Solar Panel Cost Guide in Monroe, NY (2023 Update)
- Monroe Solar Installation Cost: $8,937
- 25-Year Savings: $18,162
- Payback Period: 8.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Monroe
We go over average solar pricing in Monroe.
The national average cost of solar panels is $2.66 per watt, but in Monroe it's 2.95 per watt. The average Monroe homeowner needs a 4.3-kilowatt system, which would cost about $8,941 with the federal tax credit, or $12,786 before the 30% tax credit is applied.
These figures are only averages, and the cost of going solar for you will differ based on your specific situation and what company you choose to go with. With typical savings of about $24,000 on utility bills over 20 years, many homeowners in Monroe find investing in solar has a decent ROI.
Click the button below to get connected to a reputable solar panel company in your area for a personalized quote.
Solar savings over time in Monroe
| Year | Return on Investment |
|---|---|
| 1 years | $-7,596 |
| 3 years | $-4,914 |
| 5 years | $-2,233 |
| 7 years | $449 |
| 9 years | $3,131 |
| 11 years | $5,813 |
| 13 years | $8,494 |
| 15 years | $11,176 |
| 17 years | $13,858 |
| 19 years | $16,540 |
| 21 years | $19,221 |
| 23 years | $21,903 |
| 25 years | $24,585 |
Top Solar Installers in Monroe
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Using a solar panel installer can make your switch to solar power much easier. A solar installer can also help save you money in the long run by offering warranties, repairs and system component replacements.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
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
For many Monroe homeowners, the decision to adopt solar energy comes down to 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 various factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar energy 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 $2,950 for each additional kilowatt you need. The kind of solar panels and equipment you want is another factor that will significantly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment is more than just the solar panels themselves. You'll also need to make decisions about 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 falls within your budget.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a solid route because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only 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 finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panels can influence the cost. Monroe's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.07 | $12,886 | $24,684 | 8.6 years |
| 8 kW | $3.01 | $16,850 | $33,243 | 8.4 years |
| 10 kW | $2.95 | $20,650 | $41,967 | 8.2 years |
| 12 kW | $2.89 | $24,284 | $50,856 | 8.1 years |
| 14 kW | $2.83 | $27,754 | $59,910 | 7.9 years |
| 16 kW | $2.77 | $31,058 | $69,129 | 7.7 years |
| 18 kW | $2.71 | $34,196 | $78,514 | 7.6 years |
| 20 kW | $2.66 | $37,170 | $88,063 | 7.4 years |
How to Save on Solar Panels
There are many companies to choose from in Monroe, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. Even though there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of offerings before making your decision.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Read the contract terms closely to make sure you understand the cost breakdown, project timeline incentives and warranties.
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, NY Solar Cost FAQs
What is the average cost of installing solar panels in Monroe?
The average cost of solar panels in Monroe is about $14,750 for a 5-kW system and $29,500 for a 10-kW system before the ITC, but the real cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider apart from cost when buying solar panels?
The initial cost is a key factor to consider, but whether it's the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Do solar panels increase how much your home is worth?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.