Solar Panel Cost Guide in Monroe, CT (2024 Update)
- Monroe Solar Installation Cost: $11,749
- 25-Year Savings: $34,351
- Payback Period: 9.7 Years
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Average Cost of Solar Panels in Monroe
Find out how much it might cost to switch to solar power in Monroe.
In Monroe, solar panels cost about 4 per watt on average.Using this figure, a typical 4.5-kW system would cost about $11,749 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll end up paying 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.For most homeowners, the upfront investment in solar power is worth paying. On average Monroe homeowners see about $26,000 in savings on electricity bills over 20 years.
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 | $-9,905 |
| 3 years | $-6,217 |
| 5 years | $-2,529 |
| 7 years | $1,159 |
| 9 years | $4,847 |
| 11 years | $8,535 |
| 13 years | $12,223 |
| 15 years | $15,911 |
| 17 years | $19,599 |
| 19 years | $23,287 |
| 21 years | $26,975 |
| 23 years | $30,663 |
| 25 years | $34,351 |
Top Solar Installers in Monroe
When going solar, many homeowners prefer to go with a solar company since handling can be a time-consuming project. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and component replacements.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best National Provider
SunPower
- 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
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 Monroe
Factors that Affect Solar Panel Costs in Monroe
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few key factors that determine your overall cost in Monroe: 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 panel systems varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production need 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 $3,750.There are a lot of different solar panel brands and the one you pick also changes the cost. Generally speaking, the brands that have better efficiency tend to also cost more. Plus, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are available from most installers in Monroe, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible.You’ll have to consider the long-term cost of financing options, including the total interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can influence your pricing. Monroe’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company sometimes plays the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes 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 | $3.90 | $16,380 | $24,318 | 10.1 years |
| 8 kW | $3.83 | $21,420 | $32,844 | 9.9 years |
| 10 kW | $3.75 | $26,250 | $41,580 | 9.7 years |
| 12 kW | $3.67 | $30,870 | $50,526 | 9.5 years |
| 14 kW | $3.60 | $35,280 | $59,682 | 9.3 years |
| 16 kW | $3.52 | $39,480 | $69,048 | 9.1 years |
| 18 kW | $3.45 | $43,470 | $78,624 | 8.9 years |
| 20 kW | $3.38 | $47,250 | $88,410 | 8.7 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Different companies have different brands and models of panels. If you prefer a specific brand, make sure the solar panel installer you’re considering has it.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Warranty: Warranties that cover defective panels and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one sign of a good company.
- Contract: Before signing a contract with a solar installer, be sure to look it over carefully so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
Best National Provider
SunPower
- 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
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 Monroe, CT Solar Cost FAQs
How much does it cost to install solar panels in Monroe?
The average cost of solar panels in Monroe is about $18,750 for a 5-kW system and $37,500 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 use.
Is cost the most important thing to keep in mind when buying solar panels?
The upfront cost is a key factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Is it worth going solar in Monroe?
Solar panels can be a beneficial investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already fairly low, solar panels might not be for you.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can 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 install 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.