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

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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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 Monmouth

Let’s have a look at the average cost of solar in Monmouth.

The average cost of a solar panel system in Monmouth is 4 per watt.To cover the typical energy usage of the average home in Monmouth, most homeowners require a 6.4-kilowatt system. Using the per-watt figure above, a solar installation costs about $16,730, or $23,924 before the federal solar tax credit of 0 is applied.

These figures are only averages, and how much solar costs for you will differ based on factors unique to your home and what company you go with.Even with the high upfront cost, the average Monmouth homeowner can save around $12,000 on their power bills over 20 years, which is one of the positives of solar.

To get a free estimate from a pre-vetted solar company in Monmouth, you can 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

When making the switch to solar, many homeowners choose to go with a solar installation company since handling can be a difficult project. Since solar panels are exposed to the elements every day, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by avoiding potential costs down the line.

You can work with a local solar installer to get a free quote on how much solar panels could cost for your home. Here are some near you:

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 Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

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 Monmouth

Factors that Affect Solar Panel Costs in Monmouth

Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few primary factors that will push your cost above or below the average 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 installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to pay around $3,760 per kilowatt in Monmouth.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Monmouth, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.

Solar Financing Terms

Many homeowners find the average cost of solar in Monmouth to be too costly, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to a higher cost over time because of interest.However, the interest on solar loans also increases your total costs, so it’s crucial to consider that as well. You can always lower the total you pay in interest and possibly even your APR by making a larger down payment.

Solar Panel Installation Company

A final consideration when trying to figure out the cost of solar for your home or business in Monmouth is the company you get to install your solar system. As with choosing a company to build a deck or pool, for example, there’s no shortage of solar installers that offer a range of services for different budgets.Additionally, some companies in Monmouth have more knowledge 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

The solar company you opt for will be a major factor in determining not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, including:

  • Contract: It’s important to look over your solar installer’s contract well to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
  • Warranty: If you’re worried about the durability of your solar energy system, checking if your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
  • Reputation: Solar companies that have great reviews from their customers and that have been in business for many years most likely offer high-quality solar panel installation and expertise.
  • Installation Process: Make sure you’re on the same page with the company in regard to how the installation process will go and what needs to be done before your solar system is installed, such as updating your electrical system or roof.

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 Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

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 Monmouth, IL Solar Cost FAQs

How much does it cost to install solar panels in Monmouth?

The average cost of solar panels in Monmouth is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on stuff like the model 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 Monmouth?

Leasing solar panels can be an appealing choice, as it typically 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 get the most savings.

Can solar panels eliminate my electricity bills?

It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Monmouth, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.

How many solar panels should I get to power my home?

To figure out what solar panel system size 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 generally produce about 250 to 400 watt-hours per hour, the average home 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.

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