Solar Panel Cost Guide in Monroe, LA (2023 Update)
- Monroe Solar Installation Cost: $27,174
- 25-Year Savings: $21,814
- Payback Period: 16.9 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Monroe
Let's take a look at the average cost of solar panels in Monroe.
In Monroe, solar panels cost about 2.57 per watt on average.The average solar panel system size in Monroe is around 10.2 kilowatts, meaning a cost of about $18,386 for a solar installation, or $26,292 before the 30% federal solar tax credit is applied.
These figures are just averages, and your own solar costs will most likely differ based on factors unique to your home and what company you choose to go with.With average savings of about $15,000 on energy bills over 20 years, many homeowners in Monroe find going solar can be quite rewarding.
To get a free quote from a vetted solar installation company in Monroe, you can click the button below.
Solar savings over time in Monroe
| Year | Return on Investment |
|---|---|
| 1 years | $-25,865 |
| 3 years | $-23,247 |
| 5 years | $-20,628 |
| 7 years | $-18,009 |
| 9 years | $-15,391 |
| 11 years | $-12,772 |
| 13 years | $-10,154 |
| 15 years | $-7,535 |
| 17 years | $-4,917 |
| 19 years | $-2,298 |
| 21 years | $320 |
| 23 years | $2,939 |
| 25 years | $5,557 |
Top Solar Installers in Monroe
Trying to put up solar panels on your own can be a difficult project, which is why hiring a solar installer is a good option for many homeowners. The payback period of solar panels will vary based on factors like your location and energy use, but working with a solar company can help you reach a break-even point sooner. Your provider will be able to help you identify incentives available in your area.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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
For many Monroe homeowners, the decision to install a solar energy system comes down to 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 a few factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Monroe, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can determine by looking at past power bills. Your total cost can increase by about $2,570 for each additional kilowatt you need.The kind of solar panels and equipment you want is another factor that will substantially impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Plus, 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 researching a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are offered by most installers in Monroe, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible.However, the interest on solar loans also increases your total costs, so it's important to take that into consideration as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you select will influence your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor.The size of the company sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.95 | $16,598 | $7,007 | 17.6 years |
| 8 kW | $3.88 | $21,706 | $9,768 | 17.2 years |
| 10 kW | $3.80 | $26,600 | $12,742 | 16.9 years |
| 12 kW | $3.72 | $31,282 | $15,929 | 16.6 years |
| 14 kW | $3.65 | $35,750 | $19,329 | 16.2 years |
| 16 kW | $3.57 | $40,006 | $22,941 | 15.9 years |
| 18 kW | $3.50 | $44,050 | $26,767 | 15.6 years |
| 20 kW | $3.42 | $47,880 | $30,805 | 15.2 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: Though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for a long time and save you money on part replacement and repairs.
- Solar Panel Brands: Different companies will have various brands and models of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases offer good-quality solar panel installation and expertise.
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, LA Solar Cost FAQs
How much does it cost to install solar panels in Monroe?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $12,850 for a 5-kW system and $25,700 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Monroe?
The majority of states have net metering programs of some kind. Through these, you can either receive compensation for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down 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.