Solar Panel Cost Guide in Monticello, AR (Mar 2023)
- Monticello Solar Installation Cost: $14,597
- 25-Year Savings: $24,253
- Payback Period: 9.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Monticello
Find out how much it might cost to switch to solar power in Monticello.
In Monticello, solar panels cost about 2.54 per watt on average. To account for the typical energy needs of the average home in Monticello, most homeowners require a 8.2-kilowatt system. Using the per-watt figure above, a solar installation costs around $14,597, or $20,874 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of going solar can vary based on several factors, such as what size system you need, your energy usage and what solar installer you go with. But, once you've paid the upfront cost of installation, the ROI for most homeowners is usually rewarding, with a net average savings of about $18,000 over 20 years on energy bills.
To receive a free quote from a pre-vetted solar installer in Monticello, you can click the button below.
Solar savings over time in Monticello
| Year | Return on Investment |
|---|---|
| 1 years | $-13,043 |
| 3 years | $-9,935 |
| 5 years | $-6,827 |
| 7 years | $-3,719 |
| 9 years | $-611 |
| 11 years | $2,497 |
| 13 years | $5,605 |
| 15 years | $8,713 |
| 17 years | $11,821 |
| 19 years | $14,929 |
| 21 years | $18,037 |
| 23 years | $21,145 |
| 25 years | $24,253 |
Top Solar Installers in Monticello
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Hiring a solar panel installer can make your swap to solar power much easier. A solar company can also help save you money over time by providing warranties, repairs and component replacements.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some in Monticello:
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Monticello
Factors that Affect Solar Panel Costs in Monticello
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that affect your total cost in Monticello: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,540. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your power bills. Additionally, extra products, like solar batteries, can bump up your total well above the Monticello average.
Solar Financing Terms
Most solar companies in Monticello have solar loans, which reduce your upfront costs of installing solar. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Monticello is the company you choose to install your solar panel system. Similar to choosing a company to install new cabinets, for instance, you'll have no shortage of solar installers that provide a range of services at different price points. The size of the company can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.64 | $11,095 | $17,311 | 9.8 years |
| 8 kW | $2.59 | $14,508 | $23,366 | 9.6 years |
| 10 kW | $2.54 | $17,780 | $29,563 | 9.4 years |
| 12 kW | $2.49 | $20,909 | $35,902 | 9.2 years |
| 14 kW | $2.44 | $23,896 | $42,384 | 9.0 years |
| 16 kW | $2.39 | $26,741 | $49,007 | 8.8 years |
| 18 kW | $2.34 | $29,444 | $55,773 | 8.6 years |
| 20 kW | $2.29 | $32,004 | $62,682 | 8.5 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. While there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so be sure to peruse their list of options before deciding.
- Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should acquire and what the project timeline is.
- Contract: Read the contract terms closely to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Warranty: Companies typically offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
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 $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the actual cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels eliminate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $946.86 per year.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.