Solar Panel Cost Guide in Monroe, OH (2023 Update)
- Monroe Solar Installation Cost: $13,440
- 25-Year Savings: $15,054
- Payback Period: 11.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Monroe
See how much it might cost to go solar in Monroe.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Monroe, the average cost of solar panels is 2.56 per watt. The average solar panel system size in Monroe is around 7.5 kilowatts, meaning a cost of about $13,440 for a solar installation, or $19,219 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy consumption, the type of solar system you want to get, your solar contractor and more. Despite the large initial cost, the average Monroe homeowner can save around $14,000 on their electricity bills over 20 years, which is one of the advantages of solar.
To calculate your potential savings and connect with a local solar installer, 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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Monroe
Factors that Affect Solar Panel Costs in Monroe
While the average cost of a solar system in Monroe is $13,440, your final cost may differ. There are many factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. Because of that, it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. 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
Many homeowners find the average cost of solar in Monroe to be too steep, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, 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 increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can impact how much it costs. Monroe's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Monroe know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 |
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 pick the right company for you, here are some tips to keep in mind:
- Contract: Before you sign a contract with a solar company, make sure you read it through carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: Companies that have been in business for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you choose.
- 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 company, such as what permits you should acquire and what the project timeline is.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Monroe, OH Solar Cost FAQs
How much does it cost to install 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 actual cost will depend on things like the type of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Monroe?
Solar panels aren't free in Monroe, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and how much direct sunlight your roof gets.
How long do solar panels last in Monroe?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.