Solar Panel Cost Guide in Monticello, IL (2024 Update)

  • Monticello Solar Installation Cost: $16,569
  • 25-Year Savings: $13,828
  • Payback Period: 16.0 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 Monticello

Here’s 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 average cost of a solar system is 4 per watt.The average Monticello homeowner needs a 6.3-kilowatt system, which would cost about $16,569 with the federal tax credit, or $23,694 before the 0 tax credit is applied.

The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of installing solar panels can vary quite a bit based on multiple factors, such as what size system you need, your energy usage and what installation company you go with.Despite the significant initial cost, the average Monticello homeowner can save around $16,000 on their energy bills over 20 years, which is one of the benefits of solar.

To calculate your potential savings and connect with a local solar installer, click the button below.

Solar savings over time in Monticello

Year Return on Investment
1 years $-15,719
3 years $-14,017
5 years $-12,316
7 years $-10,615
9 years $-8,914
11 years $-7,212
13 years $-5,511
15 years $-3,810
17 years $-2,108
19 years $-407
21 years $1,294
23 years $2,995
25 years $4,697

Top Solar Installers in Monticello

Trying to install solar panels by yourself can be a difficult project, which is why using a solar installer is a good option for many homeowners. Since solar panels are exposed to rain, snow, hail and wind, depending on the climate, 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.

If you’d like to start using solar energy but still aren’t sure which solar panel installer to go with, here are our recommendations for providers nearby:

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 Monticello

Factors that Affect Solar Panel Costs in Monticello

Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few major factors that affect your total cost in Monticello: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.

Solar Equipment

When it comes to estimating the price of a solar system in Monticello, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can gauge by looking at past power bills. Your overall cost can increase by about $3,760 for each additional kilowatt you need.The kind of solar panels and equipment you get is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment is more than just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that falls within your budget.

Solar Financing Terms

For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are provided by most installers in Monticello, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more accessible.When considering your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.

Solar Panel Installation Company

The solar company you hire to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar installation companies in Monticello, and each can charge varying amounts for labor and equipment.The size of the company can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to more resources and better 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 down to compete with bigger names.

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 $8,221 16.7 years
8 kW $3.84 $21,477 $11,383 16.3 years
10 kW $3.76 $26,320 $14,755 16.0 years
12 kW $3.68 $30,952 $18,338 15.7 years
14 kW $3.61 $35,374 $22,131 15.4 years
16 kW $3.53 $39,585 $26,135 15.1 years
18 kW $3.46 $43,586 $30,349 14.7 years
20 kW $3.38 $47,376 $34,774 14.4 years

How to Save on Solar Panels

The solar panel company you go with will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should take into account, including:

  • Contract: Read the contract terms carefully to make sure you understand the overall cost, completion timeline rebates and warranties.
  • Reputation: Make sure your solar company 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: Make sure you’re on the same page with the company regarding how the installation process will go and what needs to be done before your solar panels are installed, such as updating your electrical system or roof.
  • Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.

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 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 $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the actual cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you use.

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

Cost is definitely one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.

Is it worth going solar in Monticello?

Solar panels can be a fruitful 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 pretty low, solar panels might not be for you.

What solar power system size is right for my home?

The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can take a 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.

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