Solar Panel Cost Guide in Monticello, IA (2024 Update)
- Monticello Solar Installation Cost: $27,281
- 25-Year Savings: $30,565
- Payback Period: 13.8 Years
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Average Cost of Solar Panels in Monticello
Let’s take a look at the average cost of solar in Monticello.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Monticello, the average cost of a solar system is 4 per watt.To account for the typical energy needs of the average home in Monticello, most homeowners require a 9.7-kilowatt system. Using the figure above, a solar installation costs about $27,281, or $39,012 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of installing solar panels can vary based on multiple factors, such as how many panels you need, your energy consumption and what installation company you go with.Many homeowners find installing a solar system is a fruitful investment. The average homeowner in Monticello can save about $19,000 on their electricity bills over 20 years.
To receive a free quote from a pre-vetted solar company in Monticello, you can click the button below.
Solar savings over time in Monticello
| Year | Return on Investment |
|---|---|
| 1 years | $-25,565 |
| 3 years | $-22,132 |
| 5 years | $-18,699 |
| 7 years | $-15,266 |
| 9 years | $-11,833 |
| 11 years | $-8,400 |
| 13 years | $-4,967 |
| 15 years | $-1,534 |
| 17 years | $1,899 |
| 19 years | $5,332 |
| 21 years | $8,765 |
| 23 years | $12,198 |
| 25 years | $15,631 |
Top Solar Installers in Monticello
Although it's possible to install solar panels yourself, it takes extra labor and expertise. That's one of the reasons most homeowners choose to go with a solar panel installer. The expertise that solar installers provide can be helpful as well, particularly if you don’t quite know what brand of solar equipment you need.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some near you:
See all of the solar companies in Monticello
Factors that Affect Solar Panel Costs in Monticello
Though the average cost of a solar system in Monticello is $27,281, your actual cost may be higher or lower than that. There are quite a few factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That’s why it’s a priority to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use.Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Monticello, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited 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
Many homeowners find the average cost of solar in Monticello to be prohibitively steep, even if the investment pays off over time. Thankfully, nearly every solar company in the area offers financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in paying more over time due to interest.However, the interest on solar loans also increases your overall costs, so it’s crucial to consider that as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
Finally, the company you hire to install your solar system can impact your pricing. Monticello’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Monticello have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 | $4.17 | $17,516 | $12,987 | 14.4 years |
| 8 kW | $4.09 | $22,905 | $17,765 | 14.1 years |
| 10 kW | $4.01 | $28,070 | $22,768 | 13.8 years |
| 12 kW | $3.93 | $33,010 | $27,995 | 13.5 years |
| 14 kW | $3.85 | $37,726 | $33,447 | 13.3 years |
| 16 kW | $3.77 | $42,217 | $39,123 | 13.0 years |
| 18 kW | $3.69 | $46,484 | $45,024 | 12.7 years |
| 20 kW | $3.61 | $50,526 | $51,150 | 12.4 years |
How to Save on Solar Panels
There are many companies available in Monticello, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Installation Process: When making the switch to solar energy, it’s crucial to maintain an open line of communication with your solar panel company. Confirm that you understand how the installation process will go and the project completion timeline.
- Contract: Even though reading through a contract can be tedious, it’s important to do it fully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
EcoWatch's Monticello, IA Solar Cost FAQs
What is the average cost of installing solar panels in Monticello?
The average cost of solar panels in Monticello is about $20,050 for a 5-kW system and $40,100 for a 10-kW system before the ITC, but the actual cost will depend on things like 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 Monticello?
Leasing solar panels can be an attractive choice, because it typically 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 option if you want to get the most savings.
How much can I save on energy bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,016.76 per year.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires 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 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.