Solar Panels Cost 7.6k-17k in Stewartville, MN | October, 2024

Solar Panels Cost $7.6k-$17k in Stewartville, MN | October, 2024

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

In Stewartville, MN in October, 2024, the current cost per watt of solar panel systems is estimated at $3.66/W

According to this cost, you should expect to pony up $3,660, on average, for every 1 kW (or 1000 watts) of solar energy your system will need to generate. On average, the expense for a 5 kW solar setup in Stewartville, after a 30% federal tax credit, is $12,810. A bigger system could be necessary to satisfy your energy requirements.

Select your county from the menu on the left to find the typical roof size and maximum solar panel capacity for homes in your area. The following summary, below, highlights 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.
Stewartville: $12,810US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Stewartville: 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.
Stewartville: $15,600US Average: $15,784

Solar Potential in Stewartville

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

Roof size 697sq. ft.
Capacity 9.75kW DC
Electricity 10.7kkWh AC per yr.

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

The typical kWh usage for a Stewartville resident is 839 monthly, with an average electric bill of $141.25. This number also includes data from apartments and smaller residences, which generally use reduced energy requirements.

In October 2024, the mean electricity rate in Stewartville, MN amounts to 16.84¢ per kWh.

In Stewartville, an average electricity consumer's electricity needs can be fully accounted for by a solar system of 7 kW or higher. Upfront, a 7 kWsolar installation is priced at about $25,620, with the 30% tax credit, this drops to $17,934.

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Average solar panel costs by system size in Stewartville

Displayed below and to the left is the price structure for various sizes of the solar panel systems in Stewartville. The larger the solar array, the larger the initial expense, but also the greater electricity savings and income tax credits you'll get.

The cost and benefit breakdown for solar panels, displayed in the calculator down and to the right, is based on an average electric bill of $141.25 in Stewartville. Simply change the $141.25 to your average electricity bill for more accurate results.

System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $739 a year
Est. Price
$7,686
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 1.71 tons a year
  • Equivalent to planting 78 trees a year
  • Equivalent to driving 4,222 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $985 a year
Est. Price
$10,248
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 2.27 tons a year
  • Equivalent to planting 104 trees a year
  • Equivalent to driving 5,630 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,231 a year
Est. Price
$12,810
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 2.84 tons a year
  • Equivalent to planting 131 trees a year
  • Equivalent to driving 7,037 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,478 a year
Est. Price
$15,372
Savings from a 6kWthis system
  • Est. yearly production 8,692 kWh
  • Est. monthly savings $123
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 3.41 tons a year
  • Equivalent to planting 157 trees a year
  • Equivalent to driving 8,444 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,724 a year
Est. Price
$17,934
Savings from a 7kWthis system
  • Est. yearly production 10,141 kWh
  • Est. monthly savings $141
  • 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

Stewartville Solar Panel Installation Incentives & Rebates | 2024

Rural entrepreneurs and farmers might find that the REAP Grant pays for 80% to 100% of their costs when installing solar or wind energy systems. Unsure if you're eligible? Check your status with our REAP Grant eligibility tool.

A 30% federal tax credit is accessible to most homeowners for residential solar installations, which renders solar energy a feasible choice in various regions across the United States. Apart from the federal incentives, state and local programs also aim to boost solar energy uptake.

Minnesota provides 12 solar rebates and incentives from different 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?

If you're expecting to live in your home past the solar system's payback period, solar panels are a wise decision in Stewartville. Over a 20 year period, a 5 kW solar system in Stewartville, MN could save you approximately $21,090, with the average break even time being 8 years.

The cost of not having solar panels in Stewartville, MN

Failing to have solar panels or an alternative backup energy means missing the savings mentioned earlier and being entirely reliant on your electric utility for electricity. As recent news articles have highlighted, full dependence on your utility provider isn't always ideal.

The average number of outages per customer per year for utilities in Stewartville has been 0.79 in recent years. On average, an outage lasts 68.32 minutes. When major events such as wildfires, vandalism, or aging infrastructure occur, these durations can increase significantly

A solar energy system could mitigate the effects of future outages, whether or not it has a backup battery.

Power Outages

Currently, 0 customers are being tracked in Olmsted County.

Learn more

Customers Out:

0

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

Your Energy Needs - Larger solar panel systems come with a larger upfront cost, but the price per watt is reduced. Homeowners often discover that installing a solar system that can offset their entire electric bill is advantageous, ensuring optimal savings.

Make & Model - There are many brands and models of solar panels. Because the installer you select might have specific brand preferences, picking a highly rated company is especially important. The utilization of high-quality materials is likely to result in a more positive long-term experience for buyers.

Solar Panel Type - It's understandable that monocrystalline panels are now the industry standard. They are pricier but generate more energy. Most professionals in solar installation work with panels constructed from this material.

Your Property - Trees, uneven ground, or additional considerations can increase the complexity of the installation. Most solar installers today use satellite imagery to evaluate your home and integrate these elements into the preliminary cost estimate.

Labor Rates - Different companies offer varying wages to their employees, and these costs are inevitably borne by the consumers. Businesses that invest in higher wages often see higher reviews for their work and customer service.

Permitting & Interconnection - Depending on the area, local permitting and utility interconnection fees will affect the cost of your installation. Quality local installers will include these figures in your preliminary estimates to provide transparency.

See what solar panels cost in other MN cities

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Who are the best solar installers in Stewartville?

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.

Stewartville, MN Solar Panel Cost FAQs

  • In October, 2024, the average cost of solar panels per watt in Stewartville, MN is $3.66/W. The approximate cost of a 5 kW solar panel system in Stewartville, MN, after deducting federal tax credits, is $12,810.

  • Currently, Minnesota residents can benefit from 12 rebates and incentives available through various utilities and government bodies. On top of that, most individuals are eligible for the 30% federal income tax credit.

  • Cash payments yield the highest savings, yet several financing options now available for solar panels are advantageous as well. Installers often have partnerships with financing companies and will include this information in your initial quotes.

  • Yes, on average, the return on investment for 5 kW solar panel systems in Stewartville, MN is achieved in 8 years, with electricity savings amounting to $21,090 over 20 years.
Ginalyn Gelera
Last Reviewed By: Ginalyn Gelera
Published: 2024-10-01