Solar Panel Cost Guide in Monticello, KY (2024 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.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Monticello, the typical cost of a solar system is 4 per watt.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.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of installing solar panels can vary depending on several factors, such as what size system you need, your energy consumption and what installation company you go with.But, after you've paid the initial cost of installation, the return on investment for most homeowners is typically rewarding, with a net average savings of about $16,000 over 20 years on utility bills.
You can click the button below to get connected with a top solar installer in Monticello for a quote for your home.
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
Although it's possible to install solar panels on your own, it takes extra effort and know-how. Because of that, most homeowners choose to go with a solar panel installer. Also, if you’d like to maximize your investment in solar energy, opting for a solar installer can help with that too. Different providers can offer warranties, expertise on how to install solar panels and sometimes even information on local incentives and net metering programs.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some nearby:
Best National Provider
SunPower
- 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
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Technology
Tesla Energy
- 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
Although the average cost of a solar system in Monticello is $24,308, your actual cost may differ. There are quite a few factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay around $3,650 per kilowatt in Monticello.The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag 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 can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a popular route because they decrease your upfront costs and let you pay for your system over five to seven years on average.However, the interest on solar loans also increases your total costs, so it’s crucial to consider that 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
The solar company you choose will influence your total cost to go solar. Different companies will charge different amounts for the equipment and labor.The size of the company can sometimes play the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower 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 | $3.80 | $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 installer you choose significantly affects 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: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to do the job well. Another way you can check your installer’s reputation is by reading reviews.
- Installation Process: When going solar, it’s crucial to keep an open line of communication with your solar panel company. Make sure you understand how the installation process will go and the completion timeline.
- Contract: Read the contract terms carefully to make sure you understand how much it will cost, project completion timeline rebates and warranties.
- Warranty: If you care about the durability of your solar panels, making sure your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
Best National Provider
SunPower
- 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
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Technology
Tesla Energy
- 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, KY Solar Cost FAQs
How much does it cost to install solar panels in Monticello?
This is a hard question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $18,250 for a 5-kW system and $36,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
Cost is a key factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Is it worth going solar in Monticello?
Solar panels can be a great investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct 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?
To figure out how many solar panels you need, you need to know how much energy your home requires 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 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.