Solar Panel Cost Guide in Monroe, WI (Jan 2023)
- Monroe Solar Installation Cost: $13,177
- 25-Year Savings: $22,424
- Payback Period: 9.2 Years
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Updated January 20, 2023
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Average Cost of Solar Panels in Monroe
We break down average solar pricing in Monroe.
In Monroe, solar panels cost about $3 per watt on average. The average solar panel system size in Monroe is around 7.2 kilowatts, meaning a cost of about $13,177 for a solar installation, or $9,751 after the 30% federal solar tax credit is applied.
These figures are only estimates, and the cost of going solar for you may differ based on factors unique to your home and what company you go with. For most homeowners, the upfront cost of solar power is worth paying. On average homeowners in Monroe see about $19,000 in savings on utility bills over 20 years.
To receive a free quote from a pre-vetted solar company in Monroe, you can click the button below.
Solar savings over time in Monroe
| Year | Return on Investment |
|---|---|
| 1 years | $-11,753 |
| 3 years | $-8,905 |
| 5 years | $-6,057 |
| 7 years | $-3,209 |
| 9 years | $-361 |
| 11 years | $2,487 |
| 13 years | $5,335 |
| 15 years | $8,184 |
| 17 years | $11,032 |
| 19 years | $13,880 |
| 21 years | $16,728 |
| 23 years | $19,576 |
| 25 years | $22,424 |
Top Solar Installers in Monroe
Many homeowners decide to use a solar panel company since installing solar panels on your own can be challenging. The payback period on a solar system will vary based on factors like your roof configuration and energy needs, but working with a solar company can shorten it. Your provider will be able to help you apply for incentives available in your area.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some in Monroe:
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 Monroe
Factors that Affect Solar Panel Costs in Monroe
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few major factors that determine your overall cost in Monroe: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The size of the solar system you need, 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 around $2,600. The type of 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 electric bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Monroe average.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are an affordable choice because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The solar company you choose to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Monroe, and each can charge varying amounts for labor and equipment. Larger national companies typically have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to 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 | $2.70 | $11,357 | $18,158 | 9.6 years |
| 8 kW | $2.65 | $14,851 | $24,501 | 9.4 years |
| 10 kW | $2.60 | $18,200 | $30,991 | 9.2 years |
| 12 kW | $2.55 | $21,403 | $37,625 | 9.1 years |
| 14 kW | $2.50 | $24,461 | $44,406 | 8.9 years |
| 16 kW | $2.44 | $27,373 | $51,332 | 8.7 years |
| 18 kW | $2.39 | $30,139 | $58,404 | 8.5 years |
| 20 kW | $2.34 | $32,760 | $65,621 | 8.3 years |
How to Save on Solar Panels
The solar company you go with will impact not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should take into account, including:
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running smoothly and save you money on part replacement and repairs.
- Reputation: Companies that have been in business for many years likely have a good 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 service, such as part repairs and replacements.
- Contract: Before signing a contract with a solar installer, make sure to read it through fully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
- Solar Panel Brands: Different companies offer different brands and kinds of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
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 Monroe, WI Solar Cost FAQs
How much does it cost to install solar panels in Monroe?
The average cost of solar panels in Monroe is about $13,000 for a 5-kW system and $26,000 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 use.
Are solar panels free in Monroe?
Solar panels aren't free in Monroe, 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.
Does Monroe have a net metering program?
Each state has some form 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 utility bills.
What solar power system size is right for 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 usually 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.