Solar Panel Cost Guide in Monticello, MN (2025 Update)
- Monticello Solar Installation Cost: $20,102
- 25-Year Savings: $19,997
- Payback Period: 14.7 Years
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Average Cost of Solar Panels in Monticello
Let’s have a look at the average cost of solar panels in Monticello.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Monticello, the typical cost of a solar system is 4 per watt.The average solar panel system size in Monticello is around 7.1 kilowatts, meaning a cost of about $20,102 for a solar installation, or $28,746 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of making the switch to solar can vary quite a bit based on multiple factors, such as how many panels you need, your energy usage and what solar installer you go with.Many homeowners find installing a solar system is a sound investment. The average homeowner in Monticello can save about $18,000 on their power bills over 20 years.
To get a free estimate from a highly rated solar installation company in Monticello, you can click the button below.
Solar savings over time in Monticello
| Year | Return on Investment |
|---|---|
| 1 years | $-18,838 |
| 3 years | $-16,311 |
| 5 years | $-13,783 |
| 7 years | $-11,256 |
| 9 years | $-8,728 |
| 11 years | $-6,201 |
| 13 years | $-3,673 |
| 15 years | $-1,146 |
| 17 years | $1,382 |
| 19 years | $3,909 |
| 21 years | $6,437 |
| 23 years | $8,964 |
| 25 years | $11,492 |
Top Solar Installers in Monticello
Many homeowners opt for a solar installation company since trying to install solar panels yourself can be a labor-intensive endeavor. Some solar companies, particularly local ones, can help you make the most of incentives in Monticello, therefore optimizing your ROI.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
See all of the solar companies in Monticello
Factors that Affect Solar Panel Costs in Monticello
There are several factors that can determine your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay around $4,030 per kilowatt in Monticello.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 isn’t as 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 too costly, even if the investment pays off over time. Fortunately, nearly every solar company in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you can only 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 securing a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
Finally, the company you choose to install your solar system can influence your pricing. Monticello’s solar companies all have different labor costs and add varying upcharges to equipment. The company’s size can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to 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 promotion can bring their pricing down 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 | $4.19 | $17,603 | $11,162 | 15.3 years |
| 8 kW | $4.11 | $23,019 | $15,335 | 15.0 years |
| 10 kW | $4.03 | $28,210 | $19,732 | 14.7 years |
| 12 kW | $3.95 | $33,175 | $24,356 | 14.4 years |
| 14 kW | $3.87 | $37,914 | $29,205 | 14.1 years |
| 16 kW | $3.79 | $42,428 | $34,280 | 13.8 years |
| 18 kW | $3.71 | $46,716 | $39,581 | 13.5 years |
| 20 kW | $3.63 | $50,778 | $45,107 | 13.2 years |
How to Save on Solar Panels
There are numerous companies to choose from in Monticello, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should secure and how long the project will take.
- Contract: Before you sign a contract with a solar company, be sure to look it over completely so you understand the terms. Also, ask questions if you’re unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Warranty: A comprehensive, long-term warranty can help keep your solar system running for years to come and save you money on part replacement and repairs.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
EcoWatch's Monticello, MN Solar Cost FAQs
What is the average cost of installing solar panels in Monticello?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $20,150 for a 5-kW system and $40,300 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 higher-than-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Monticello?
Leasing solar panels can be an attractive choice, as 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.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.