Solar Panel Cost Guide in Monmouth, IL (2024 Update)
- Monmouth Solar Installation Cost: $16,730
- 25-Year Savings: $7,683
- Payback Period: 21.1 Years
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Average Cost of Solar Panels in Monmouth
Let’s have a look at the average cost of solar in Monmouth.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Monmouth, the average cost of solar panels is 4 per watt.The average solar panel system size in Monmouth is around 6.4 kilowatts, meaning a cost of about $16,730 for a solar installation, or $23,924 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Monmouth homeowner. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.But, once you've paid the initial cost of installation, the return on investment for most homeowners is quite good, with a net average savings of about $12,000 over 20 years on electricity bills.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Monmouth
| Year | Return on Investment |
|---|---|
| 1 years | $-15,880 |
| 3 years | $-14,179 |
| 5 years | $-12,477 |
| 7 years | $-10,776 |
| 9 years | $-9,075 |
| 11 years | $-7,373 |
| 13 years | $-5,672 |
| 15 years | $-3,971 |
| 17 years | $-2,269 |
| 19 years | $-568 |
| 21 years | $1,133 |
| 23 years | $2,834 |
| 25 years | $4,536 |
Top Solar Installers in Monmouth
Although you can install solar panels on your own, it requires extra effort and expertise. That's why most homeowners choose to go with a solar panel installer. Solar installers provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
There are several 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
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 Monmouth
Factors that Affect Solar Panel Costs in Monmouth
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that determine your overall cost in Monmouth: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay about $3,760 per kilowatt in Monmouth.The brand and type 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 limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That’s why many Monmouth homeowners choose to finance their solar panel systems to make paying for solar more affordable.However, the interest on solar loans also adds to your overall costs, so it’s important to take that into consideration as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you hire to handle your switch to clean energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Monmouth, and each can charge varying amounts for labor and equipment.Additionally, some companies in Monmouth are more knowledgeable about local solar incentives and can help you make good use of 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 | $3.91 | $16,424 | $2,294 | 21.9 years |
| 8 kW | $3.84 | $21,477 | $3,480 | 21.5 years |
| 10 kW | $3.76 | $26,320 | $4,876 | 21.1 years |
| 12 kW | $3.68 | $30,952 | $6,483 | 20.7 years |
| 14 kW | $3.61 | $35,374 | $8,301 | 20.2 years |
| 16 kW | $3.53 | $39,585 | $10,329 | 19.8 years |
| 18 kW | $3.46 | $43,586 | $12,567 | 19.4 years |
| 20 kW | $3.38 | $47,376 | $15,017 | 19.0 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose has an impact on 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:
- Contract: Look through the contract terms carefully to make sure you understand the overall cost, completion timeline rebates and warranties.
- Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
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
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 Monmouth, IL Solar Cost FAQs
How much does it cost to install solar panels in Monmouth?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. It will be more expensive if you want other 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 opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Monmouth?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property 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 much can I save on power bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $623.93 per year.
What solar power system size is right for my home?
To figure out how many solar panels 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 typically 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.