Solar Panel Cost Guide in Monticello, AR (2024 Update)
- Monticello Solar Installation Cost: $20,048
- 25-Year Savings: $24,260
- Payback Period: 12.9 Years
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Average Cost of Solar Panels in Monticello
Let’s have a look at the average cost of solar panels in Monticello.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Monticello, the typical cost of solar panels is 3 per watt.Since a 8.2-kW system is needed to cover the energy costs of a typical home in Monticello, the average price of going solar will be about $20,048 after claiming the federal solar tax credit of 0.
Remember that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy consumption, the type of solar system you choose, your solar contractor and more.But, once you've paid the initial cost of installation, the savings for most homeowners is quite rewarding, with a net average savings of about $18,000 over 20 years on electricity bills.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Monticello
| Year | Return on Investment |
|---|---|
| 1 years | $-18,591 |
| 3 years | $-15,679 |
| 5 years | $-12,767 |
| 7 years | $-9,855 |
| 9 years | $-6,943 |
| 11 years | $-4,031 |
| 13 years | $-1,119 |
| 15 years | $1,793 |
| 17 years | $4,705 |
| 19 years | $7,618 |
| 21 years | $10,530 |
| 23 years | $13,442 |
| 25 years | $16,354 |
Top Solar Installers in Monticello
Although you can install solar panels yourself, it involves extra time and know-how. For that reason, almost all homeowners choose a solar panel installer. The payback period on a solar system will vary depending on factors like your location and energy consumption, but going with a solar company can shorten it. Your provider will be able to help you identify incentives available in your area.
If you’d like to switch to solar energy but still aren’t certain which solar system installer to go with, here are our suggestions for providers near you:
See all of the solar companies in Monticello
Factors that Affect Solar Panel Costs in Monticello
There are a number of factors that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $3,490. The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That’s why many Monticello homeowners opt to finance their solar panel systems to offset upfront costs.However, the interest on solar loans also adds to your total costs, so it’s crucial to keep that in mind as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The final major cost factor you should consider is the installer you choose. Given the massive popularity of green energy solutions in Monticello, you’ll have many options to choose from, but each comes at different price points for labor and equipment.Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and decide on the company that has the products, warranties and services you’re looking for and also fit into your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.63 | $15,244 | $13,161 | 13.4 years |
| 8 kW | $3.56 | $19,935 | $17,939 | 13.2 years |
| 10 kW | $3.49 | $24,430 | $22,913 | 12.9 years |
| 12 kW | $3.42 | $28,730 | $28,082 | 12.6 years |
| 14 kW | $3.35 | $32,834 | $33,446 | 12.4 years |
| 16 kW | $3.28 | $36,743 | $39,006 | 12.1 years |
| 18 kW | $3.21 | $40,456 | $44,761 | 11.9 years |
| 20 kW | $3.14 | $43,974 | $50,712 | 11.6 years |
How to Save on Solar Panels
Since the kind of solar panels and the installation company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: It’s important to look over your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Solar Panel Brands: Different companies have various brands and types of panels. If you know you want a specific brand, make sure the solar panel installer you’re considering has it.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years likely provide good-quality solar panel installation and expertise.
- Installation Process: Make sure you’re on the same page with the company in regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
EcoWatch's Monticello, AR Solar Cost FAQs
What is the average cost of installing solar panels in Monticello?
The average cost of solar panels in Monticello is about $17,450 for a 5-kW system and $34,900 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Monticello?
You can’t get solar panels for free in Monticello. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Monticello?
Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use them at a lower efficiency.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.