Solar Panel Cost Guide in Monroe, MI (Mar 2023)
- Monroe Solar Installation Cost: $11,822
- 25-Year Savings: $15,335
- Payback Period: 10.9 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Monroe
Let's take 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 2.81 per watt. The average solar panel system size in Monroe is around 6.0 kilowatts, meaning a cost of about $11,822 for a solar installation, or $16,905 before the 30% federal solar tax credit is applied.
How much you pay can go above or below the average in Monroe based on a few factors, such as the brand of solar panels you choose and the solar installer you hire. With typical savings of about $17,000 on power bills over 20 years, many homeowners in Monroe find investing in solar can be quite rewarding.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Monroe
| Year | Return on Investment |
|---|---|
| 1 years | $-10,735 |
| 3 years | $-8,563 |
| 5 years | $-6,390 |
| 7 years | $-4,218 |
| 9 years | $-2,045 |
| 11 years | $127 |
| 13 years | $2,300 |
| 15 years | $4,472 |
| 17 years | $6,645 |
| 19 years | $8,817 |
| 21 years | $10,990 |
| 23 years | $13,163 |
| 25 years | $15,335 |
Top Solar Installers in Monroe
When making the switch to solar, many homeowners choose to use a solar installation company since DIY solar panel installation can be a challenging project. Companies can also offer access to quality options of the best solar panels and help you decide which one will be best for your home.
If you'd like to start using solar energy but still aren't certain which solar panel company to go with, here are our recommendations for providers nearby:
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
Though the average cost of a solar system in Monroe is $11,822, your actual cost may be higher or lower than that. There are quite a few factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to consider.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,810. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive 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 greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are available from most installers in Monroe, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable. When estimating your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Monroe is the company you choose to install your solar system. Similar to choosing a company to build a deck or pool, for example, you'll have no shortage of solar installers that offer a range of services for different budgets. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be a tough decision, we have some tips to help you, such as:
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. While there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of options before deciding.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
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 tough question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $14,050 for a 5-kW system and $28,100 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 above-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Monroe?
Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Can solar panels eliminate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location 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 $904.22 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily 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 install 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.