Solar Panel Cost Guide in Monument, CO (2024 Update)
- Monument Solar Installation Cost: $13,979
- 25-Year Savings: $21,107
- Payback Period: 11.4 Years
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Average Cost of Solar Panels in Monument
Find out what the average cost of solar panel installation is in Monument.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Monument, the average cost of a solar system is 4 per watt.To account for the typical energy usage of the average home in Monument, most homeowners require a 5.0-kilowatt system. Using the figure above, a solar installation costs about $13,979, or $19,990 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy consumption, the type of equipment you want to get, your solar contractor and more.With average savings of about $23,000 on utility bills over 20 years, many homeowners in Monument find installing solar panels can be quite rewarding.
You can click the button below to get connected with a pre-vetted solar company in Monument that can help you get a more accurate cost estimate for your home.
Solar savings over time in Monument
| Year | Return on Investment |
|---|---|
| 1 years | $-12,911 |
| 3 years | $-10,774 |
| 5 years | $-8,636 |
| 7 years | $-6,499 |
| 9 years | $-4,362 |
| 11 years | $-2,224 |
| 13 years | $-87 |
| 15 years | $2,050 |
| 17 years | $4,188 |
| 19 years | $6,325 |
| 21 years | $8,462 |
| 23 years | $10,599 |
| 25 years | $12,737 |
Top Solar Installers in Monument
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Going with a solar panel installer can make swapping over to solar power much easier. Plus, warranties and repairs from your solar panel company can protect your investment and reduce the cost of maintenance over time.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Monument
Factors that Affect Solar Panel Costs in Monument
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few primary factors that will push your cost above or below the average in Monument: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,980. The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar installers in Monument have solar loans, which reduce your upfront costs of installing solar panels.When considering your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you hire to install your solar system can play a part in determining your pricing. Monument’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Monument are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.14 | $17,385 | $19,152 | 11.9 years |
| 8 kW | $4.06 | $22,734 | $25,981 | 11.7 years |
| 10 kW | $3.98 | $27,860 | $33,034 | 11.4 years |
| 12 kW | $3.90 | $32,763 | $40,309 | 11.2 years |
| 14 kW | $3.82 | $37,444 | $47,808 | 11.0 years |
| 16 kW | $3.74 | $41,901 | $55,529 | 10.8 years |
| 18 kW | $3.66 | $46,136 | $63,473 | 10.5 years |
| 20 kW | $3.58 | $50,148 | $71,640 | 10.3 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose considerably impacts your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Warranty: If you’re concerned about the longevity of your solar panel system, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Contract: Read the contract terms thoroughly to make sure you understand how much it will cost, project timeline incentives and warranties.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Monument, CO Solar Cost FAQs
What is the average cost of installing solar panels in Monument?
The average cost of solar panels in Monument is about $19,900 for a 5-kW system and $39,800 for a 10-kW system before the ITC, but the real cost will depend on things like the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Monument?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
How will installing solar panels impact my home value?
Solar panels can increase your property’s value remarkably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs 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.