Solar Panel Cost Guide in Monroe, WI (2024 Update)
- Monroe Solar Installation Cost: $19,656
- 25-Year Savings: $22,429
- Payback Period: 13.8 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Monroe
Find out 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 typical cost of a solar system is 4 per watt.Because a 7.2-kW system is needed to cover the energy usage of a typical home in Monroe, the average price of going solar will be about $19,656 after claiming the federal solar tax credit of 0.
Bear in mind that the figures above are only estimates based on the average Monroe 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.For most homeowners, the upfront investment in solar power is worth paying. On average homeowners in Monroe see about $19,000 in savings on electricity bills over 20 years.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Monroe
| Year | Return on Investment |
|---|---|
| 1 years | $-18,549 |
| 3 years | $-16,334 |
| 5 years | $-14,120 |
| 7 years | $-11,905 |
| 9 years | $-9,690 |
| 11 years | $-7,476 |
| 13 years | $-5,261 |
| 15 years | $-3,046 |
| 17 years | $-832 |
| 19 years | $1,383 |
| 21 years | $3,597 |
| 23 years | $5,812 |
| 25 years | $8,027 |
Top Solar Installers in Monroe
Trying to install solar panels by yourself can be a time-consuming undertaking, which is why getting a solar installer is a good option for many homeowners. Solar warranties and repairs are typically included in the cost of installation when you opt for a solar contractor too, which can save you more money after your upfront investment.
If you're on the hunt for a solar installer in Monroe, the EcoWatch team has organized a list of our top suggestions here:
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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 Monroe
Factors that Affect Solar Panel Costs in Monroe
For many Monroe homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Monroe, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. That’s why it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs.Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Monroe, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That’s why many Monroe homeowners choose to finance their solar panel systems to make going solar more affordable.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’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar company you pick will impact your total cost to go solar. Different companies will charge different amounts for the equipment and labor.Additionally, some companies in Monroe have more knowledge about local solar incentives and can help you learn about 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 end up saving you 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 | $4.04 | $16,948 | $12,566 | 14.4 years |
| 8 kW | $3.96 | $22,163 | $17,190 | 14.1 years |
| 10 kW | $3.88 | $27,160 | $22,031 | 13.8 years |
| 12 kW | $3.80 | $31,940 | $27,088 | 13.5 years |
| 14 kW | $3.72 | $36,503 | $32,364 | 13.3 years |
| 16 kW | $3.65 | $40,849 | $37,856 | 13.0 years |
| 18 kW | $3.57 | $44,977 | $43,566 | 12.7 years |
| 20 kW | $3.49 | $48,888 | $49,493 | 12.4 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar installer 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 EcoWatch.
- Contract: It’s important to read your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about your solar system’s energy production.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should secure and what the project timeline is.
- Solar Panel Brands: The model of solar panel you’d like to get plays a part in which company you should choose, since different companies have different panels.
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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 Monroe, WI Solar Cost FAQs
What is the average cost of installing solar panels in Monroe?
The average cost of solar panels in Monroe is about $19,400 for a 5-kW system and $38,800 for a 10-kW system before the ITC, but the actual cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Monroe?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to 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.
Do solar panels increase the value of your home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Monroe is currently $241,664, which means you can look forward to a value of about $9,908 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Monroe is a fruitful investment.
How long do solar panels last in Monroe?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.