Solar Panel Cost Guide in Monroe, NC (2024 Update)
- Monroe Solar Installation Cost: $16,657
- 25-Year Savings: $21,753
- Payback Period: 12.3 Years
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Average Cost of Solar Panels in Monroe
Let’s take a look at the average cost of solar in Monroe.
In Monroe, solar panels cost about 4 per watt on average.Since a 6.8-kW system is needed to cover the energy usage of a typical home in Monroe, the average price of going solar will be about $16,657 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of the cost of solar panels. The true cost of installing solar panels can vary quite a bit based on several factors, such as how many panels you need, your energy usage and what company you go with.But, after you've paid the initial cost of installation, the savings for most homeowners is typically fruitful, with a net average savings of about $19,000 over 20 years on power bills.
You can click the button below to get connected with a pre-vetted solar company in Monroe that can help you get a more accurate cost estimate for your home.
Solar savings over time in Monroe
| Year | Return on Investment |
|---|---|
| 1 years | $-15,335 |
| 3 years | $-12,691 |
| 5 years | $-10,047 |
| 7 years | $-7,403 |
| 9 years | $-4,758 |
| 11 years | $-2,114 |
| 13 years | $530 |
| 15 years | $3,174 |
| 17 years | $5,819 |
| 19 years | $8,463 |
| 21 years | $11,107 |
| 23 years | $13,751 |
| 25 years | $16,396 |
Top Solar Installers in Monroe
Installing solar panels by yourself can be a difficult project, which is why getting a solar installer is a good option for many homeowners. Plus, if you’d like to maximize your investment in solar energy, using a solar company can help with that as well. Different providers can offer repairs, expertise on how to install solar panels and sometimes even information on local incentives.
Working with a licensed solar installer can help your solar project go smoothly. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
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 Monroe
Factors that Affect Solar Panel Costs in Monroe
For many Monroe homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Monroe, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,510.The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag 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 can expect a higher equipment cost, but this can typically lead to more 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
If paying for solar panels in cash is difficult, solar loans are a popular option because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years.Although solar loans make going solar more accessible for Monroe homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can play a role in determining the cost. Monroe’s solar companies all have different labor costs and add varying upcharges to equipment. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk pricing, 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 | $3.65 | $15,332 | $14,588 | 12.8 years |
| 8 kW | $3.58 | $20,049 | $19,844 | 12.6 years |
| 10 kW | $3.51 | $24,570 | $25,296 | 12.3 years |
| 12 kW | $3.44 | $28,894 | $30,945 | 12.1 years |
| 14 kW | $3.37 | $33,022 | $36,790 | 11.8 years |
| 16 kW | $3.30 | $36,953 | $42,832 | 11.6 years |
| 18 kW | $3.23 | $40,688 | $49,071 | 11.3 years |
| 20 kW | $3.16 | $44,226 | $55,506 | 11.1 years |
How to Save on Solar Panels
The solar installer you go with will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, such as:
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like EcoWatch.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Solar Panel Brands: The model of solar panel you want plays a part in which company you should choose, since different companies have different panels.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
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 Monroe, NC Solar Cost FAQs
What is the average cost of installing solar panels in Monroe?
The average cost of solar panels in Monroe is about $17,550 for a 5-kW system and $35,100 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider in addition to cost when buying solar panels?
Cost is a crucial factor to consider, but whether it’s the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Does Monroe have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future utility bills.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home uses 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 household 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.