Solar Panel Cost Guide in Monroe, LA (2024 Update)
- Monroe Solar Installation Cost: $27,174
- 25-Year Savings: $21,814
- Payback Period: 16.9 Years
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Average Cost of Solar Panels in Monroe
Let’s have a look at the average cost of solar in Monroe.
Although the national average of solar panels is $2.66 per watt, solar panels in Monroe typically cost around 4.Because a 10.2-kW system is needed to cover the energy usage of a typical home in Monroe, the average price of going solar will be about $27,174 after claiming the federal solar tax credit of 0.
The true cost of your system can be higher or lower than the average in Monroe depending on several factors, such as the kind of solar panels you choose and the solar contractor you hire.Despite the significant initial cost, the average Monroe homeowner can save around $15,000 on their electricity bills over 20 years, which is one of the benefits of solar.
You can click the button below to get connected with a top solar installer in Monroe that can help you get a more accurate cost estimate for your home.
Solar savings over time in Monroe
| Year | Return on Investment |
|---|---|
| 1 years | $-25,865 |
| 3 years | $-23,247 |
| 5 years | $-20,628 |
| 7 years | $-18,009 |
| 9 years | $-15,391 |
| 11 years | $-12,772 |
| 13 years | $-10,154 |
| 15 years | $-7,535 |
| 17 years | $-4,917 |
| 19 years | $-2,298 |
| 21 years | $320 |
| 23 years | $2,939 |
| 25 years | $5,557 |
Top Solar Installers in Monroe
Many homeowners opt for a solar panel company since installing solar panels by yourself can be challenging. Also, companies with a good reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
Working with a licensed solar installer can help your solar project go smoothly. Here are our recommendations:
See all of the solar companies in Monroe
Factors that Affect Solar Panel Costs in Monroe
Even though the average cost of a solar system in Monroe is $27,174, your final cost may be higher or lower than that. There are many factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That’s why it’s a priority to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your power bills. In addition, extra products, such as solar batteries, can bump up your total well above the Monroe average.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That’s why many Monroe homeowners decide to finance their solar panel systems to make paying for solar more affordable.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The solar company you choose to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Monroe, and each can charge varying amounts for labor and equipment.Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.95 | $16,598 | $7,007 | 17.6 years |
| 8 kW | $3.88 | $21,706 | $9,768 | 17.2 years |
| 10 kW | $3.80 | $26,600 | $12,742 | 16.9 years |
| 12 kW | $3.72 | $31,282 | $15,929 | 16.6 years |
| 14 kW | $3.65 | $35,750 | $19,329 | 16.2 years |
| 16 kW | $3.57 | $40,006 | $22,941 | 15.9 years |
| 18 kW | $3.50 | $44,050 | $26,767 | 15.6 years |
| 20 kW | $3.42 | $47,880 | $30,805 | 15.2 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose significantly affects your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: It’s important to look over your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years likely provide good-quality solar panel installation and expertise.
- Installation Process: Make sure you’re aligned with the installer in regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
EcoWatch's Monroe, LA Solar Cost FAQs
How much does it cost to install solar panels in Monroe?
The average cost of solar panels in Monroe is about $19,000 for a 5-kW system and $38,000 for a 10-kW system before the ITC, but the actual cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Monroe?
Leasing solar panels can be an option if you are unable 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.
Is it worth going solar in Monroe?
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 electricity bills are already fairly low, solar panels might not be for you.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of 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.
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.