Solar Panel Cost Guide in South Monroe, MI (2024 Update)
- South Monroe Solar Installation Cost: $17,071
- 25-Year Savings: $16,700
- Payback Period: 15.0 Years
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Average Cost of Solar Panels in South Monroe
Here’s how much it might cost to install solar panels in South Monroe.
While the national average of solar panels is $2.66 per watt, solar panels in South Monroe typically cost around 4.To account for the typical energy usage of the average home in South Monroe, most homeowners require a 6.0-kilowatt system. Using the figure above, a solar installation costs about $17,071, or $24,412 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of making the switch to solar can vary depending on several factors, such as how many panels you need, your energy usage and what installation company you go with.Even with the significant initial cost, the average South Monroe homeowner can save about $18,000 on their energy bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a highly rated solar installer in your area for a personalized estimate.
Solar savings over time in South Monroe
| Year | Return on Investment |
|---|---|
| 1 years | $-15,817 |
| 3 years | $-13,310 |
| 5 years | $-10,802 |
| 7 years | $-8,295 |
| 9 years | $-5,788 |
| 11 years | $-3,280 |
| 13 years | $-773 |
| 15 years | $1,735 |
| 17 years | $4,242 |
| 19 years | $6,749 |
| 21 years | $9,257 |
| 23 years | $11,764 |
| 25 years | $14,272 |
Top Solar Installers in South Monroe
Many homeowners opt for a solar installer since figuring out how to install solar panels on your own can be a lot of work. The expertise that solar installers provide can be useful as well, particularly if you don’t quite know what kind of solar equipment would be right for your home.
If you’d like to make the switch to solar but still aren’t sure which solar panel installer to go with, here are our recommendations for providers in South Monroe:
See all of the solar companies in South Monroe
Factors that Affect Solar Panel Costs in South Monroe
Even though the average cost of a solar system in South Monroe is $17,071, your final cost may differ. There are many factors that can have a significant impact on the cost of a solar system installation. Below are some of the more crucial things to consider.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. For that reason, it’s important to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use.The brand of solar panels and equipment you choose is another factor that will largely impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are available from most installers in South Monroe, which can bring down, or in some cases eliminate, your upfront costs to make 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 above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The final major cost factor you should take into consideration is the installer you choose. Given the booming popularity of renewable energy solutions in South Monroe, you’ll have plenty of options to choose from, but each comes at different price points for labor and equipment.The size of the company can sometimes play the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.22 | $17,734 | $10,749 | 15.6 years |
| 8 kW | $4.14 | $23,191 | $14,787 | 15.3 years |
| 10 kW | $4.06 | $28,420 | $19,052 | 15.0 years |
| 12 kW | $3.98 | $33,422 | $23,544 | 14.7 years |
| 14 kW | $3.90 | $38,196 | $28,264 | 14.4 years |
| 16 kW | $3.82 | $42,744 | $33,211 | 14.1 years |
| 18 kW | $3.74 | $47,064 | $38,386 | 13.8 years |
| 20 kW | $3.65 | $51,156 | $43,788 | 13.5 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Different companies have different brands and kinds of panels. If you want a specific brand, make sure the solar panel installer you’re considering has it.
- Contract: Though reading through a contract can be tedious, it’s important to do it thoroughly so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely provide high-quality solar panel installation and expertise.
- Installation Process: When going solar, 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 completion timeline.
EcoWatch's South Monroe, MI Solar Cost FAQs
How much does it cost to install solar panels in South Monroe?
This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $20,300 for a 5-kW system and $40,600 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
What other factors should I consider in addition to cost when buying solar panels?
The upfront cost is a key factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Is going solar worth it?
Solar panels can be a great investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.
How often do you have to replace solar panels?
Even though 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 how much energy they produce will have decreased significantly after that point. You can opt to replace them once you've had 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.