Solar Panel Cost Guide in Monroe, CT (2023 Update)

  • Monroe Solar Installation Cost: $8,773
  • 25-Year Savings: $21,587
  • Payback Period: 7.2 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated September 15, 2023

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Monroe

See how much it might cost to switch to solar power in Monroe.

The average cost of a solar system in Monroe is 2.8 per watt. The average solar panel system size in Monroe is around 4.5 kilowatts, meaning a cost of about $8,781 for a solar installation, or $12,557 before the 30% federal solar tax credit is applied.

Bear in mind that the figures above are only estimates based on the average energy use of Monroe homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. But, after you've paid the upfront cost of installation, the payback for most homeowners is usually rewarding, with a net average savings of about $26,000 over 20 years on power bills.

You can click the button below to get connected with a top solar installer in Monroe for a quote for your home.

Solar savings over time in Monroe

Year Return on Investment
1 years $-6,929
3 years $-3,241
5 years $447
7 years $4,135
9 years $7,823
11 years $11,511
13 years $15,199
15 years $18,887
17 years $22,575
19 years $26,263
21 years $29,951
23 years $33,639
25 years $37,327

Top Solar Installers in Monroe

Although it's possible to install solar panels by yourself, it involves extra energy and handiness. That's why almost all homeowners choose a solar panel installer. A solar company can also help save you money over time by offering warranties, repairs and part replacements.

If you're on the hunt for a solar installer in Monroe, we've organized a list of our top suggestions here:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • 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 Monroe

Factors that Affect Solar Panel Costs in Monroe

The cost of installing a solar system in Monroe can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.

Solar Equipment

The size of the solar panel 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 about $2,800. There are several different solar panel brands and the one you pick also changes the cost. Generally, the brands that have better efficiency tend to also be more expensive. In addition, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.

Solar Financing Terms

For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are available from most installers in Monroe, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay back the loan.

Solar Panel Installation Company

The final significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in Monroe, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. 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 at a higher cost. It's best to do some research and go with the company that provides the products, warranties and services you're looking for and also is within 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 $2.91 $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 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. Because picking a company can be difficult, we have some tips to help you, such as:

  • Contract: When reading through your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
  • Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
  • Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Even though there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of offerings before making your decision.
  • Warranty: Warranties that provide coverage for defective panels and repairs over around 25 years are the best you can get in the business, and offering such a warranty is one indication of a quality company.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

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 stuff like the type of solar panels you want, what size system you need and how much energy you consume.

What other factors should I consider apart from cost when buying solar panels?

The initial cost is a very important factor to consider, but whether it's the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.

Do solar panels increase your property value?

Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Monroe is currently $370,200, so you could be looking at a value of about $15,178 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Monroe is a fruitful investment.

How often do you have to replace solar panels?

Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can 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.

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