Solar Panel Cost Guide in Monroe, OH (2024 Update)
- Monroe Solar Installation Cost: $17,901
- 25-Year Savings: $15,055
- Payback Period: 15.7 Years
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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 3 per watt.The average Monroe homeowner needs a 7.5-kilowatt system, which would cost about $17,901 with the federal tax credit, or $25,598 before the 0 tax credit is applied.
The true cost of your system can be above or below the average in Monroe based on several factors, such as the type of solar panels you choose and the solar installer you hire.With typical savings of about $14,000 on utility bills over 20 years, many homeowners in Monroe find going solar has a decent ROI.
To get a free estimate from a highly rated solar installation company in Monroe, you can click the button below.
Solar savings over time in Monroe
| Year | Return on Investment |
|---|---|
| 1 years | $-16,883 |
| 3 years | $-14,846 |
| 5 years | $-12,809 |
| 7 years | $-10,773 |
| 9 years | $-8,736 |
| 11 years | $-6,700 |
| 13 years | $-4,663 |
| 15 years | $-2,627 |
| 17 years | $-590 |
| 19 years | $1,447 |
| 21 years | $3,483 |
| 23 years | $5,520 |
| 25 years | $7,556 |
Top Solar Installers in Monroe
Trying to install solar panels by yourself can be a time-consuming undertaking, which is why getting a solar installer is a good option for many homeowners. Plus, warranties and repairs from your solar panel company can protect your investment and bring down the cost of maintenance over the lifespan of your panels.
If you're looking for a solar company in Monroe, the EcoWatch team has compiled a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
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 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 $3,410 for each additional kilowatt you need.There are several different solar panel brands and the one you pick also affects the cost. Typically, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you’re looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Monroe to be too steep, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to higher prices over time due to interest.While solar loans make adopting solar energy more accessible for Monroe homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Finally, the company you choose to install your solar panel system can affect 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 specific equipment options like Tesla Powerwall batteries or extra 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 | $3.55 | $14,895 | $7,902 | 16.3 years |
| 8 kW | $3.48 | $19,478 | $10,918 | 16.0 years |
| 10 kW | $3.41 | $23,870 | $14,125 | 15.7 years |
| 12 kW | $3.34 | $28,071 | $17,523 | 15.4 years |
| 14 kW | $3.27 | $32,081 | $21,112 | 15.1 years |
| 16 kW | $3.21 | $35,900 | $24,892 | 14.8 years |
| 18 kW | $3.14 | $39,529 | $28,863 | 14.4 years |
| 20 kW | $3.07 | $42,966 | $33,025 | 14.1 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be a challenge, we have some tips to help you, such as:
- Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should secure and how long the project will take.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Contract: Although reading through a contract can be tedious, it’s important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Monroe, OH Solar Cost FAQs
How much does it cost to install solar panels in Monroe?
This is a tough question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $17,050 for a 5-kW system and $34,100 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to keep in mind when buying solar panels?
The initial cost is a crucial factor to consider, but whether it’s the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Is making the switch to solar worth it?
Solar panels can be a great investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home requires 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 home 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.