Solar Panel Cost Guide in Monroe, OH (Oct 2022)

  • Monroe Solar Installation Cost: $13,440
  • 25-Year Savings: $15,054
  • Payback Period: 11.8 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Monroe

See how much it might cost to go solar in Monroe.

The average cost of a solar panel system in Monroe is $3 per watt. To cover the typical energy usage of the average home in Monroe, most homeowners require a 7.5-kilowatt system. Using the figure above, a solar installation costs about $13,440, or $9,946 after the federal solar tax credit of 30% is applied.

The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of going solar can vary quite a bit depending on several factors, such as how many panels you need, your energy consumption and what installation company you go with. For many homeowners, the upfront cost of solar is worth paying. On average Monroe homeowners see about $14,000 in savings on energy bills over 20 years.

For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.

Solar savings over time in Monroe

Year Return on Investment
1 years $-12,300
3 years $-10,021
5 years $-7,741
7 years $-5,462
9 years $-3,182
11 years $-903
13 years $1,377
15 years $3,657
17 years $5,936
19 years $8,216
21 years $10,495
23 years $12,775
25 years $15,054

Top Solar Installers in Monroe

Although you can install solar panels yourself, it involves extra labor and expertise. That's why the majority of homeowners choose to hire a solar panel installer. A solar installer can also help save you money in the long run by offering warranties, repairs and system component replacements.

If you'd like to go solar but still aren't certain which solar company to go with, here are our suggestions for providers in Monroe:

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)

Best Technology

The Green Panel

★★★★★
4.5

  • 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

There are several criteria that can determine your solar system 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 Size

When it comes to estimating the price of a solar system in Monroe, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can determine by looking at past energy bills. Your overall cost can increase by about $2,560 for each additional kilowatt you need. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose 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 over time on your electric bills. In addition, add-on products, such as solar batteries, can bring your total well above the Monroe average.

Solar Financing Terms

If paying for a solar system out of pocket is too expensive, solar loans are an affordable route because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. When figuring out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.

Solar Panel Installation Company

The solar company you hire to handle your switch to solar energy can play a role in your total costs. There are about 3 solar panel companies operating in Monroe, and each can charge different amounts for labor and equipment. Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have 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 $2.66 $11,182 $11,615 12.3 years
8 kW $2.61 $14,623 $15,774 12.0 years
10 kW $2.56 $17,920 $20,075 11.8 years
12 kW $2.51 $21,074 $24,521 11.6 years
14 kW $2.46 $24,084 $29,109 11.3 years
16 kW $2.41 $26,952 $33,841 11.1 years
18 kW $2.36 $29,676 $38,716 10.8 years
20 kW $2.30 $32,256 $43,735 10.6 years

Solar Incentives in Monroe

Name Hamilton County - Home Improvement Program
Incentive Amount $50,000
Website Visit here
More Info Click here

Name Dayton Power and Light - Residential Energy Efficiency Rebate Program
Website Visit here
More Info Click here

Name Local Option - Special Energy Improvement Districts
More Info Click here

Name Energy Conservation for Ohioans (ECO-Link) Program
Website Visit here
More Info Click here

Name Solar Renewable Energy Certificates Program (SRECs)
Website Visit here
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

How to Save on Solar Panels

The solar company you go with will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, including:

  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can research your installer's reputation is by reading reviews.
  • Contract: It's important to read through your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
  • Solar Panel Brands: The type of solar panel you'd like to get plays a role in which company you should choose, since different companies have access to different panels.
  • Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project completion timeline.

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)

Best Technology

The Green Panel

★★★★★
4.5

  • 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, OH Solar Cost FAQs

What is the average cost of installing solar panels in Monroe?

The average cost of solar panels in Monroe is about $12,800 for a 5-kW system and $25,600 for a 10-kW system before the ITC, but the real cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you use.

What other factors should I consider other than cost when buying solar panels?

Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.

Can you sell solar power back to the grid in Monroe?

Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future utility bills.

How long do solar panels last in Monroe?

On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.

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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