Solar Panels Cost 5.2k-15k in Wyoming, MN | October, 2024

Solar Panels Cost $5.2k-$15k in Wyoming, MN | October, 2024

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

Going solar averages out to $3.74/W in the month of October, 2024 in Wyoming, MN.

For every 1000 watts (1 kW) your solar panel system can produce, you will need to spend, on average, $3,740 for installation. Subtracting the 30% federal tax credit, a 5 kW solar system in Wyoming typically costs $13,090. To ensure your energy requirements are met, you could require more than a 5kW system.

On the left, you can choose your county to find the typical roof size and the maximum capacity for solar panels on houses in your area. Below, you can see a summary of 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.
Wyoming: $13,090US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Wyoming: 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.
Wyoming: $5,343US Average: $15,784

Solar Potential in Wyoming

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

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

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

For Wyoming energy consumers, the average electric bill is $100.18 per month, with a usage of 618 kWh. These figures also encompass apartments and other smaller residences with lower energy demand.

In October 2024, the mean electricity rate in Wyoming, MN is 16.2¢ per kWh.

The typical energy user in Wyoming requires a 6 kW or higher solar setup to meet their entire power demands. The cost for aa 6 kW solar setup is approximately $22,440 initially, but with the 30% federal tax credit, the final price is reduced to $15,708.

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Average solar panel costs by system size in Wyoming

Displayed below and to the left, you can find a thorough price breakdown for multiple solar panel system sizes set up in Wyoming. The larger the solar array, the higher the initial expense, but also the greater electricity savings and income tax credits you'll gain.

In the calculator found to the right and below, you will find a breakdown of solar panel costs and benefits, calculated with an average $100.18 electric bill for Wyoming. Adjust the $100.18 to fit your average bill payment for customized outcomes.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $464 a year
Est. Price
$5,236
Savings from a 2kWthis system
  • Est. yearly production 2,897 kWh
  • Est. monthly savings $39
  • Full payback in 4 years
Environmental Impacts
  • Reduces CO2 emissions by 1.38 tons a year
  • Equivalent to planting 63 trees a year
  • Equivalent to driving 3,415 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $695 a year
Est. Price
$7,854
Savings from a 3kWthis system
  • Est. yearly production 4,346 kWh
  • Est. monthly savings $58
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 2.07 tons a year
  • Equivalent to planting 95 trees a year
  • Equivalent to driving 5,123 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $927 a year
Est. Price
$10,472
Savings from a 4kWthis system
  • Est. yearly production 5,795 kWh
  • Est. monthly savings $77
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 2.76 tons a year
  • Equivalent to planting 127 trees a year
  • Equivalent to driving 6,830 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,159 a year
Est. Price
$13,090
Savings from a 5kWthis system
  • Est. yearly production 7,244 kWh
  • Est. monthly savings $97
  • Full payback in 11 years
Environmental Impacts
  • Reduces CO2 emissions by 3.45 tons a year
  • Equivalent to planting 158 trees a year
  • Equivalent to driving 8,538 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,391 a year
Est. Price
$15,708
Savings from a 6kWthis system
  • Est. yearly production 8,692 kWh
  • Est. monthly savings $100
  • Full payback in 13 years
Environmental Impacts
  • Reduces CO2 emissions by 3.57 tons a year
  • Equivalent to planting 164 trees a year
  • Equivalent to driving 8,840 mi less a year

Wyoming 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 energy or wind energy systems. Not sure if you are eligible? Use our REAP Grant eligibility tool to verify.

For those considering residential solar, the 30% federal income tax credit is offered to nearly everyone, which makes solar power a smart investment in numerous parts of the country. A variety of regional and state programs are in place to support solar energy adoption.

A total of 12 solar incentive and rebate initiatives are available in Minnesota from multiple utilities and government bodies.

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 homeowners in Wyoming intending to stay beyond the payback period of their solar system, solar panels are the best choice. Installing a 5 kW solar system in Wyoming, MN will, on average, save you $10,953.2 over 20 years, and you can expect to break even in about 11 years.

The cost of not having solar panels in Wyoming, MN

If you don't have solar panels or an alternate backup power source, you forgo the previously mentioned savings and your household is completely dependent on your electric utility for electricity. As shown by numerous recent news reports, total reliance on your utility isn't always the best situation.

Residents in Wyoming have seen an average of 0.73 utility outages per year lately. Outages generally last for an average of 85.31 minutes. During major occurrences like grid management errors, tornadoes or wildlife damage, these times can extend significantly.

A solar energy system, with or without a backup battery or not, can relieve the pressure of future power outages you may face.

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 Wyoming, MN?

Your Energy Needs - When opting for larger solar panel systems, the overall expense is greater; however, the cost per watt decreases with an increase in system size. Homeowners often find that setting up a solar system to replace their electric bill is a good move, resulting in the most savings.

Make & Model - Solar panels and mounting equipment are offered in a wide variety of makes and models. Because the installer you choose might have particular brand preferences, selecting a recommended contractor is especially important. Opting for higher quality equipment generally ensures a more favorable long-term experience for the buyer.

Solar Panel Type - For valid reasons, monocrystalline panels have emerged as the standard in the industry. They have a higher price, but they produce more energy. Many solar panel installers choose this type of material.

Your Property - Every home and property differs in its own way. Challenges like uneven land, trees, or other challenges can increase the difficulty of installing solar panels. These days, solar installers commonly utilize satellite images to assess your home and factor in these considerations into the first cost estimate.

Labor Rates - The varied employee wages paid by companies lead to costs that consumers ultimately paying . Higher wages generally correlate with better reviews for businesses' services and customer service.

Permitting & Interconnection - Installation costs will be influenced by varying local permitting and utility interconnection fees, depending on the region. That said, experienced local installers will be able to incorporate these numbers into your initial quotes so there are no surprises.

See what solar panels cost in other MN cities

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Who are the best solar installers in Wyoming?

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.

Wyoming, MN Solar Panel Cost FAQs

  • During October, 2024, the average price for solar panel installations in Wyoming, MN is $3.74/W. A 5 kW solar panel system will cost you around $13,090 in Wyoming, MN after the federal tax credit is applied.

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

  • While cash payments offer the most savings, there are now many financing options for solar panels that are also financially beneficial. Financing options from installers will often be detailed in your initial quotes.

  • Yes, solar panels systems of 5 kW in Wyoming, MN typically have a payback period of 11years, with expected savings on electricity costs of $10,953.2 over 20 years.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-10-01