Solar Panel Cost Guide in Monroe, OH (2023 Update)
- Monroe Solar Installation Cost: $17,901
- 25-Year Savings: $15,055
- Payback Period: 15.7 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Monroe
We go over average solar pricing in Monroe.
The average cost of a solar system in Monroe is 3 per watt.Using this figure, a typical 7.5-kW system would cost about $17,901 before the 0 federal solar tax credit is applied.
How much you pay can go above or below the average in Monroe based on a variety of factors, such as the kind of solar panels you choose and the solar company you hire.But, once you've paid the upfront cost of installation, the savings for most homeowners is quite fruitful, with a net average savings of about $14,000 over 20 years on utility bills.
You can click the button below to get connected with a vetted solar company in Monroe for a quote for your home.
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
Many homeowners opt for a solar installer since trying to install solar panels by yourself can be hard. Since solar panels are exposed to the elements every day, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by reducing potential costs down the line.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
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
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that determine your overall cost in Monroe: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,410. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Monroe, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are an affordable choice because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also increases your overall costs, so it’s crucial 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
Lastly, the company you choose to install your solar system can affect your pricing. 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 panel 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 difficult, we have some tips to help you, such as:
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you opt for.
- 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 difficult question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $17,050 for a 5-kW system and $34,100 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is a very important factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Is it worth going solar in Monroe?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and the amount of direct sunlight your roof gets.
How many solar panels should I get to power my home?
To figure out what solar panel system size 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 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.