Solar Panel Cost Guide in Monroe, MI (2024 Update)
- Monroe Solar Installation Cost: $17,071
- 25-Year Savings: $16,005
- Payback Period: 15.7 Years
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Average Cost of Solar Panels in Monroe
Let’s have a look at the average cost of solar panels in Monroe.
The national average cost of solar panels is $2.66 per watt, but in Monroe it’s 4 per watt.Using this figure, a typical 6.0-kW system would cost about $17,071 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Monroe homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.But, after you've paid the upfront cost of installation, the return on investment for most homeowners is usually fruitful, with a net average savings of about $17,000 over 20 years on energy bills.
Click the button below to get connected to a top solar company in Monroe for a custom estimate.
Solar savings over time in Monroe
| Year | Return on Investment |
|---|---|
| 1 years | $-15,748 |
| 3 years | $-13,102 |
| 5 years | $-10,456 |
| 7 years | $-7,810 |
| 9 years | $-5,164 |
| 11 years | $-2,518 |
| 13 years | $128 |
| 15 years | $2,774 |
| 17 years | $5,420 |
| 19 years | $8,067 |
| 21 years | $10,713 |
| 23 years | $13,359 |
| 25 years | $16,005 |
Top Solar Installers in Monroe
Although it's possible to install solar panels by yourself, it involves extra effort and expertise. That's why most people choose to hire a solar panel installer. A solar installer can also help save you money in the long run by offering warranties, repairs and part replacements.
If you're searching for a solar installer in Monroe, we've organized a list of our top suggestions here:
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 numerous factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $4,060.Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Monroe, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don’t have a lot of 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
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are offered by most installers in Monroe, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more accessible.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The final major cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Monroe, you’ll have lots of options to choose from, but each comes at various price points for labor and equipment.The size of the company can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to more 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 down 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 | $4.22 | $17,734 | $9,393 | 16.3 years |
| 8 kW | $4.14 | $23,191 | $12,978 | 16.0 years |
| 10 kW | $4.06 | $28,420 | $16,791 | 15.7 years |
| 12 kW | $3.98 | $33,422 | $20,831 | 15.4 years |
| 14 kW | $3.90 | $38,196 | $25,099 | 15.1 years |
| 16 kW | $3.82 | $42,744 | $29,594 | 14.8 years |
| 18 kW | $3.74 | $47,064 | $34,317 | 14.5 years |
| 20 kW | $3.65 | $51,156 | $39,266 | 14.1 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 find the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Different companies will have various brands and types of panels. If you want a specific brand, make sure the solar installer you’re considering has it.
- Installation Process: Make sure you’re aligned with the company in regard to how the installation process will go and what needs to be done before your solar system is installed, such as updating your electrical system or roof.
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for a long time and save you money on part replacement and repairs.
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years likely provide quality solar panel installation and expertise.
EcoWatch's Monroe, MI 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 many 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 cost more if you want additional solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How will having solar panels impact my property value?
Solar panels can increase your property’s value remarkably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How long do solar panels last in Monroe?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using them at a lower efficiency.
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.