Solar Panel Cost Guide in South Monroe, MI (2024 Update)
- South Monroe Solar Installation Cost: $17,071
- 25-Year Savings: $16,700
- Payback Period: 15.0 Years
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Average Cost of Solar Panels in South Monroe
Here’s how much it might cost to install solar panels in South Monroe.
While the national average of solar panels is $2.66 per watt, solar panels in South Monroe generally cost around 4.The average South 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 numbers above are only averages. The price you’ll pay for solar will differ based on your household energy use, the type of solar system you want, your solar contractor and more.Even with the large initial cost, the average South Monroe homeowner can save around $18,000 on their power bills over 20 years, which is one of the perks of solar.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in South Monroe
| Year | Return on Investment |
|---|---|
| 1 years | $-15,817 |
| 3 years | $-13,310 |
| 5 years | $-10,802 |
| 7 years | $-8,295 |
| 9 years | $-5,788 |
| 11 years | $-3,280 |
| 13 years | $-773 |
| 15 years | $1,735 |
| 17 years | $4,242 |
| 19 years | $6,749 |
| 21 years | $9,257 |
| 23 years | $11,764 |
| 25 years | $14,272 |
Top Solar Installers in South Monroe
DIY solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Hiring an installer can make your switch to solar power much easier. Also, companies with a good reputation that cost more upfront could actually save you money in the long term due to their warranties, repair services and expert design.
If you're on the hunt for a solar installer in South Monroe, we've put together a list of our top suggestions here:
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 South Monroe
Factors that Affect Solar Panel Costs in South Monroe
Though the average cost of a solar system in South Monroe is $17,071, your final cost may be higher or lower than that. There are quite a few factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to consider.
Solar Equipment
When it comes to estimating the price of a solar energy system in South Monroe, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can gauge by looking at past energy bills. Your overall cost can increase by around $4,060 for each additional kilowatt you need.The model of solar panels and equipment you want is another factor that will greatly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment consists of more than just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are provided by most installers in South Monroe, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible.However, the interest on solar loans also increases your total costs, so it’s vital to keep that in mind as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in South Monroe is the company you hire to install your solar panel system. As with choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that offer a range of services at different price points.You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $10,749 | 15.6 years |
| 8 kW | $4.14 | $23,191 | $14,787 | 15.3 years |
| 10 kW | $4.06 | $28,420 | $19,052 | 15.0 years |
| 12 kW | $3.98 | $33,422 | $23,544 | 14.7 years |
| 14 kW | $3.90 | $38,196 | $28,264 | 14.4 years |
| 16 kW | $3.82 | $42,744 | $33,211 | 14.1 years |
| 18 kW | $3.74 | $47,064 | $38,386 | 13.8 years |
| 20 kW | $3.65 | $51,156 | $43,788 | 13.5 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Different companies offer different brands and kinds of panels. If you prefer a specific brand, make sure the solar panel installer you’re considering has it.
- Contract: Before you sign a contract with a solar installer, make sure you look it over fully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Installation Process: When making the switch to solar power, it’s necessary to keep an open line of communication with your solar panel installer. Make sure you understand how the installation process will go and the completion timeline.
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 South Monroe, MI Solar Cost FAQs
What is the average cost of installing solar panels in South Monroe?
The average cost of solar panels in South Monroe is about $20,300 for a 5-kW system and $40,600 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you use.
Is cost the most important consideration when buying solar panels?
The upfront cost is a key factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Is switching to solar power worth it?
Solar panels can be a fruitful investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
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 larger 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.