Solar Panel Cost Guide in Monument, CO (2024 Update)
- Monument Solar Installation Cost: $13,979
- 25-Year Savings: $21,107
- Payback Period: 11.4 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 Monument
Find out what the average cost of solar panel installation is in Monument.
The average cost of a solar panel system in Monument is 4 per watt.The average Monument homeowner needs a 5.0-kilowatt system, which would cost about $13,979 with the federal tax credit, or $19,990 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of going solar can vary quite a bit based on a few factors, such as how many panels you need, your energy consumption and what installation company you go with.Many homeowners find going solar is a fruitful investment. The average homeowner in Monument can save around $23,000 on their power bills over 20 years.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Monument
| Year | Return on Investment |
|---|---|
| 1 years | $-12,911 |
| 3 years | $-10,774 |
| 5 years | $-8,636 |
| 7 years | $-6,499 |
| 9 years | $-4,362 |
| 11 years | $-2,224 |
| 13 years | $-87 |
| 15 years | $2,050 |
| 17 years | $4,188 |
| 19 years | $6,325 |
| 21 years | $8,462 |
| 23 years | $10,599 |
| 25 years | $12,737 |
Top Solar Installers in Monument
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Using a solar panel installer can make converting to solar power much easier. Plus, warranties and repairs from your solar panel company can protect your investment and reduce the cost of maintenance in the long run.
There are a number of licensed solar professionals that can take care of your solar installation project. 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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Monument
Factors that Affect Solar Panel Costs in Monument
Although the average cost of a solar system in Monument is $13,979, your actual cost may differ. There are quite a few factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.
Solar Equipment
When it comes to estimating the price of a solar system in Monument, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can gauge by looking at past electricity bills. Your overall cost can increase by about $3,980 for each additional kilowatt you need.The type of solar panels and equipment you choose is another factor that will substantially impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment consists of more than 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 solar panels out of pocket is too expensive, solar loans are a popular choice because they decrease your upfront costs and let you pay for your system over five to seven years on average.When figuring out your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can influence how much it costs. Monument’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric car 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 | $4.14 | $17,385 | $19,152 | 11.9 years |
| 8 kW | $4.06 | $22,734 | $25,981 | 11.7 years |
| 10 kW | $3.98 | $27,860 | $33,034 | 11.4 years |
| 12 kW | $3.90 | $32,763 | $40,309 | 11.2 years |
| 14 kW | $3.82 | $37,444 | $47,808 | 11.0 years |
| 16 kW | $3.74 | $41,901 | $55,529 | 10.8 years |
| 18 kW | $3.66 | $46,136 | $63,473 | 10.5 years |
| 20 kW | $3.58 | $50,148 | $71,640 | 10.3 years |
How to Save on Solar Panels
The solar company you opt for will influence not only your total 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 keep in mind, including:
- Solar Panel Brands: Different companies carry different brands and types of panels. If you know you want a specific brand, make sure the solar panel installer you’re considering has it.
- Warranty: Warranties that cover panel repairs and maintenance over around 25 years are the best you can get in the business, and offering such a warranty is one sign of a quality company.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like EcoWatch.
- Contract: When looking over your solar company’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Monument, CO Solar Cost FAQs
How much does it cost to install solar panels in Monument?
The average cost of solar panels in Monument is about $19,900 for a 5-kW system and $39,800 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Monument?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
How will installing solar panels impact how much my home is worth?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How many solar panels do I need to power 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 typically produce about 250 to 400 watt-hours per hour, the average house 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.