Solar Panel Cost Guide in Monroe, MI (2023 Update)
- Monroe Solar Installation Cost: $11,815
- 25-Year Savings: $15,342
- Payback Period: 10.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Monroe
Here's how much it might cost to go solar in Monroe.
In Monroe, solar panels cost about 2.81 per watt on average. Using this figure, a typical 6.0-kW system would cost about $11,822 before the 30% federal solar tax credit is applied.
These figures are just averages, and how much solar costs for you may look different based on your energy needs and what company you choose to go with. Many homeowners find going solar is a solid investment. The average homeowner in Monroe can save about $17,000 on their electricity bills over 20 years.
You can click the button below to get connected with a top solar company in Monroe for a quote for your home.
Solar savings over time in Monroe
| Year | Return on Investment |
|---|---|
| 1 years | $-10,492 |
| 3 years | $-7,846 |
| 5 years | $-5,200 |
| 7 years | $-2,554 |
| 9 years | $92 |
| 11 years | $2,738 |
| 13 years | $5,384 |
| 15 years | $8,030 |
| 17 years | $10,676 |
| 19 years | $13,322 |
| 21 years | $15,968 |
| 23 years | $18,614 |
| 25 years | $21,260 |
Top Solar Installers in Monroe
Many homeowners choose to use a solar installation company since trying to put up solar panels on your own can be a lot of work. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and part replacements.
Working with a licensed solar installer can make going solar easier. Here are our recommendations:
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 Monroe
Factors that Affect Solar Panel Costs in Monroe
For many Monroe homeowners, the decision to adopt solar energy 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 price of a solar 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 largely 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 $2,810 for each additional kilowatt you need. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your power bills. In addition, extra products, like solar batteries, can bring your total well above the Monroe average.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That's why many Monroe homeowners opt to finance their solar panel systems to make going solar more affordable. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The solar panel installation company you choose will influence your total cost to go solar. Different companies will charge different amounts for the equipment and labor. Larger national companies usually 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 add-on services like electric vehicle 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 | $2.92 | $12,274 | $14,853 | 11.3 years |
| 8 kW | $2.87 | $16,051 | $20,118 | 11.1 years |
| 10 kW | $2.81 | $19,670 | $25,541 | 10.9 years |
| 12 kW | $2.75 | $23,132 | $31,121 | 10.7 years |
| 14 kW | $2.70 | $26,436 | $36,859 | 10.4 years |
| 16 kW | $2.64 | $29,584 | $42,754 | 10.2 years |
| 18 kW | $2.59 | $32,574 | $48,807 | 10.0 years |
| 20 kW | $2.53 | $35,406 | $55,016 | 9.8 years |
How to Save on Solar Panels
The solar panel company you choose will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, including:
- 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 good reputation and is qualified to get the job done well. Another way you can check your installer's reputation is by reading reviews.
- Contract: Although reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the completion timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Although there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of offerings before deciding.
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 Monroe, MI Solar Cost FAQs
How much does it cost to install solar panels in Monroe?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $14,050 for a 5-kW system and $28,100 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Monroe?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home 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?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
How many solar panels should I get to power my home?
To figure out what solar panel system size 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 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.