Solar Panel Cost Guide in Lake Monticello, VA (2023 Update)
- Lake Monticello Solar Installation Cost: $15,015
- 25-Year Savings: $22,680
- Payback Period: 10.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lake Monticello
We break down average solar pricing in Lake Monticello.
The national average cost of solar panels is $2.66 per watt, but in Lake Monticello it's 2.75 per watt. To cover the typical energy needs of the average home in Lake Monticello, most homeowners require a 7.8-kilowatt system. Using the figure above, a solar installation costs around $15,015, or $21,471 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy needs, the type of solar system you want to get, your solar contractor and more. Many homeowners find installing solar panels is a solid investment. The average homeowner in Lake Monticello can save around $18,000 on their electricity bills over 20 years.
You can click the button below to get connected with a vetted solar installer in Lake Monticello for a quote for your home.
Solar savings over time in Lake Monticello
| Year | Return on Investment |
|---|---|
| 1 years | $-13,507 |
| 3 years | $-10,492 |
| 5 years | $-7,476 |
| 7 years | $-4,460 |
| 9 years | $-1,445 |
| 11 years | $1,571 |
| 13 years | $4,586 |
| 15 years | $7,602 |
| 17 years | $10,617 |
| 19 years | $13,633 |
| 21 years | $16,649 |
| 23 years | $19,664 |
| 25 years | $22,680 |
Top Solar Installers in Lake Monticello
Although you can install solar panels on your own, it requires extra energy and know-how. For that reason, most people choose to hire a solar panel installer. Some solar companies, particularly local ones, can help you make the most of incentives in Lake Monticello, therefore optimizing your ROI.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some in Lake Monticello:
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 Lake Monticello
Factors that Affect Solar Panel Costs in Lake Monticello
For many Lake Monticello homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Lake Monticello, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,750. The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That's why many Lake Monticello homeowners decide to finance their solar panel systems to make paying for solar more affordable. However, the interest on solar loans also adds to your overall costs, so it's vital to keep that in mind 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
A final consideration when trying to evaluate the cost of solar for your home or business in Lake Monticello is the company you choose to install your solar panel system. As with choosing a company to build a deck or pool, for example, there's no shortage of solar installers that provide a range of services at different price points. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.86 | $12,012 | $16,980 | 10.4 years |
| 8 kW | $2.81 | $15,708 | $22,948 | 10.2 years |
| 10 kW | $2.75 | $19,250 | $29,070 | 10.0 years |
| 12 kW | $2.69 | $22,638 | $35,346 | 9.8 years |
| 14 kW | $2.64 | $25,872 | $41,776 | 9.6 years |
| 16 kW | $2.58 | $28,952 | $48,360 | 9.4 years |
| 18 kW | $2.53 | $31,878 | $55,098 | 9.2 years |
| 20 kW | $2.48 | $34,650 | $61,990 | 9.0 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to install your solar system. Another way you can look into your installer's reputation is by reading reviews.
- Solar Panel Brands: The type of solar panel you need to install plays a role in which installer you should opt for, since different companies offer different panels.
- Contract: Read the contract terms thoroughly to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
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 Lake Monticello, VA Solar Cost FAQs
What is the average cost of installing solar panels in Lake Monticello?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $13,750 for a 5-kW system and $27,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Lake Monticello?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
How much can I save on electricity bills after switching to solar?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Lake Monticello, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
Although 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 their energy production will have decreased significantly after that point. You can replace them once you've had 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.