Solar Panel Cost Guide in Monmouth, OR (2024 Update)
- Monmouth Solar Installation Cost: $10,399
- 25-Year Savings: $14,559
- Payback Period: 11.6 Years
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Average Cost of Solar Panels in Monmouth
We break down average solar pricing in Monmouth.
Although the national average of solar panels is $2.66 per watt, solar panels in Monmouth typically cost around 4.The average solar panel system size in Monmouth is around 4.2 kilowatts, meaning a cost of about $10,399 for a solar installation, or $14,871 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of making the switch to solar can vary quite a bit depending on several factors, such as how many panels you need, your energy usage and what solar installer you go with.Many homeowners find installing solar panels is a fruitful investment. The average homeowner in Monmouth can save about $21,000 on their energy bills over 20 years.
Click the button below to get connected to a reputable solar company in your area for a custom estimate.
Solar savings over time in Monmouth
| Year | Return on Investment |
|---|---|
| 1 years | $-9,189 |
| 3 years | $-6,771 |
| 5 years | $-4,352 |
| 7 years | $-1,934 |
| 9 years | $485 |
| 11 years | $2,904 |
| 13 years | $5,322 |
| 15 years | $7,741 |
| 17 years | $10,160 |
| 19 years | $12,578 |
| 21 years | $14,997 |
| 23 years | $17,415 |
| 25 years | $19,834 |
Top Solar Installers in Monmouth
Although you can install solar panels yourself, it takes extra energy and handiness. For that reason, most people choose a solar panel installer. Some solar installers, particularly local ones, can help you take advantage of incentives in Monmouth, thereby optimizing your ROI.
Working with a professional solar company can help your solar project go smoothly. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Technology
Tesla Energy
- 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 Monmouth
Factors that Affect Solar Panel Costs in Monmouth
Although the average cost of a solar system in Monmouth is $10,399, your actual cost may be higher or lower than that. There are several factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to consider.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Monmouth, 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 consumption, which you can determine by looking at past energy bills. Your total cost can increase by around $3,500 for each additional kilowatt you need.The brand of solar panels and equipment you get is another factor that will significantly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a popular choice because they cut back your upfront costs and let you 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 amount of 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 more than the principal cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar installer you hire to handle your switch to solar energy can play a part in your total costs. There are about 3 solar installation companies operating throughout Monmouth, and each can charge different amounts for labor and equipment.You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.64 | $15,288 | $16,472 | 12.0 years |
| 8 kW | $3.57 | $19,992 | $22,355 | 11.8 years |
| 10 kW | $3.50 | $24,500 | $28,433 | 11.6 years |
| 12 kW | $3.43 | $28,812 | $34,708 | 11.3 years |
| 14 kW | $3.36 | $32,928 | $41,179 | 11.1 years |
| 16 kW | $3.29 | $36,848 | $47,845 | 10.9 years |
| 18 kW | $3.22 | $40,572 | $54,708 | 10.6 years |
| 20 kW | $3.15 | $44,100 | $61,767 | 10.4 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Although reading through a contract can take a lot of time, it’s important to do it thoroughly so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so be sure to 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, such as when the site survey will be completed and how long it will take.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Technology
Tesla Energy
- 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 Monmouth, OR Solar Cost FAQs
How much does it cost to install solar panels in Monmouth?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $17,500 for a 5-kW system and $35,000 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Monmouth?
You can’t get solar panels for free in Monmouth. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
How will installing solar panels impact how much my home is worth?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Monmouth is currently $453,159, which means you can expect a value of about $18,580 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Monmouth is a worthwhile investment.
How many solar panels should I get to power 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.