Solar Panel Cost Guide in Monroe, CT (Mar 2023)
- Monroe Solar Installation Cost: $8,781
- 25-Year Savings: $21,579
- Payback Period: 7.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Monroe
Let's have a look at the average cost of solar in Monroe.
While the national average of solar panels is $2.66 per watt, solar panels in Monroe typically cost about 2.8. Because a 4.5-kW system is needed to cover the energy costs of a typical home in Monroe, the average price of going solar will be about $8,781 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The true cost of going solar can vary based on multiple factors, such as how many panels you need, your energy consumption and what installation company you go with. Many homeowners find installing a solar system is a sound investment. The average homeowner in Monroe can save around $26,000 on their electricity bills over 20 years.
To receive a free estimate from a pre-vetted solar installation company in Monroe, you can click the button below.
Solar savings over time in Monroe
| Year | Return on Investment |
|---|---|
| 1 years | $-7,566 |
| 3 years | $-5,138 |
| 5 years | $-2,709 |
| 7 years | $-280 |
| 9 years | $2,149 |
| 11 years | $4,577 |
| 13 years | $7,006 |
| 15 years | $9,435 |
| 17 years | $11,864 |
| 19 years | $14,293 |
| 21 years | $16,721 |
| 23 years | $19,150 |
| 25 years | $21,579 |
Top Solar Installers in Monroe
Many homeowners decide to use a solar panel installer since installing solar panels yourself can be a lot of work. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and system component replacements.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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
See all of the solar companies in Monroe
Factors that Affect Solar Panel Costs in Monroe
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that will push your cost above or below the average in Monroe: 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
When it comes to estimating the cost of a solar panel system in Monroe, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy usage, which you can gauge by looking at past energy bills. Your overall cost can increase by around $2,800 for each additional kilowatt you need. The kind of solar panels and equipment you want is another factor that will substantially affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
Most solar companies in Monroe provide solar loans, which reduce the initial cost of installing solar panels. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar installation company you choose will influence your total cost to make the switch to solar energy. Different companies will bill different amounts for the equipment and labor. The company's size sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more 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 promotion can bring their pricing lower to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.91 | $12,230 | $28,468 | 7.5 years |
| 8 kW | $2.86 | $15,994 | $38,270 | 7.4 years |
| 10 kW | $2.80 | $19,600 | $48,230 | 7.2 years |
| 12 kW | $2.74 | $23,050 | $58,346 | 7.1 years |
| 14 kW | $2.69 | $26,342 | $68,620 | 6.9 years |
| 16 kW | $2.63 | $29,478 | $79,050 | 6.8 years |
| 18 kW | $2.58 | $32,458 | $89,636 | 6.6 years |
| 20 kW | $2.52 | $35,280 | $100,380 | 6.5 years |
How to Save on Solar Panels
The solar installer you go with will impact not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should take into account, including:
- Warranty: If you're worried about the durability of your solar panels, ensuring your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, completion timeline rebates and warranties.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Even though there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of offerings before deciding.
- Reputation: Well-established companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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
EcoWatch's Monroe, CT Solar Cost FAQs
What is the average cost of installing solar panels in Monroe?
The average cost of solar panels in Monroe is about $14,000 for a 5-kW system and $28,000 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.
Is it better to lease or buy solar panels in Monroe?
Leasing solar panels can be an attractive choice, because it commonly comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
How many solar panels should I get to power 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.