Solar Panel Cost Guide in Lake Monticello, VA (2024 Update)
- Lake Monticello Solar Installation Cost: $19,604
- 25-Year Savings: $22,678
- Payback Period: 13.0 Years
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Average Cost of Solar Panels in Lake Monticello
Find out what the average cost of solar panel installation is in Lake Monticello.
The national average cost of solar panels is $2.66 per watt, but in Lake Monticello it’s 4 per watt.Using this figure, a typical 7.8-kW system would cost about $19,604 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Lake Monticello homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.Many homeowners find adopting solar power is a solid investment. The average homeowner in Lake Monticello can save around $18,000 on their energy bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Lake Monticello
| Year | Return on Investment |
|---|---|
| 1 years | $-18,005 |
| 3 years | $-14,807 |
| 5 years | $-11,609 |
| 7 years | $-8,411 |
| 9 years | $-5,213 |
| 11 years | $-2,016 |
| 13 years | $1,182 |
| 15 years | $4,380 |
| 17 years | $7,578 |
| 19 years | $10,776 |
| 21 years | $13,974 |
| 23 years | $17,172 |
| 25 years | $20,370 |
Top Solar Installers in Lake Monticello
When switching to solar energy, many homeowners choose to go with a solar installation company since putting up a solar system yourself can be a time-consuming project. In addition, if you’d like to maximize your investment in solar, opting for a solar company can help with that as well. Different providers can offer warranties, expertise on installation and sometimes even information on local incentives and net metering programs.
There are a number of licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Lake Monticello
Factors that Affect Solar Panel Costs in Lake Monticello
The cost of installing a solar system in Lake Monticello can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend about $3,590 per kilowatt in Lake Monticello.The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for 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 energy bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Lake Monticello average.
Solar Financing Terms
Many homeowners find the average cost of solar in Lake Monticello to be prohibitively expensive, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in paying more over time due to interest.Even though solar loans make switching to solar energy more accessible for Lake Monticello homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you put down 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 opt for to install your solar system can impact your pricing. Lake Monticello’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.73 | $15,681 | $13,311 | 13.5 years |
| 8 kW | $3.66 | $20,506 | $18,150 | 13.3 years |
| 10 kW | $3.59 | $25,130 | $23,190 | 13.0 years |
| 12 kW | $3.52 | $29,553 | $28,431 | 12.7 years |
| 14 kW | $3.45 | $33,775 | $33,873 | 12.5 years |
| 16 kW | $3.37 | $37,796 | $39,517 | 12.2 years |
| 18 kW | $3.30 | $41,615 | $45,361 | 12.0 years |
| 20 kW | $3.23 | $45,234 | $51,406 | 11.7 years |
How to Save on Solar Panels
There are many companies to choose from in Lake Monticello, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Installation Process: Make sure you’re on the same page with the company regarding how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.
- Contract: Before signing a contract with a solar company, make sure you look it over carefully so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years in most cases offer quality solar panel installation and expertise.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Lake Monticello, VA Solar Cost FAQs
How much does it cost to install solar panels in Lake Monticello?
The average cost of solar panels in Lake Monticello is about $17,950 for a 5-kW system and $35,900 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Lake Monticello?
A solar panel system isn’t free in Lake Monticello, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Can you sell solar power back to the grid in Lake Monticello?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future electricity bills.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.