Solar Panel Cost Guide in Monroe, NC (Sep 2022)

  • Monroe Solar Installation Cost: $12,055
  • 25-Year Savings: $21,752
  • Payback Period: 8.9 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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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 Monroe

See how much it might cost to install solar panels in Monroe.

The national average cost of solar panels is $2.66 per watt, but in Monroe it's $3 per watt. Using this figure, a typical 6.8 would cost about $12,055 before the 30% federal solar tax credit is applied.

Keep in mind that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy consumption, the type of equipment you want to get, your solar contractor and more. Even with the large initial cost, the average Monroe homeowner can save about $19,000 on their energy bills over 20 years, which is one of the positives of solar.

You can click the button below to get connected with a 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 $-10,703
3 years $-7,998
5 years $-5,293
7 years $-2,589
9 years $116
11 years $2,820
13 years $5,525
15 years $8,230
17 years $10,934
19 years $13,639
21 years $16,343
23 years $19,048
25 years $21,752

Top Solar Installers in Monroe

Many homeowners decide to use a solar installer since figuring out how to install solar panels by yourself can be hard. The expertise that solar installers provide can be invaluable as well, particularly if you don't quite know what brand of solar equipment you need.

If you're on the hunt for a solar installer in Monroe, the EcoWatch team has organized 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 Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • Excellent reputation
  • Many financing options
  • Representatives are experts on local policies
  • No leases or PPAs

See all of the solar companies in Monroe

Factors that Affect Solar Panel Costs in Monroe

Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that affect your total cost in Monroe: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.

Solar Equipment Size

The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the major factors is the system size. Solar power systems that have higher efficiency or power production require 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 $2,540. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your power bills. In addition, extra products, like solar batteries, can bump up your total well above the Monroe average.

Solar Financing Terms

Most solar companies in Monroe have solar loans, which reduce the initial cost of installing solar panels. However, the interest on solar loans also increases your total costs, so it's important to include that in your estimate as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.

Solar Panel Installation Company

The solar panel installation company you pick will play a role in your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and find a company that provides the products, warranties and services you're looking for and also is 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 $2.64 $11,095 $18,825 9.3 years
8 kW $2.59 $14,508 $25,384 9.1 years
10 kW $2.54 $17,780 $32,086 8.9 years
12 kW $2.49 $20,909 $38,930 8.7 years
14 kW $2.44 $23,896 $45,916 8.6 years
16 kW $2.39 $26,741 $53,044 8.4 years
18 kW $2.34 $29,444 $60,315 8.2 years
20 kW $2.29 $32,004 $67,728 8.0 years

Solar Incentives in Monroe

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Duke Energy - NC Solar Rebate Program
Incentive Amount Residential: $0.60/W-AC
Nonresidential: $0.50/W-AC
Nonprofit: $0.75/W-AC
Incentive Max Residential: $6,000
Nonresidential: $50,000
Nonprofit: $75,000
Website Visit here
More Info Click here

Name Local Option - Financing Program for Renewable Energy and Energy Efficiency
More Info Click here

Name PSNC Energy (Gas) - Green Building Rate Discount
Incentive Amount discount/therm based on seasonal values
Website Visit here
More Info Click here

Name Property Tax Abatement for Solar Electric Systems
Incentive Amount Residential systems: 100% of the appraised value
All other systems: 80% of the appraised value
More Info Click here

Name Local Option - Green Building Incentives
More Info Click here

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 selecting a company can be a challenge, we have some tips to help you, such as:

  • Reputation: Solar installers that have great reviews from their customers and that have been in business for many years in most cases offer quality solar panel installation and expertise.
  • Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for a long time and save you money on part replacement and repairs.
  • Solar Panel Brands: The kind of solar panel you want plays a part in which installer you should go with, since different companies offer different panels.
  • Contract: Review the contract terms thoroughly to make sure you understand the total cost, completion timeline rebates and warranties.

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 Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • Excellent reputation
  • Many financing options
  • Representatives are experts on local policies
  • No leases or PPAs

EcoWatch's Monroe, NC Solar Cost FAQs

How much does it cost to install solar panels in Monroe?

The average cost of solar panels in Monroe is about $12,700 for a 5-kW system and $25,400 for a 10-kW system before the ITC, but the real cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you use.

Is it better to lease or buy solar panels in Monroe?

Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.

Is it worth going solar in Monroe?

Solar panels can be a beneficial investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.

What solar power system size is right for my home?

The exact number of solar panels you need depends on your household energy usage and how much 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.

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