Solar Panel Cost Guide in Monticello, IN (2025 Update)
- Monticello Solar Installation Cost: $25,483
- 25-Year Savings: $29,914
- Payback Period: 13.7 Years
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Average Cost of Solar Panels in Monticello
We go over average solar pricing in Monticello.
The national average cost of solar panels is $2.66 per watt, but in Monticello it’s 4 per watt.Using this figure, a typical 8.9-kW system would cost about $25,483 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy needs, the type of equipment you choose, your solar contractor and more.Even with the high upfront cost, the average Monticello homeowner can save around $20,000 on their power bills over 20 years, which is one of the perks of solar.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Monticello
| Year | Return on Investment |
|---|---|
| 1 years | $-23,763 |
| 3 years | $-20,324 |
| 5 years | $-16,884 |
| 7 years | $-13,445 |
| 9 years | $-10,005 |
| 11 years | $-6,566 |
| 13 years | $-3,127 |
| 15 years | $313 |
| 17 years | $3,752 |
| 19 years | $7,192 |
| 21 years | $10,631 |
| 23 years | $14,071 |
| 25 years | $17,510 |
Top Solar Installers in Monticello
Although you can install solar panels on your own, it requires extra effort and handiness. That's why most people choose to hire a solar panel installer. Local solar installers can also help you maximize your return on investment by walking you through any local incentives you can take advantage of and by offering warranties and repairs.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some near you:
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 key factors that will push your cost above or below the average in Monticello: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
One of the most significant 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 spend around $4,100 per kilowatt in Monticello.There are a lot of different solar panel brands and the one you choose also changes the cost. In many cases, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you’re looking to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Monticello provide solar loans, which reduce your upfront costs of installing solar.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The final major cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in Monticello, you’ll have plenty of options to choose from, but each comes at different price points for labor and equipment.The company’s size sometimes plays the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount 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 | $4.26 | $17,909 | $13,562 | 14.2 years |
| 8 kW | $4.18 | $23,419 | $18,541 | 14.0 years |
| 10 kW | $4.10 | $28,700 | $23,751 | 13.7 years |
| 12 kW | $4.02 | $33,751 | $29,190 | 13.4 years |
| 14 kW | $3.94 | $38,573 | $34,858 | 13.1 years |
| 16 kW | $3.85 | $43,165 | $40,756 | 12.9 years |
| 18 kW | $3.77 | $47,527 | $46,884 | 12.6 years |
| 20 kW | $3.69 | $51,660 | $53,241 | 12.3 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Monticello, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
- Contract: Although reading through a contract can take a lot of time, it’s important to do it fully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
EcoWatch's Monticello, IN Solar Cost FAQs
What is the average cost of installing solar panels in Monticello?
The average cost of solar panels in Monticello is about $20,500 for a 5-kW system and $41,000 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Monticello?
Leasing solar panels can be an option if you can’t afford to pay upfront or get 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 financial benefits from going solar.
How will installing solar panels impact my property value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Monticello is currently $214,610, so you could be looking at a value of about $8,799 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Monticello is a rewarding investment.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.