Solar Panel Cost Guide in Monticello, MN (2024 Update)

  • Monticello Solar Installation Cost: $20,102
  • 25-Year Savings: $19,997
  • Payback Period: 14.7 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Monticello

Let’s have a look at the average cost of solar panels in Monticello.

In Monticello, solar panels cost about 4 per watt on average.Using this figure, a typical 7.1-kW system would cost about $20,102 before the 0 federal solar tax credit is applied.

Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy needs, the type of equipment you want, your solar contractor and more.Many homeowners find installing a solar system is a sound investment. The average homeowner in Monticello can save about $18,000 on their energy bills over 20 years.

To receive a free quote from a vetted solar installer in Monticello, you can click the button below.

Solar savings over time in Monticello

Year Return on Investment
1 years $-18,838
3 years $-16,311
5 years $-13,783
7 years $-11,256
9 years $-8,728
11 years $-6,201
13 years $-3,673
15 years $-1,146
17 years $1,382
19 years $3,909
21 years $6,437
23 years $8,964
25 years $11,492

Top Solar Installers in Monticello

Putting up solar panels on your own can be a time-consuming undertaking, which is why getting a solar installer is a good option for many homeowners. Another advantage of utilizing a solar company is that they can help you optimize your return of investment by lowering your future costs of repairs and replacements with the help of warranties and giving you information on local incentives you can take advantage of.

If you're searching for a solar installer in Monticello, we've put together a list of our top suggestions here:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

Best Technology

Tesla Energy

★★★★★
3.2

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

See all of the solar companies in Monticello

Factors that Affect Solar Panel Costs in Monticello

Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that determine your overall cost in Monticello: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.

Solar Equipment

When it comes to estimating the price of a solar energy system in Monticello, 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 consumption, which you can figure out by looking at past electricity bills. Your overall cost can increase by around $4,030 for each additional kilowatt you need.The type of solar panels and equipment you get is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, 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 researching 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 available from most installers in Monticello, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more affordable.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 the amount of time it’ll take to pay back the loan.

Solar Panel Installation Company

A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Monticello is the company you hire to install your solar panel system. Similar to choosing a company to build a deck or pool, for instance, there’s no shortage of solar installers that offer a range of services for different budgets.Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and choose a company that provides the products, warranties and services you want and also fits within 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 $4.19 $17,603 $11,162 15.3 years
8 kW $4.11 $23,019 $15,335 15.0 years
10 kW $4.03 $28,210 $19,732 14.7 years
12 kW $3.95 $33,175 $24,356 14.4 years
14 kW $3.87 $37,914 $29,205 14.1 years
16 kW $3.79 $42,428 $34,280 13.8 years
18 kW $3.71 $46,716 $39,581 13.5 years
20 kW $3.63 $50,778 $45,107 13.2 years

How to Save on Solar Panels

There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:

  • Installation Process: Make sure you’re aligned with the installer regarding how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
  • Contract: When looking over your solar installer’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
  • Warranty: Warranties that cover panel repairs and maintenance over around 25 years are the gold standard in the business, and offering such a warranty is one mark of a good company.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to do the job well. Another way you can verify your installer’s reputation is by reading reviews.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

Best Technology

Tesla Energy

★★★★★
3.2

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

EcoWatch's Monticello, MN Solar Cost FAQs

What is the average cost of installing solar panels in Monticello?

This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $20,150 for a 5-kW system and $40,300 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 usage. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.

Should I lease or buy solar panels in Monticello?

Leasing solar panels can be an appealing choice, because it typically 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.

Is making the switch to solar worth it?

Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and the amount of direct sunlight your roof gets.

What solar power system size is right for my home?

To figure out what solar panel system size you need, you should find out how much energy your home needs 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.

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