire electricity requirements. Right now, a 7 kW solar system will cost around $24,990 upfront, but the federal tax credit offers a 30% credit, the cost is $17,493.

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Average solar panel costs by system size in North Branch

Displayed below and to the left is the cost analysis for various sizes of solar panel systems set up in North Branch. The larger the solar array, the higher the initial expense, but also the more considerable electricity savings and income tax credits you'll gain.

The solar panel cost and benefit breakdown, shown in the calculator down and to the right, is based on an average electric bill of $131.50 in North Branch. Modify the $131.50 to match your usual electricity bill payment for custom results.

System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $739 a year
Est. Price
$7,497
Savings from a 3kWthis system
  • Est. yearly production 4,346 kWh
  • Est. monthly savings $62
  • Full payback in 5 years
Environmental Impacts
  • Reduces CO2 emissions by 0 tons a year
  • Equivalent to planting 0 trees a year
  • Equivalent to driving 0 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $985 a year
Est. Price
$9,996
Savings from a 4kWthis system
  • Est. yearly production 5,795 kWh
  • Est. monthly savings $82
  • Full payback in 6 years
Environmental Impacts
  • Reduces CO2 emissions by 0 tons a year
  • Equivalent to planting 0 trees a year
  • Equivalent to driving 0 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,231 a year
Est. Price
$12,495
Savings from a 5kWthis system
  • Est. yearly production 7,244 kWh
  • Est. monthly savings $103
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 0 tons a year
  • Equivalent to planting 0 trees a year
  • Equivalent to driving 0 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,478 a year
Est. Price
$14,994
Savings from a 6kWthis system
  • Est. yearly production 8,692 kWh
  • Est. monthly savings $123
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 0 tons a year
  • Equivalent to planting 0 trees a year
  • Equivalent to driving 0 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,724 a year
Est. Price
$17,493
Savings from a 7kWthis system
  • Est. yearly production 10,141 kWh
  • Est. monthly savings $132
  • Full payback in 11 years
Environmental Impacts
  • Reduces CO2 emissions by 0 tons a year
  • Equivalent to planting 0 trees a year
  • Equivalent to driving 0 mi less a year

North Branch Solar Panel Installation Incentives & Rebates | 2024

The REAP Grant can fund anywhere from 80% to 100% of the expenses associated with setting up solar energy or wind turbines for rural small businesses and farmlands. Confirm if you are eligible by trying our REAP Grant eligibility tool.

For those looking into residential solar, the 30% federal income tax credit is offered to most people, which makes solar a feasible option in many states. In conjunction with federal efforts, state and local programs help to promote the use of solar power.

In Minnesota, 12 solar rebates and incentives are currently available from 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?

Intending to stay in your house beyond the solar payback period? Solar panels are a smart investment in North Branch. A 5 kW solar system in North Branch, MN could potentially save you $19,065 over the course of 20 years, with the break even point typically at 8 years.

The cost of not having solar panels in North Branch, MN

Not installing solar panels or any other backup energy system leads to missing the previously noted savings and full dependence on your electric utility for electricity. Recent news examples have shown that full reliance on your utility provider is not always ideal.

The average number of outages per customer per year for utilities in North Branch has been 0.87 recently. On average, each outage lasts for 97.11 minutes. Major events like heavy rain and flooding, construction accidents, or equipment failure can considerably extend these durations.

With or without a backup battery, a solar panel system could ease the stress of future power disruptions you might experience.

Power Outages

Currently, 0 customers are being tracked in Chisago County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in North Branch, MN?

Your Energy Needs - Larger solar panel systems require more upfront investment, but the cost per watt drops as the size of the system expands. Many homeowners find it useful to install a system that can produce enough electricity to replace the entirety of their electric bill. This approach makes the most sense for optimal savings.

Make & Model - Similar to many other products, there are different makes and models of solar panels and mounting equipment on the market. The installer you choose may have specific brand preferences, so it's important to select a highly rated installer. Buyers who prioritize better models generally enjoy a better long-term experience.

Solar Panel Type - It's not surprising that monocrystalline panels are now the industry standard. Despite the higher price tag, these panels provide greater energy output. Most installation experts use panels made from this material.

Your Property - Trees, irregular terrain, or additional challenges can increase the difficulty of the installation. Many solar installers today are able to leverage satellite imagery to evaluate your home and factor in these aspects in the initial cost estimate.

Labor Rates - Differences in employee wages across companies lead to expenses that are transferred to the consumers. Businesses that pay higher wages often get higher reviews for their work and customer service.

Permitting & Interconnection - The cost of installation will change depending on local permitting and utility interconnection fees. Experienced local installers will incorporate these numbers into your first quotes to avoid any surprises.

See what solar panels cost in other MN cities

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Who are the best solar installers in North Branch?

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.

North Branch, MN Solar Panel Cost FAQs

  • In North Branch, MN, the mean cost per watt for solar panels as recorded in October, 2024 is $3.57/W. Installing a 5 kW solar panel system in North Branch, MN will cost approximately $12,495 after applying the federal tax credit.

  • If you live in Minnesota, you can find 12 rebates and incentives through different utilities and government agencies. Furthermore, almost all individuals are entitled to the 30% federal income tax credit.

  • While paying cash provides the most savings, various financing options for solar panels exist that also make financial sense. Financing options from installers will often be detailed in your initial quotes.

  • Yes, homeowners in North Branch, MN generally see a payback time of 8 years for 5 kW solar panel systems, with electricity savings averaging $19,065 over a 20-year period.
Ginalyn Gelera
Last Reviewed By: Ginalyn Gelera
Published: 2024-10-01