Solar Panels Cost 2.6k-13k in Shoreview, MN | October, 2024

Solar Panels Cost $2.6k-$13k in Shoreview, MN | October, 2024

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

You'll spend around $3.76/W to go solar in October, 2024 in Shoreview, MN.

For every 1000 watts (1 kW) your solar system can generate, you will need to invest, on average, $3,760 to have it installed. In Shoreview, a 5 kW solar installation will cost you, on average, $13,160 after the 30% federal income tax credit. To meet your energy needs, you may require more than a 5kW system.

On the left, you can select your county to find out the average roof size and the maximum capacity for residential solar on houses in your area. Outlined below are the price, 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.
Shoreview: $13,160US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Shoreview: 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.
Shoreview: $5,085US Average: $15,784

Solar Potential in Shoreview

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

Roof size 447sq. ft.
Capacity 6.25kW DC
Electricity 7kkWh AC per yr.

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

Shoreview energy consumers generally use 594 kWh monthly, with an average monthly bill of $99.52. Keep in mind that this figure covers both apartments and smaller homes, which typically require reduced energy.

The mean rate for electricity in Shoreview, MN during October, 2024 is 16.76¢ per kWh.

Typical electricity users in Shoreview will need a solar system of 5 kW or higher to cover their entire electricity usage requirements. The expected cost is around $18,800for a 5 kW setup before incentives, but the federal tax credit gives you 30% back, lowering the cost to $13,160.

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Average solar panel costs by system size in Shoreview

On your left, we have displayed a thorough pricing details for various solar panel system sizes set up in Shoreview. More extensive solar installations come with a larger expense, yet they also offer higher electricity savings and higher income tax credits.

Refer to the solar panel cost calculator down and to the right to see the cost and benefit details derived from an average $99.52 electric bill in Shoreview. To get more personalized results, just adjust the $99.52to match your average electricity bill amount.

System Size 1kW
Roof Size Min. space required
72 ft²
Electricity Value Annual Production $246 a year
Est. Price
$2,632
Savings from a 1kWthis system
  • Est. yearly production 1,449 kWh
  • Est. monthly savings $21
  • Full payback in 2 years
Environmental Impacts
  • Reduces CO2 emissions by 0.8 tons a year
  • Equivalent to planting 37 trees a year
  • Equivalent to driving 1,984 mi less a year
System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $493 a year
Est. Price
$5,264
Savings from a 2kWthis system
  • Est. yearly production 2,897 kWh
  • Est. monthly savings $41
  • Full payback in 4 years
Environmental Impacts
  • Reduces CO2 emissions by 1.6 tons a year
  • Equivalent to planting 74 trees a year
  • Equivalent to driving 3,969 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $739 a year
Est. Price
$7,896
Savings from a 3kWthis system
  • Est. yearly production 4,346 kWh
  • Est. monthly savings $62
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 2.41 tons a year
  • Equivalent to planting 110 trees a year
  • Equivalent to driving 5,953 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $985 a year
Est. Price
$10,528
Savings from a 4kWthis system
  • Est. yearly production 5,795 kWh
  • Est. monthly savings $82
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 3.21 tons a year
  • Equivalent to planting 147 trees a year
  • Equivalent to driving 7,938 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,231 a year
Est. Price
$13,160
Savings from a 5kWthis system
  • Est. yearly production 7,244 kWh
  • Est. monthly savings $100
  • Full payback in 11 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

Shoreview Solar Panel Installation Incentives & Rebates | 2024

Between 80% and 100% of your solar energy or wind turbine installation costs may be covered by the REAP Grant if you own a rural small business or farm. Confirm if you are eligible by utilizing our REAP Grant eligibility tool.

Almost all homeowners can take advantage of the 30% federal income tax credit for residential solar, making solar energy a sensible option throughout most parts of the country. Several state and local efforts are designed to boost the adoption of solar energy.

Various utilities and government agencies in Minnesota have 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?

If you expect to live in your home beyond the payback period of your solar system, solar panels are an excellent choice in Shoreview. If you install a 5 kW solar system in Shoreview, MN, you might save $10,724.8 over 20 years on average, with a break even point at roughly 11 years.

The cost of not having solar panels in Shoreview, MN

The absence of solar panels or an alternative energy backup means that you forgo the savings noted earlier and depend on your electric utility for electricity. Recent news has proven that total reliance on your utility company is not always ideal.

In recent times, the average number of utility outages per customer annually in Shoreview has been about 0.95. On average, the length of an outage is 114.46 minutes. Major events like overloaded power grids, wildfires or construction accidents can cause these durations to rise considerably.

With or without a backup battery, a solar panel system could help to mitigate the effects of future power interruptions you might face.

Power Outages

Currently, 0 customers are being tracked in Ramsey County.

Learn more

Customers Out:

0

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

Your Energy Needs - Despite the larger initial expense, the cost per watt drops when using larger solar panel systems. Many individuals find it advantageous to set up a system that can generate enough electricity to replace the entirety of their electric bill. This math makes the most sense for optimal savings.

Make & Model - Similar to other industries, the solar energy sector features a wide range of solar panel brands and designs. Because the installer might have certain system preferences, it's important to select a reputable installer. The utilization of better equipment is probably will provide a more positive long-term experience for buyers.

Solar Panel Type - The standard in the industry is now monocrystalline panels, and for good reason. They have a higher price, but they produce more energy. Many solar panel installers opt for this kind of material.

Your Property - Each property and home has its own unique features. Sloped land, trees, or other barriers may add to the difficulty of the installation. Most solar installers today are able to leverage satellite imagery to assess your home and include these elements in the preliminary cost estimate.

Labor Rates - Companies offer different pay rates to their employees, which are then shown in the prices consumers pay. Higher wages frequently lead to companies getting better reviews for their work and customer service.

Permitting & Interconnection - The final price of your installation will be affected by local permitting and utility interconnection fees, which vary by location. 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 Shoreview?

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.

Shoreview, MN Solar Panel Cost FAQs

  • The cost per watt for solar panels in Shoreview, MN during October of 2024 averages $3.76/W. Post federal tax credit, a 5 kW solar panel system installation in Shoreview, MN will roughly cost $13,160.

  • In Minnesota, you have access to 12 rebates and incentives provided by numerous utilities and government organizations. In addition, the 30% federal income tax credit is available to almost everyone.

  • While paying cash ensures the greatest savings, there are now various financing options for solar panels that are also beneficial. Installers will often provide details on financing partners in the quotes they provide initially.

  • Yes, the average 5 kW solar panel payback period in Shoreview, MN stands at 11 years, yielding average electricity savings of $10,724.8 over 20 years.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-10-01