Solar Panel Cost Guide in Monroe, LA (2023 Update)
- Monroe Solar Installation Cost: $18,386
- 25-Year Savings: $21,806
- Payback Period: 11.4 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Monroe
Here's how much it might cost to go solar in Monroe.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Monroe, the typical cost of solar panels is 2.57 per watt. Using this figure, a typical 10.2-kW system would cost about $18,386 before the 30% federal solar tax credit is applied.
The true cost of your system can go higher or lower than the average in Monroe depending on several factors, such as the kind of solar panels you choose and the solar company you hire. Many homeowners find going solar is a rewarding investment. The average homeowner in Monroe can save about $15,000 on their electricity bills over 20 years.
You can click the button below to get connected with a vetted 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 | $-16,778 |
| 3 years | $-13,563 |
| 5 years | $-10,347 |
| 7 years | $-7,132 |
| 9 years | $-3,917 |
| 11 years | $-701 |
| 13 years | $2,514 |
| 15 years | $5,729 |
| 17 years | $8,945 |
| 19 years | $12,160 |
| 21 years | $15,376 |
| 23 years | $18,591 |
| 25 years | $21,806 |
Top Solar Installers in Monroe
When going solar, many homeowners opt to hire a solar installation company since putting up solar panels yourself can be a challenging project. Some solar companies, especially local ones, can help you take advantage of incentives in Monroe, thereby optimizing your ROI.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
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 Monroe
Factors that Affect Solar Panel Costs in Monroe
For many Monroe homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Monroe, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Monroe, one of the most crucial 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 figure out by looking at past electricity bills. Your overall cost can increase by about $2,570 for each additional kilowatt you need. The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price 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 will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Monroe to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in paying more over time due to interest. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to pay a higher 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 select will influence your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions 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 | $2.67 | $11,226 | $12,380 | 11.9 years |
| 8 kW | $2.62 | $14,680 | $16,794 | 11.7 years |
| 10 kW | $2.57 | $17,990 | $21,352 | 11.4 years |
| 12 kW | $2.52 | $21,156 | $26,055 | 11.2 years |
| 14 kW | $2.47 | $24,179 | $30,901 | 11.0 years |
| 16 kW | $2.42 | $27,057 | $35,891 | 10.7 years |
| 18 kW | $2.36 | $29,791 | $41,025 | 10.5 years |
| 20 kW | $2.31 | $32,382 | $46,303 | 10.3 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: When looking through your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Solar Panel Brands: The kind of solar panel you want to get plays a part in which company you should opt for, since different companies provide different panels.
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
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 Monroe, LA Solar Cost FAQs
How much does it cost to install solar panels in Monroe?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $12,850 for a 5-kW system and $25,700 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Are solar panels free in Monroe?
A solar panel system isn't free in Monroe, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Can solar panels eliminate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $786.85 per year.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.