Solar Panel Cost Guide in Monticello, IL (2023 Update)
- Monticello Solar Installation Cost: $12,030
- 25-Year Savings: $13,828
- Payback Period: 11.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Monticello
Find out how much it might cost to make the switch to solar in Monticello.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Monticello, the typical cost of a solar system is 2.73 per watt. To cover the typical energy usage of the average home in Monticello, most homeowners require a 6.3-kilowatt system. Using the per-watt figure above, a solar installation costs about $12,039, or $17,216 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy use, the type of equipment you want to get, your solar contractor and more. But, after you've paid the upfront cost of installation, the return on investment for most homeowners is usually good, with a net average savings of about $16,000 over 20 years on power bills.
You can click the button below to get connected with a pre-vetted solar company in Monticello for a quote for your home.
Solar savings over time in Monticello
| Year | Return on Investment |
|---|---|
| 1 years | $-11,180 |
| 3 years | $-9,478 |
| 5 years | $-7,777 |
| 7 years | $-6,076 |
| 9 years | $-4,375 |
| 11 years | $-2,673 |
| 13 years | $-972 |
| 15 years | $729 |
| 17 years | $2,431 |
| 19 years | $4,132 |
| 21 years | $5,833 |
| 23 years | $7,534 |
| 25 years | $9,236 |
Top Solar Installers in Monticello
Many homeowners opt for a solar panel installer since figuring out how to install solar panels by yourself can be hard. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Monticello
Factors that Affect Solar Panel Costs in Monticello
For many Monticello homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Monticello, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That's why it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. There are many different solar panel brands and the one you pick also affects the cost. Usually, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you're looking 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
Many homeowners find the average cost of solar in Monticello to be prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest. It's wise to include 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 off the loan.
Solar Panel Installation Company
The remaining key cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in Monticello, you'll have many options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in Monticello are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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 | $2.84 | $11,925 | $12,720 | 12.1 years |
| 8 kW | $2.78 | $15,594 | $17,266 | 11.9 years |
| 10 kW | $2.73 | $19,110 | $21,965 | 11.6 years |
| 12 kW | $2.68 | $22,473 | $26,817 | 11.4 years |
| 14 kW | $2.62 | $25,684 | $31,821 | 11.2 years |
| 16 kW | $2.57 | $28,741 | $36,979 | 10.9 years |
| 18 kW | $2.51 | $31,646 | $42,289 | 10.7 years |
| 20 kW | $2.46 | $34,398 | $47,752 | 10.5 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be a challenge, we have some tips to help you, such as:
- Contract: Review the contract terms carefully to make sure you understand the overall cost, completion timeline rebates and warranties.
- Installation Process: When making the switch to solar, it's essential to keep an open line of communication with your solar company. Confirm that you understand how the installation process will go and the project completion timeline.
- Solar Panel Brands: The kind of solar panel you want plays a part in which installer you should go with, since different companies offer different panels.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Monticello, IL Solar Cost FAQs
What is the average cost of installing solar panels in Monticello?
The average cost of solar panels in Monticello is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the actual cost will depend on things like the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to consider when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels completely eradicate my electricity bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Monticello, that will require at least a 10-kW system. Not all homes will have roofs that 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.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the average daily 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 get between 20 and 35 panels to cover 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.