Solar Panels Cost 2.6k-13k in St. Peter, MN | October, 2024

Solar Panels Cost $2.6k-$13k in St. Peter, MN | October, 2024

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How much do solar panels cost in St. Peter, MN in 2024?

To get solar installed in October, 2024 in St. Peter, MN averages out to $3.78/W.

You should expect the price to be $3,780, on average, for every 1 kW (or 1000 watts) of solar energy your solar system will need to produce. In St. Peter, you can expect to spend about $13,230 for a 5 kW solar panel install once the 30% federal income tax credit is factored in. However, please keep in mind that a higher capacity system might be needed to satisfy your energy needs.

On the left-hand side, pick your county to access information on the typical roof size and the average maximum capacity for residential solar on homes within your area. You can review the price, payback period, and 20-year average savings for a 5 kW system installed in your county below.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
St. Peter: $13,230US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
St. Peter: 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.
St. Peter: $1,526US Average: $15,784

Solar Potential in St. Peter

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

Roof size 769sq. ft.
Capacity 10.75kW DC
Electricity 12.4kkWh AC per yr.

Electricity Costs in St. Peter, MN & What that Means for Your Solar Panel Pricing

With an average consumption of 579 kWh per month, St. Peter households pay about $85.11 for electricity. Small living spaces, such as condos and cottages, are also included in the data cited in the previous sentence.

St. Peter, MN's electricity rate is on average 14.71¢ per kWh in October 2024.

To meet all of the energy needs of an average consumer in St. Peter, a solar system of 5 kW or larger is required. At this time, a 5 kW solar panel system will cost you approximately $18,900, but the 30% federal income tax credit reduces the total to $13,230.

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Average solar panel costs by system size in St. Peter

On the left side below, there is the pricing details for various sizes of the solar panel systems set up in St. Peter. Naturally, with a larger solar system, you'll see a greater initial expense, but the rewards are higher electricity savings and more substantial income tax credits.

See a cost benefit analysis in the solar panel cost calculator below and to the right, for an average electric bill of $85.11 in St. Peter. To get tailored results, simply adjust the $85.11to match your average electricity bill amount.

System Size 1kW
Roof Size Min. space required
72 ft²
Electricity Value Annual Production $217 a year
Est. Price
$2,646
Savings from a 1kWthis system
  • Est. yearly production 1,449 kWh
  • Est. monthly savings $18
  • Full payback in 3 years
Environmental Impacts
  • Reduces CO2 emissions by 0.83 tons a year
  • Equivalent to planting 38 trees a year
  • Equivalent to driving 2,060 mi less a year
System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $435 a year
Est. Price
$5,292
Savings from a 2kWthis system
  • Est. yearly production 2,897 kWh
  • Est. monthly savings $36
  • Full payback in 5 years
Environmental Impacts
  • Reduces CO2 emissions by 1.66 tons a year
  • Equivalent to planting 76 trees a year
  • Equivalent to driving 4,120 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $652 a year
Est. Price
$7,938
Savings from a 3kWthis system
  • Est. yearly production 4,346 kWh
  • Est. monthly savings $54
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 2.5 tons a year
  • Equivalent to planting 115 trees a year
  • Equivalent to driving 6,180 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $869 a year
Est. Price
$10,584
Savings from a 4kWthis system
  • Est. yearly production 5,795 kWh
  • Est. monthly savings $72
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 3.33 tons a year
  • Equivalent to planting 153 trees a year
  • Equivalent to driving 8,240 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,087 a year
Est. Price
$13,230
Savings from a 5kWthis system
  • Est. yearly production 7,244 kWh
  • Est. monthly savings $85
  • 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 9,669 mi less a year

St. Peter Solar Panel Installation Incentives & Rebates | 2024

Eligible rural small businesses and farms might have their photovoltaic or wind turbine installation costs covered by the REAP Grant, ranging from 80% to 100%. If you believe you might qualify, we suggest trying our REAP Grant eligibility tool to verify.

For those considering residential solar options, a 30% federal income tax credit is broadly available, increasing the appeal and practicality of solar energy in many areas across the nation. Additionally, there are numerous state and local incentives to further promote the adoption of solar energy.

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

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 looking to stay in their home past the solar system's payback period, solar panels are a good investment in St. Peter. Installing a 5 kW solar system in St. Peter, MN will, on average, save you $7,196.4 over 20 years, and you can expect to break even in about 13 years.

The cost of not having solar panels in St. Peter, MN

Failing to install solar panels or an alternative backup energy means missing the savings mentioned earlier and being entirely reliant on your electric utility for electricity. The news has provided several examples highlighting that full reliance on your utility isn't always the best idea.

On average, customers in Nicollet County have encountered 0.95 utility outages per year in recent times. Outages typically last for an average of 114.46 minutes. Major occurrences like overloaded power grids, wildfires or planned maintenance can lead to a significant rise in these time frames.

A solar panel system with (or without) a backup battery could ease the strain of future outages you experience.

Power Outages

Currently, 0 customers are being tracked in Nicollet County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in St. Peter, MN?

Your Energy Needs - Even though larger solar panel systems are more expensive initially, the average price per watt lowers as the system size increases. Setting up a solar panel system that can fully offset the electric bill is advantageous to individuals because of the reduced long-term costs.

Make & Model - Solar panels, similar to many other products, are available in a variety of makes and models. The contractor’s preference for brand makes it crucial to choose a recommended company. Consumers who choose better equipment usually enjoy a better long-term experience.

Solar Panel Type - It's no surprise that monocrystalline panels are now the standard in the industry. These panels have a higher cost but yield more energy. Most installers in the industry utilize panels made from this material.

Your Property - Trees, uneven landscapes, or other barriers can increase the difficulty of the installation. Nowadays, solar installers typically leverage satellite images to evaluate your home and incorporate these considerations into the preliminary cost estimate.

Labor Rates - Companies pay different wages to their employees, and these expenses are inevitably borne by the consumers. It is commonly observed that companies with higher wages garner superior reviews for their services and customer service.

Permitting & Interconnection - The cost of installation will be affected by different local permitting and utility interconnection fees. Quality local installers will integrate these numbers into your first quotes to prevent any surprises.

See what solar panels cost in other MN cities

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Who are the best solar installers in St. Peter?

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.

St. Peter, MN Solar Panel Cost FAQs

  • In St. Peter, MN, the mean cost per watt for solar panels as recorded in October, 2024 is $3.78/W. After the federal tax credit, the estimated cost for a 5 kW solar panel system in St. Peter, MN is roughly $13,230.

  • As of now, there are 12 rebates and incentives offered by various utilities and government entities in Minnesota. Furthermore, the majority of people qualify for the 30% federal tax credit.

  • Paying in cash yields the highest savings, but there are multiple financing options available today for solar panels that are also cost-effective. Initial quotes from installers will frequently detail information about available financing options.

  • Yes, homeowners in St. Peter, MN generally see a payback time of 13 years for 5 kW solar panel systems, with electricity savings averaging $7,196.4 over a 20-year period.
Ginalyn Gelera
Last Reviewed By: Ginalyn Gelera
Published: 2024-10-01