Solar Panel Cost Guide in Monmouth, KS (2023 Update)
- Monmouth Solar Installation Cost: $14,185
- 25-Year Savings: $29,800
- Payback Period: 8.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Monmouth
Find out what the average cost of solar panel installation is in Monmouth.
The national average cost of solar panels is $2.66 per watt, but in Monmouth it's 2.59 per watt. The average Monmouth homeowner needs a 7.8-kilowatt system, which would cost about $14,178 with the federal tax credit, or $20,275 before the 30% tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy needs, the type of solar panels you want, your solar contractor and more. But, once you've paid the initial cost of installation, the ROI for most homeowners is usually good, with a net average savings of about $21,000 over 20 years on power bills.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Monmouth
| Year | Return on Investment |
|---|---|
| 1 years | $-12,827 |
| 3 years | $-10,112 |
| 5 years | $-7,397 |
| 7 years | $-4,682 |
| 9 years | $-1,967 |
| 11 years | $748 |
| 13 years | $3,464 |
| 15 years | $6,179 |
| 17 years | $8,894 |
| 19 years | $11,609 |
| 21 years | $14,324 |
| 23 years | $17,039 |
| 25 years | $19,754 |
Top Solar Installers in Monmouth
When going solar, many homeowners prefer to use a solar installer since overseeing your solar installation yourself can be a challenging project. Some solar companies, particularly local ones, can help you make the most of incentives in Monmouth, therefore optimizing your ROI.
Working with a professional solar installer can help you make the most of your investment in solar. Here are our recommendations:
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 Monmouth
Factors that Affect Solar Panel Costs in Monmouth
Even though the average cost of a solar system in Monmouth is $14,178, your actual cost may be higher or lower than that. There are quite a few factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to pay about $2,590 per kilowatt in Monmouth. Some solar panel brands — like Maxeon from SunPower — cost more 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 a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a popular option because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also increases your overall costs, so it's important to include that in your estimate as well. You can always bring down the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panel system can play a part in determining the cost. Monmouth's solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.69 | $11,313 | $22,417 | 8.4 years |
| 8 kW | $2.64 | $14,794 | $30,179 | 8.2 years |
| 10 kW | $2.59 | $18,130 | $38,087 | 8.1 years |
| 12 kW | $2.54 | $21,321 | $46,139 | 7.9 years |
| 14 kW | $2.49 | $24,367 | $54,337 | 7.7 years |
| 16 kW | $2.43 | $27,268 | $62,680 | 7.6 years |
| 18 kW | $2.38 | $30,023 | $71,167 | 7.4 years |
| 20 kW | $2.33 | $32,634 | $79,800 | 7.3 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 models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years in most cases offer high-quality solar panel installation and expertise.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Warranty: Warranties that cover defective panels and repairs over a long period of time such as 25 years are the gold standard in the business, and offering that kind of warranty is one sign of a good company.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Monmouth, KS Solar Cost FAQs
How much does it cost to install solar panels in Monmouth?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $12,950 for a 5-kW system and $25,900 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Monmouth?
Leasing solar panels can be an option if you can't 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 savings from going solar.
Is it worth going solar in Monmouth?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs 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 house 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.