Solar Panel Cost Guide in Monticello, KY (2023 Update)
- Monticello Solar Installation Cost: $15,577
- 25-Year Savings: $23,508
- Payback Period: 10.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Monticello
Find out what the average cost of solar panel installation is in Monticello.
The national average cost of solar panels is $2.66 per watt, but in Monticello it's 2.34 per watt. To cover the typical energy usage of the average home in Monticello, most homeowners require a 9.5-kilowatt system. Using the per-watt figure above, a solar installation costs about $15,577, or $22,275 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of installing solar panels can vary quite a bit based on a few factors, such as what size system you need, your energy consumption and what solar installer you go with. For many homeowners, the upfront cost of solar power is worth paying. On average Monticello homeowners see about $16,000 in savings on electricity bills over 20 years.
To get a free quote from a top solar company in Monticello, you can click the button below.
Solar savings over time in Monticello
| Year | Return on Investment |
|---|---|
| 1 years | $-14,014 |
| 3 years | $-10,887 |
| 5 years | $-7,760 |
| 7 years | $-4,634 |
| 9 years | $-1,507 |
| 11 years | $1,620 |
| 13 years | $4,747 |
| 15 years | $7,874 |
| 17 years | $11,001 |
| 19 years | $14,127 |
| 21 years | $17,254 |
| 23 years | $20,381 |
| 25 years | $23,508 |
Top Solar Installers in Monticello
Although you can install solar panels yourself, it takes extra labor and know-how. For that reason, almost all homeowners choose to hire a solar panel installer. Plus, if you're not certain what type of solar panels and equipment you need, a solar company can help you figure that out after a site survey and consultation.
Working with a professional solar installer can help your solar project go smoothly. Here are our recommendations:
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
The cost of installing a solar system in Monticello can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the cost of solar panels in Monticello, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can gauge by looking at past energy bills. Your overall cost can increase by around $2,340 for each additional kilowatt you need. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Monticello, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Monticello to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to paying more over time because of interest. While solar loans make switching to solar energy more accessible for Monticello homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you opt for to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar installation companies in Monticello, and each can charge different amounts for labor and equipment. The company's size can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of access 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 lower 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 | $2.43 | $10,221 | $14,428 | 10.4 years |
| 8 kW | $2.39 | $13,366 | $19,499 | 10.2 years |
| 10 kW | $2.34 | $16,380 | $24,701 | 10.0 years |
| 12 kW | $2.29 | $19,263 | $30,035 | 9.8 years |
| 14 kW | $2.25 | $22,015 | $35,499 | 9.6 years |
| 16 kW | $2.20 | $24,636 | $41,095 | 9.4 years |
| 18 kW | $2.15 | $27,125 | $46,821 | 9.2 years |
| 20 kW | $2.11 | $29,484 | $52,679 | 9.0 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- 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 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: Make sure you're on the same page with the installer with regard to how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.
- Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, project completion timeline rebates and warranties.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you opt for.
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
What is the average cost of installing solar panels in Monticello?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $11,700 for a 5-kW system and $23,400 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Are solar panels free in Monticello?
You can't get solar panels for free in Monticello. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
How much can I save on power bills after switching to solar?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Monticello, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know how much energy your home uses 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 household 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.