Solar Panel Cost Guide in Monticello, IN (Feb 2023)

  • Monticello Solar Installation Cost: $16,659
  • 25-Year Savings: $29,913
  • Payback Period: 8.9 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

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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

We break down average solar pricing 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 $3 per watt. Since a 8.9-kW system is needed to cover the energy needs of a typical home in Monticello, the average price of going solar will be about $16,659 before claiming the federal solar tax credit of 30%.

Keep in mind that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy use, the type of solar panels you want to get, your solar contractor and more. Many homeowners find installing solar panels is a solid investment. The average homeowner in Monticello can save about $20,000 on their energy bills over 20 years.

To get a free estimate from a pre-vetted solar installer in Monticello, you can click the button below.

Solar savings over time in Monticello

Year Return on Investment
1 years $-14,796
3 years $-11,070
5 years $-7,345
7 years $-3,619
9 years $107
11 years $3,833
13 years $7,558
15 years $11,284
17 years $15,010
19 years $18,736
21 years $22,461
23 years $26,187
25 years $29,913

Top Solar Installers in Monticello

DIY solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Using a solar panel installer can make your switch to solar power much easier. A solar company can also help save you money over time by offering warranties, repairs and part replacements.

If you're looking for a solar installer in Monticello, the EcoWatch team has organized a list of our top suggestions here:

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 (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Monticello

Factors that Affect Solar Panel Costs in Monticello

While the average cost of a solar system in Monticello is $16,659, your final cost may differ. There are several factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.

Solar Equipment

The size of the solar system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,680. The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.

Solar Financing Terms

Most solar companies in Monticello offer solar loans, which reduce the initial cost of installing solar. Although solar loans make adopting solar energy more accessible for Monticello homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.

Solar Panel Installation Company

The remaining major cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Monticello, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and decide on the company that provides the products, warranties and services you want and also fits within your budget.

Solar Panel Cost Data by System Size

System size Cost per system watt Solar system cost 25-Year savings Payback period
6 kW $2.79 $11,706 $19,764 9.3 years
8 kW $2.73 $15,308 $26,652 9.1 years
10 kW $2.68 $18,760 $33,691 8.9 years
12 kW $2.63 $22,062 $40,879 8.8 years
14 kW $2.57 $25,213 $48,217 8.6 years
16 kW $2.52 $28,215 $55,706 8.4 years
18 kW $2.47 $31,067 $63,345 8.2 years
20 kW $2.41 $33,768 $71,133 8.0 years

How to Save on Solar Panels

There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:

  • Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
  • Contract: It's important to read your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about the cost.
  • Solar Panel Brands: The brand of solar panel you want to get plays a part in which installer you should go with, since different companies provide different panels.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to do the job well. Another way you can verify your installer's reputation is by reading reviews.

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 (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Monticello, IN Solar Cost FAQs

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

This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $13,400 for a 5-kW system and $26,800 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.

Should I lease or buy solar panels in Monticello?

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 don't have access to 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 financial benefits from going solar.

Can solar panels significantly reduce my power bills?

Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,049.01 per year.

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

To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually 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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