Solar Panel Cost Guide in Monroe, NC (2023 Update)
- Monroe Solar Installation Cost: $12,054
- 25-Year Savings: $21,753
- Payback Period: 8.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Monroe
Here's how much it might cost to switch to solar power in Monroe.
The average cost of a solar panel system in Monroe is 2.54 per watt. The average Monroe homeowner needs a 6.8-kilowatt system, which would cost about $12,055 with the federal tax credit, or $17,239 before the 30% tax credit is applied.
The true price you pay can be above or below the average in Monroe based on a few factors, such as the type of solar panels you choose and the solar installer you hire. For most homeowners, the upfront cost of solar is worth paying. On average homeowners in Monroe see about $19,000 in savings on electricity bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Monroe
| Year | Return on Investment |
|---|---|
| 1 years | $-10,732 |
| 3 years | $-8,088 |
| 5 years | $-5,443 |
| 7 years | $-2,799 |
| 9 years | $-155 |
| 11 years | $2,489 |
| 13 years | $5,134 |
| 15 years | $7,778 |
| 17 years | $10,422 |
| 19 years | $13,066 |
| 21 years | $15,711 |
| 23 years | $18,355 |
| 25 years | $20,999 |
Top Solar Installers in Monroe
When switching to solar energy, many homeowners opt to use a solar installation company since installing a solar system yourself can be a time-consuming project. A solar company can also help save you money over time by offering warranties, repairs and system component replacements.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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
See all of the solar companies in Monroe
Factors that Affect Solar Panel Costs in Monroe
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few key factors that determine your overall cost in Monroe: 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
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation use 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 brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
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 |
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 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
EcoWatch's Monroe, NC Solar Cost FAQs
How much does it cost to install solar panels in Monroe?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $12,700 for a 5-kW system and $25,400 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Monroe?
You can't get solar panels for free in Monroe. However, you may still be able to afford 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.
Do solar panels increase your property value?
Solar panels can increase your property's value remarkably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in Monroe?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.