Solar Panel Cost Guide in Monitor, MI (2024 Update)
- Monitor Solar Installation Cost: $17,495
- 25-Year Savings: $21,664
- Payback Period: 13.0 Years
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Average Cost of Solar Panels in Monitor
Find out what the average cost of a solar system is in Monitor.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Monitor, the typical cost of a solar system is 4 per watt.To account for the typical energy needs of the average home in Monitor, most homeowners require a 6.2-kilowatt system. Using the per-watt figure above, a solar installation costs about $17,495, or $25,018 before the federal solar tax credit of 0 is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy use, the type of solar panels you choose, your solar contractor and more.Even with the significant initial cost, the average Monitor homeowner can save about $21,000 on their energy bills over 20 years, which is one of the perks of solar.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Monitor
| Year | Return on Investment |
|---|---|
| 1 years | $-16,241 |
| 3 years | $-13,734 |
| 5 years | $-11,226 |
| 7 years | $-8,719 |
| 9 years | $-6,212 |
| 11 years | $-3,704 |
| 13 years | $-1,197 |
| 15 years | $1,311 |
| 17 years | $3,818 |
| 19 years | $6,325 |
| 21 years | $8,833 |
| 23 years | $11,340 |
| 25 years | $13,848 |
Top Solar Installers in Monitor
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Hiring an installer can make your switch to solar power much easier. Plus, warranties and repairs from your solar panel installer can protect your investment and reduce the cost of maintenance in the long run.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some in Monitor:
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
Solar Veteran
Michigan Solar Solutions
- Great warranty coverage
- Outstanding customer service
- Offers products from leading manufacturers
- Slightly limited service offerings
- No leases or PPAs
Outstanding Local Installer
Strawberry Solar
- Outstanding customer service
- Representatives are experts on local policies
- Educational, no-pressure sales approach
- Limited warranty coverage
- No leases or PPAs
- Limited brands of solar equipment available
See all of the solar companies in Monitor
Factors that Affect Solar Panel Costs in Monitor
The cost of installing a solar system in Monitor 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 household needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of a solar energy system in Monitor, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy consumption, which you can gauge by looking at past energy bills. Your total cost can increase by around $4,060 for each additional kilowatt you need.There are several different solar panel brands and the one you pick also affects the cost. In many cases, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you’re looking to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are offered by most installers in Monitor, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable.However, the interest on solar loans also adds to your overall costs, so it’s important to consider that as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar panel installer you select will affect your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor.Larger national companies typically have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have 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 | $4.22 | $17,734 | $15,183 | 13.5 years |
| 8 kW | $4.14 | $23,191 | $20,699 | 13.2 years |
| 10 kW | $4.06 | $28,420 | $26,442 | 13.0 years |
| 12 kW | $3.98 | $33,422 | $32,412 | 12.7 years |
| 14 kW | $3.90 | $38,196 | $38,610 | 12.4 years |
| 16 kW | $3.82 | $42,744 | $45,035 | 12.2 years |
| 18 kW | $3.74 | $47,064 | $51,688 | 11.9 years |
| 20 kW | $3.65 | $51,156 | $58,568 | 11.7 years |
How to Save on Solar Panels
There are a large number of companies to choose from in Monitor, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- 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 get the job done well. Another way you can look into your installer’s reputation is by reading reviews.
- Solar Panel Brands: The kind of solar panel you want to install plays a part in which company you should opt for, since different companies offer different panels.
- Warranty: A high-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 company’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
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
Solar Veteran
Michigan Solar Solutions
- Great warranty coverage
- Outstanding customer service
- Offers products from leading manufacturers
- Slightly limited service offerings
- No leases or PPAs
Outstanding Local Installer
Strawberry Solar
- Outstanding customer service
- Representatives are experts on local policies
- Educational, no-pressure sales approach
- Limited warranty coverage
- No leases or PPAs
- Limited brands of solar equipment available
EcoWatch's Monitor, MI Solar Cost FAQs
How much does it cost to install solar panels in Monitor?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $20,300 for a 5-kW system and $40,600 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
What other factors should I consider aside from cost when buying solar panels?
The upfront 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 switching to solar power worth it?
Solar panels can be a beneficial investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and how much 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 get between 20 and 35 panels to account for 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.