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.
In Monroe, solar panels cost about 4 per watt on average.The average Monroe homeowner needs a 6.0-kilowatt system, which would cost about $17,071 with the federal tax credit, or $24,412 before the 0 tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Monroe homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.Even with the high upfront cost, the average Monroe homeowner can save about $17,000 on their energy bills over 20 years, which is one of the perks of solar.
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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
When making the switch to solar, many homeowners choose to use a solar installer since putting up a solar system yourself can be a difficult project. Companies can also provide access to a large variety of the best solar panels and help you pick which one will be right for your family.
There are several licensed solar professionals that can help you install your solar system. Here are our suggestions:
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 Monroe
Factors that Affect Solar Panel Costs in Monroe
There are many criteria that can determine your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $4,060. The kind of solar equipment you choose can bring your price up or down 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. However, higher efficiency could save you more in the long run on your electric bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Monroe average.
Solar Financing Terms
Most solar companies in Monroe provide solar loans, which reduce your upfront costs of installing solar panels.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 back the loan.
Solar Panel Installation Company
The solar installation company you select will impact your total cost to make the switch to solar . Different companies will bill different amounts for the equipment and labor.Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and decide on the company that offers the products, warranties and services you’re looking for and also fit into your budget.
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
The solar installer you opt for will influence 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 a few important things you should take into account, including:
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should acquire and how long the project will take.
- Warranty: A comprehensive, long-term warranty can help keep your solar panels running smoothly and save you money on part replacement and repairs.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean 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 verify your installer’s reputation is by reading reviews.
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 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 $20,300 for a 5-kW system and $40,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
What other factors should I consider aside from cost when buying solar panels?
The initial cost is a crucial factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
How will having solar panels impact my home value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Monroe is currently $202,826, so you can look forward to a value of about $8,316 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Monroe is a fruitful investment.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.