Solar Panel Cost Guide in Monticello, IN (2024 Update)
- Monticello Solar Installation Cost: $25,483
- 25-Year Savings: $29,914
- Payback Period: 13.7 Years
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Average Cost of Solar Panels in Monticello
We go over average solar pricing in Monticello.
Although the national average of solar panels is $2.66 per watt, solar panels in Monticello generally cost about 4.The average solar panel system size in Monticello is around 8.9 kilowatts, meaning a cost of about $25,483 for a solar installation, or $36,441 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Monticello homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.But, after you've paid the initial cost of installation, the ROI for most homeowners is usually good, with a net average savings of about $20,000 over 20 years on utility bills.
You can click the button below to get connected with a top solar company in Monticello that can help you get a more accurate cost estimate for your home.
Solar savings over time in Monticello
| Year | Return on Investment |
|---|---|
| 1 years | $-23,763 |
| 3 years | $-20,324 |
| 5 years | $-16,884 |
| 7 years | $-13,445 |
| 9 years | $-10,005 |
| 11 years | $-6,566 |
| 13 years | $-3,127 |
| 15 years | $313 |
| 17 years | $3,752 |
| 19 years | $7,192 |
| 21 years | $10,631 |
| 23 years | $14,071 |
| 25 years | $17,510 |
Top Solar Installers in Monticello
Many homeowners opt for a solar panel installer since trying to install solar panels on your own can be a lot of work. Local solar installers can also help you maximize your return on investment by walking you through any local incentives you can take advantage of and by providing warranties and repairs.
Working with a professional solar company can help your solar project go smoothly. Here are our recommendations:
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 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 Monticello
Factors that Affect Solar Panel Costs in Monticello
Though the average cost of a solar system in Monticello is $25,483, your final cost may be above or below the average. There are many factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. That’s why it’s important to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs.There are a lot of different solar panel brands and the one you choose also changes the cost. In many cases, the brands that have better efficiency tend to also cost more. Additionally, the type of equipment you’re looking to get can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That’s why many Monticello homeowners choose to finance their solar panel systems to make paying for solar more affordable.You’ll have to consider the long-term cost of loans, including the total 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 principal cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to clean energy can play a role in your total costs. There are about 3 solar panel companies operating throughout Monticello, and each can charge varying amounts for labor and equipment.You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.26 | $17,909 | $13,562 | 14.2 years |
| 8 kW | $4.18 | $23,419 | $18,541 | 14.0 years |
| 10 kW | $4.10 | $28,700 | $23,751 | 13.7 years |
| 12 kW | $4.02 | $33,751 | $29,190 | 13.4 years |
| 14 kW | $3.94 | $38,573 | $34,858 | 13.1 years |
| 16 kW | $3.85 | $43,165 | $40,756 | 12.9 years |
| 18 kW | $3.77 | $47,527 | $46,884 | 12.6 years |
| 20 kW | $3.69 | $51,660 | $53,241 | 12.3 years |
How to Save on Solar Panels
There are many companies to choose from 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:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done well. Another way you can check your installer’s reputation is by reading reviews.
- Installation Process: When making the switch to solar power, it’s crucial to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process will go and the project timeline.
- Contract: Read the contract terms thoroughly to make sure you understand the cost breakdown, completion timeline rebates and warranties.
- Warranty: If you’re worried about the longevity of your solar system, checking if your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
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 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 Monticello, IN Solar Cost FAQs
How much does it cost to install solar panels in Monticello?
The average cost of solar panels in Monticello is about $20,500 for a 5-kW system and $41,000 for a 10-kW system before the ITC, but the real cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Monticello?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The drawback 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.
Do solar panels increase your property value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Monticello is currently $214,610, so you can expect a value of about $8,799 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Monticello is a worthwhile investment.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can replace them after having them for that long or you can keep using them at a lower efficiency.
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.