Solar Panel Cost Guide in Monroe, NJ (2024 Update)
- Monroe Solar Installation Cost: $11,564
- 25-Year Savings: $7,943
- Payback Period: 17.0 Years
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Average Cost of Solar Panels in Monroe
See how much it might cost to make the switch to solar in Monroe.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Monroe, the typical cost of solar panels is 4 per watt.The average solar panel system size in Monroe is around 4.7 kilowatts, meaning a cost of about $11,564 for a solar installation, or $16,537 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy use, the type of solar panels you want, your solar contractor and more.But, once you've paid the initial cost of installation, the payback for most homeowners is typically fruitful, with a net average savings of about $14,000 over 20 years on electricity bills.
To receive a free estimate from a top solar installer in Monroe, you can click the button below.
Solar savings over time in Monroe
| Year | Return on Investment |
|---|---|
| 1 years | $-10,505 |
| 3 years | $-8,387 |
| 5 years | $-6,268 |
| 7 years | $-4,150 |
| 9 years | $-2,031 |
| 11 years | $87 |
| 13 years | $2,205 |
| 15 years | $4,324 |
| 17 years | $6,442 |
| 19 years | $8,561 |
| 21 years | $10,679 |
| 23 years | $12,797 |
| 25 years | $14,916 |
Top Solar Installers in Monroe
When going solar, many homeowners opt to use a solar company since handling can be a time-consuming project. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and system component replacements.
Working with a vetted solar company can make going solar easier. Here are our recommendations:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Monroe
Factors that Affect Solar Panel Costs in Monroe
While the average cost of a solar system in Monroe is $11,564, your actual cost may be higher or lower than that. There are quite a few factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it’s a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use.The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are provided by most installers in Monroe, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible.Although solar loans make going solar more accessible for Monroe homeowners, they can also increase the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Monroe is the company you get to install your solar panel system. Similar to choosing a company to build a deck or pool, for example, there are plenty of solar installers that provide a range of services at different costs.The size of the company can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because of greater 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 | $3.67 | $15,419 | $6,398 | 17.7 years |
| 8 kW | $3.60 | $20,163 | $8,926 | 17.3 years |
| 10 kW | $3.53 | $24,710 | $11,651 | 17.0 years |
| 12 kW | $3.46 | $29,059 | $14,575 | 16.6 years |
| 14 kW | $3.39 | $33,210 | $17,696 | 16.3 years |
| 16 kW | $3.32 | $37,164 | $21,014 | 16.0 years |
| 18 kW | $3.25 | $40,920 | $24,530 | 15.6 years |
| 20 kW | $3.18 | $44,478 | $28,245 | 15.3 years |
How to Save on Solar Panels
There are a lot of 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:
- Warranty: Companies typically offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you go with.
- Installation Process: Make sure you’re on the same page with the company regarding how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Contract: When looking through your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Monroe, NJ Solar Cost FAQs
How much does it cost to install solar panels in Monroe?
The average cost of solar panels in Monroe is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as 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 Monroe?
Leasing solar panels can be an option if you can’t afford to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
How will installing solar panels impact my home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Monroe is currently $457,824, which means you could be looking at a value of about $18,771 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Monroe is a rewarding investment.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can take a 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 install between 20 and 35 panels to account for 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.
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.