Solar Panel Cost Guide in Monticello, MN (2023 Update)
- Monticello Solar Installation Cost: $14,174
- 25-Year Savings: $19,988
- Payback Period: 10.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Monticello
We break down average solar pricing in Monticello.
The national average cost of solar panels is $2.66 per watt, but in Monticello it's 2.84 per watt. The average Monticello homeowner needs a 7.1-kilowatt system, which would cost about $14,174 with the federal tax credit, or $20,269 before the 30% tax credit is applied.
How much you pay can be higher or lower than the average in Monticello based on several factors, such as the kind of solar panels you choose and the solar installer you hire. With typical savings of about $18,000 on electricity bills over 20 years, many homeowners in Monticello find going solar can be quite rewarding.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Monticello
| Year | Return on Investment |
|---|---|
| 1 years | $-12,808 |
| 3 years | $-10,075 |
| 5 years | $-7,342 |
| 7 years | $-4,609 |
| 9 years | $-1,876 |
| 11 years | $857 |
| 13 years | $3,590 |
| 15 years | $6,323 |
| 17 years | $9,056 |
| 19 years | $11,789 |
| 21 years | $14,522 |
| 23 years | $17,255 |
| 25 years | $19,988 |
Top Solar Installers in Monticello
When making the switch to solar, many homeowners prefer to go with a solar installer since putting up a solar system yourself can be a time-consuming project. Companies can also provide access to various kinds of the best solar panels and help you choose which one will be right for you.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in Monticello:
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
Best Technology
Tesla Energy
- 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
For many Monticello homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Monticello, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to pay around $2,840 per kilowatt in Monticello. The brand of solar panels and equipment you get is another factor that will greatly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Moreover, 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's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Monticello to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in paying more over time due to interest. 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 getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The final significant cost factor you should take into consideration is the installer you choose. Given the growing popularity of renewable energy solutions in Monticello, you'll have lots of options to choose from, but each comes at various price points for labor and equipment. You may see national solar installers that have lower prices because of 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 | $2.95 | $12,405 | $16,360 | 10.8 years |
| 8 kW | $2.90 | $16,222 | $22,132 | 10.6 years |
| 10 kW | $2.84 | $19,880 | $28,062 | 10.4 years |
| 12 kW | $2.78 | $23,379 | $34,152 | 10.2 years |
| 14 kW | $2.73 | $26,719 | $40,401 | 10.0 years |
| 16 kW | $2.67 | $29,900 | $46,808 | 9.7 years |
| 18 kW | $2.61 | $32,921 | $53,375 | 9.5 years |
| 20 kW | $2.56 | $35,784 | $60,101 | 9.3 years |
How to Save on Solar Panels
The solar company you opt for will affect not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should keep in mind, such as:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panels running smoothly and save you money on repairs and maintenance.
- Reputation: Long-standing companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Contract: When reading through your solar company'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 component breaking or the company going out of business.
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
Best Technology
Tesla Energy
- 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?
The average cost of solar panels in Monticello is about $14,200 for a 5-kW system and $28,400 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.
Are solar panels free in Monticello?
You can't get solar panels for free in Monticello. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Can you sell solar power back to the grid in Monticello?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future energy bills.
How long do solar panels last in Monticello?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.