Solar Panel Cost Guide in Monticello, KY (2025 Update)
- Monticello Solar Installation Cost: $24,308
- 25-Year Savings: $23,501
- Payback Period: 15.5 Years
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Average Cost of Solar Panels in Monticello
We break down average solar pricing in Monticello.
While the national average of solar panels is $2.66 per watt, solar panels in Monticello generally cost about 4.The average Monticello homeowner needs a 9.5-kilowatt system, which would cost about $24,308 with the federal tax credit, or $34,760 before the 0 tax credit is applied.
These figures are just averages, and your own solar costs may differ based on your energy needs and what company you choose to go with.But, once you've paid the upfront cost of installation, the savings for most homeowners is quite good, with a net average savings of about $16,000 over 20 years on electricity bills.
To get a free estimate from a pre-vetted solar installation company in Monticello, you can click the button below.
Solar savings over time in Monticello
| Year | Return on Investment |
|---|---|
| 1 years | $-22,988 |
| 3 years | $-20,349 |
| 5 years | $-17,709 |
| 7 years | $-15,069 |
| 9 years | $-12,429 |
| 11 years | $-9,789 |
| 13 years | $-7,149 |
| 15 years | $-4,510 |
| 17 years | $-1,870 |
| 19 years | $770 |
| 21 years | $3,410 |
| 23 years | $6,050 |
| 25 years | $8,690 |
Top Solar Installers in Monticello
Trying to install solar panels on your own can be a stressful project, which is why hiring a solar installation company is a good option for many homeowners. Local solar installers can also help you optimize your return on investment by walking you through any local incentives and by offering warranties and repairs.
If you're on the hunt for a solar company in Monticello, the EcoWatch team has organized a list of our top suggestions here:
See all of the solar companies in Monticello
Factors that Affect Solar Panel Costs in Monticello
Cost is usually 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 cover each of these briefly below.
Solar Equipment
The size of the solar panel system you need for your household, 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 $3,650. There are many different solar panel brands and the one you pick also affects the cost. Generally speaking, 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 only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That’s why many Monticello homeowners decide to finance their solar panel systems to offset upfront costs.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The solar installer you choose to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar panel companies in Monticello, and each can charge varying amounts for labor and equipment.The size of the company sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to greater resources and bulk 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 discount can bring their pricing down to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.80 | $15,943 | $8,706 | 16.2 years |
| 8 kW | $3.72 | $20,849 | $12,016 | 15.9 years |
| 10 kW | $3.65 | $25,550 | $15,531 | 15.5 years |
| 12 kW | $3.58 | $30,047 | $19,251 | 15.2 years |
| 14 kW | $3.50 | $34,339 | $23,175 | 14.9 years |
| 16 kW | $3.43 | $38,427 | $27,303 | 14.6 years |
| 18 kW | $3.36 | $42,311 | $31,636 | 14.3 years |
| 20 kW | $3.29 | $45,990 | $36,173 | 14.0 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases provide quality solar panel installation and expertise.
- Installation Process: When going solar, it’s important to maintain an open line of communication with your solar panel company. Confirm that you understand how the installation process will go and the project completion timeline.
- Contract: Although reading through a contract can take a lot of time, it’s important to do it carefully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
EcoWatch's Monticello, KY Solar Cost FAQs
How much does it cost to install solar panels in Monticello?
The average cost of solar panels in Monticello is about $18,250 for a 5-kW system and $36,500 for a 10-kW system before the ITC, but the real cost will depend on things like the type of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
The initial cost is a very important factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Is going solar worth it?
Solar panels can be a beneficial investment for most 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.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily 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 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.