Solar Panel Cost Guide in Monroe, NJ (2023 Update)
- Monroe Solar Installation Cost: $9,075
- 25-Year Savings: $7,942
- Payback Period: 13.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Monroe
We break down average solar pricing in Monroe.
While the national average of solar panels is $2.66 per watt, solar panels in Monroe generally cost about 2.77. The average solar panel system size in Monroe is around 4.7 kilowatts, meaning a cost of about $9,075 for a solar installation, or $12,977 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Monroe homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. But, once you've paid the initial cost of installation, the payback for most homeowners is typically good, with a net average savings of about $14,000 over 20 years on power bills.
Click the button below to get connected to a vetted solar panel company in Monroe for a personalized quote.
Solar savings over time in Monroe
| Year | Return on Investment |
|---|---|
| 1 years | $-8,394 |
| 3 years | $-7,032 |
| 5 years | $-5,671 |
| 7 years | $-4,310 |
| 9 years | $-2,948 |
| 11 years | $-1,587 |
| 13 years | $-226 |
| 15 years | $1,136 |
| 17 years | $2,497 |
| 19 years | $3,858 |
| 21 years | $5,220 |
| 23 years | $6,581 |
| 25 years | $7,942 |
Top Solar Installers in Monroe
Many homeowners opt for a solar panel company since trying to install solar panels yourself can be a lot of work. A solar installer can also help save you money in the long run by offering warranties, repairs and system component replacements.
If you're on the hunt for a solar installer in Monroe, the EcoWatch team has put together a list of our top suggestions here:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Monroe
Factors that Affect Solar Panel Costs in Monroe
There are a number of criteria that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
When it comes to estimating the cost of a solar system in Monroe, 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 usage, which you can gauge by looking at past electricity bills. Your total cost can increase by around $2,770 for each additional kilowatt you need. The type of solar equipment you choose can increase or decrease your cost 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. However, higher efficiency could save you more in the long run on your energy bills. In addition, extra products, like solar batteries, can bring your total well above the Monroe average.
Solar Financing Terms
Many homeowners find the average cost of solar in Monroe to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to paying more over time due to interest. When estimating your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Monroe is the company you hire to install your solar panel system. Similar to choosing a company to renovate your kitchen, for example, you'll have many options for solar installers that provide a range of services for different budgets. The size of the company sometimes plays the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.88 | $12,099 | $9,717 | 13.9 years |
| 8 kW | $2.83 | $15,822 | $13,267 | 13.6 years |
| 10 kW | $2.77 | $19,390 | $16,971 | 13.3 years |
| 12 kW | $2.71 | $22,803 | $20,831 | 13.1 years |
| 14 kW | $2.66 | $26,060 | $24,846 | 12.8 years |
| 16 kW | $2.60 | $29,163 | $29,015 | 12.5 years |
| 18 kW | $2.55 | $32,110 | $33,340 | 12.3 years |
| 20 kW | $2.49 | $34,902 | $37,821 | 12.0 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: When reading over your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should acquire and how long the project will take.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. While there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of options before making your decision.
- Warranty: A comprehensive, long-term warranty can help keep your solar system running for years to come and save you money on part replacement and repairs.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Monroe, NJ Solar Cost FAQs
How much does it cost to install solar panels in Monroe?
The average cost of solar panels in Monroe is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model 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 appealing choice, because it often comes with low or $0 upfront payments. The drawback 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 incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Do solar panels increase how much your home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Monroe is currently $352,863, which means you could be looking at a value of about $14,467 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Monroe is a fruitful investment.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.