Solar Panel Cost Guide in Monument, CO (2023 Update)
- Monument Solar Installation Cost: $9,453
- 25-Year Savings: $21,103
- Payback Period: 7.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Monument
Let's take a look at the average cost of solar panels in Monument.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Monument, the typical cost of a solar system is 2.69 per watt. Since a 5.0-kW system is needed to cover the energy consumption of a typical home in Monument, the average price of going solar will be about $9,453 after claiming the federal solar tax credit of 30%.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy needs, the type of equipment you choose, your solar contractor and more. For most homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $23,000 in savings on energy bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Monument
| Year | Return on Investment |
|---|---|
| 1 years | $-8,230 |
| 3 years | $-5,786 |
| 5 years | $-3,342 |
| 7 years | $-897 |
| 9 years | $1,547 |
| 11 years | $3,992 |
| 13 years | $6,436 |
| 15 years | $8,880 |
| 17 years | $11,325 |
| 19 years | $13,769 |
| 21 years | $16,214 |
| 23 years | $18,658 |
| 25 years | $21,103 |
Top Solar Installers in Monument
When going solar, many homeowners decide to hire a solar installation company since handling can be a time-consuming project. Companies can also provide access to a large variety of the best solar panels and help you choose which one will be best for your home.
Working with a vetted solar company can make going solar easier. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Monument
Factors that Affect Solar Panel Costs in Monument
For many Monument homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Monument, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,690. There are many different solar panel brands and the one you pick also changes the cost. Generally, the brands that have better efficiency tend to also cost more. Additionally, the type of equipment you choose can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Monument offer solar loans, which reduce your upfront costs of installing solar. However, the interest on solar loans also increases your overall costs, so it's important to include that in your estimate as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar installation company you select will affect your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and go with 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 | $2.80 | $11,750 | $24,786 | 8.0 years |
| 8 kW | $2.74 | $15,365 | $33,350 | 7.9 years |
| 10 kW | $2.69 | $18,830 | $42,064 | 7.7 years |
| 12 kW | $2.64 | $22,144 | $50,929 | 7.6 years |
| 14 kW | $2.58 | $25,308 | $59,944 | 7.4 years |
| 16 kW | $2.53 | $28,320 | $69,110 | 7.3 years |
| 18 kW | $2.47 | $31,182 | $78,427 | 7.1 years |
| 20 kW | $2.42 | $33,894 | $87,894 | 7.0 years |
How to Save on Solar Panels
There are a lot of companies available in Monument, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to get the job done well. Another way you can check your installer's reputation is by reading reviews.
- Contract: Read the contract terms closely to make sure you understand the overall cost, project timeline incentives and warranties.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
- Warranty: If you're concerned about the endurance of your solar energy system, checking if your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Monument, CO Solar Cost FAQs
What is the average cost of installing solar panels in Monument?
This is a tough question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $13,450 for a 5-kW system and $26,900 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
What other factors should I consider aside from cost when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels significantly reduce my electricity bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Monument, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.