Solar Financing Options in Minnesota
Compare the best ways to finance a solar installation in Minnesota. Based on average local electricity costs of 15.5¢/kWh and a typical monthly bill of $130, here is how each financing option stacks up over 25 years.
System Cost
$20,880
After Credits
$14,616
Federal Credit (30%)
$6,264
State Credit
N/A
Financing Calculator for Minnesota
Net after credits: $14,616
| Method | Monthly Cost | Upfront Cost | 25-Year Total | 25-Year Savings | Own System |
|---|---|---|---|---|---|
Cash PurchaseBest Value | $0/mo | $14,616 | $18,366 | $39,713 | Yes |
Solar Loan | $109/mo | $0 | $26,904 | $27,425 | Yes |
Solar Lease | $104/mo | $0 | $44,908 | $11,524 | No |
Power Purchase Agreement | $135/mo | $0 | $40,415 | $16,018 | No |
Cash Purchase
Best ValueMonthly
$0
Upfront
$14,616
25-Year Total
$18,366
25-Year Savings
$39,713
Solar Loan
Monthly
$109
Upfront
$0
25-Year Total
$26,904
25-Year Savings
$27,425
Solar Lease
Monthly
$104
Upfront
$0
25-Year Total
$44,908
25-Year Savings
$11,524
Power Purchase Agreement
Monthly
$135
Upfront
$0
25-Year Total
$40,415
25-Year Savings
$16,018
Estimates based on average electricity costs in Minnesota. Actual savings vary based on system size, energy usage, and local utility rates. Loan calculations assume fixed-rate financing. Consult a solar advisor for a personalized quote.
Understanding Your Financing Options in Minnesota
Cash Purchase
Pay upfront after tax credits and own your system outright. This option delivers the highest long-term savings since there are no interest payments. Your net cost in Minnesota is $14,616 after all credits.
Solar Loan
Finance your system with $0 down and own it from day one. Monthly loan payments are often lower than your current electricity bill. Typical loan terms in Minnesota range from 10 to 25 years.
Solar Lease
Lease a system with no upfront cost and pay a fixed monthly amount that is typically 20% less than your current bill. The installer owns and maintains the system for the 25-year term.
Power Purchase Agreement (PPA)
Pay only for the energy your panels produce at a rate lower than the utility. No upfront cost and no maintenance responsibilities. A great option if you want guaranteed savings with zero commitment.
Best Value in Minnesota: Cash Purchase
Based on average electricity costs, the cash purchase option offers the highest 25-year savings of $39,713 for homeowners in Minnesota. Adjust the calculator above to see how different interest rates and loan terms change the comparison.
Related Solar Resources for Minnesota
Get a Custom Financing Quote for Minnesota
Our solar advisors can help you find the perfect financing option for your Minnesota home. Compare real loan rates, lease terms, and PPA offers — all in one free consultation.
Get Your Free Quote