Solar Panel Cost Guide in Monroe, WI (2024 Update)
- Monroe Solar Installation Cost: $19,656
- 25-Year Savings: $22,429
- Payback Period: 13.8 Years
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Average Cost of Solar Panels in Monroe
Find out how much it might cost to go solar in Monroe.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Monroe, the typical cost of a solar system is 4 per watt.The average Monroe homeowner needs a 7.2-kilowatt system, which would cost about $19,656 with the federal tax credit, or $28,108 before the 0 tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Monroe homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.But, after you've paid the upfront cost of installation, the payback for most homeowners is usually rewarding, with a net average savings of about $19,000 over 20 years on energy bills.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Monroe
| Year | Return on Investment |
|---|---|
| 1 years | $-18,549 |
| 3 years | $-16,334 |
| 5 years | $-14,120 |
| 7 years | $-11,905 |
| 9 years | $-9,690 |
| 11 years | $-7,476 |
| 13 years | $-5,261 |
| 15 years | $-3,046 |
| 17 years | $-832 |
| 19 years | $1,383 |
| 21 years | $3,597 |
| 23 years | $5,812 |
| 25 years | $8,027 |
Top Solar Installers in Monroe
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a pain. Hiring a solar panel installer can make swapping over to solar power much easier. Plus, warranties and repairs from your solar panel company can protect your investment and lower the cost of maintenance over the lifespan of your panels.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in Monroe:
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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Monroe
Factors that Affect Solar Panel Costs in Monroe
Though the average cost of a solar system in Monroe is $19,656, your actual cost may be above or below the average. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to consider.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $3,880. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your power bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Monroe average.
Solar Financing Terms
Many homeowners find the average cost of solar in Monroe to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to a higher cost over time because of interest.It’s wise to include the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it’ll take to pay back the loan.
Solar Panel Installation Company
The solar installer you choose will affect your total cost to go solar. Different companies will bill different amounts for the equipment and labor.The size of the company sometimes plays the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to greater resources and bulk 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 names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.04 | $16,948 | $12,566 | 14.4 years |
| 8 kW | $3.96 | $22,163 | $17,190 | 14.1 years |
| 10 kW | $3.88 | $27,160 | $22,031 | 13.8 years |
| 12 kW | $3.80 | $31,940 | $27,088 | 13.5 years |
| 14 kW | $3.72 | $36,503 | $32,364 | 13.3 years |
| 16 kW | $3.65 | $40,849 | $37,856 | 13.0 years |
| 18 kW | $3.57 | $44,977 | $43,566 | 12.7 years |
| 20 kW | $3.49 | $48,888 | $49,493 | 12.4 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
- Contract: Although reading through a contract can be tedious, it’s important to do it carefully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Solar Panel Brands: Not all solar installers carry 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.
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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Monroe, WI Solar Cost FAQs
What is the average cost of installing solar panels in Monroe?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $19,400 for a 5-kW system and $38,800 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Monroe?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to 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.
Do solar panels increase your property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Monroe is currently $241,664, so you can look forward to a value of about $9,908 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Monroe is a fruitful investment.
How long do solar panels last in Monroe?
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 level 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.