Solar Panel Cost Guide in Malibu, CA (2023 Update)
- Malibu Solar Installation Cost: $5,446
- 25-Year Savings: $14,723
- Payback Period: 6.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Malibu
Find out what the average cost of a solar system is in Malibu.
Although the national average of solar panels is $2.66 per watt, solar panels in Malibu generally cost around 2.73. To cover the typical energy usage of the average home in Malibu, most homeowners require a 2.9-kilowatt system. Using the figure above, a solar installation costs about $5,446, or $7,788 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of installing solar panels can vary depending on a few factors, such as how many panels you need, your energy usage and what installation company you go with. But, after you've paid the upfront cost of installation, the payback for most homeowners is quite rewarding, with a net average savings of about $27,000 over 20 years on power bills.
Click the button below to get connected to a reputable solar panel company in Malibu for a custom quote.
Solar savings over time in Malibu
| Year | Return on Investment |
|---|---|
| 1 years | $-4,640 |
| 3 years | $-3,026 |
| 5 years | $-1,413 |
| 7 years | $201 |
| 9 years | $1,814 |
| 11 years | $3,428 |
| 13 years | $5,042 |
| 15 years | $6,655 |
| 17 years | $8,269 |
| 19 years | $9,882 |
| 21 years | $11,496 |
| 23 years | $13,109 |
| 25 years | $14,723 |
Top Solar Installers in Malibu
Many homeowners opt for a solar panel installer since trying to install solar panels yourself can be a lot of work. Another good thing about using a reliable solar installer is that it'll provide warranties and free repairs, which help protect your investment.
If you're searching for a solar company in Malibu, we've organized a list of our top suggestions here:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 Malibu
Factors that Affect Solar Panel Costs in Malibu
For many Malibu homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Malibu, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay around $2,730 per kilowatt in Malibu. There are several different solar panel brands and the one you choose also affects the cost. In many cases, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are available from most installers in Malibu, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable. 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're only able to 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 getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar company you opt for to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar installation companies in Malibu, and each can charge varying amounts for labor and equipment. Additionally, some companies in Malibu are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.84 | $11,925 | $30,551 | 7.0 years |
| 8 kW | $2.78 | $15,594 | $41,040 | 6.9 years |
| 10 kW | $2.73 | $19,110 | $51,682 | 6.7 years |
| 12 kW | $2.68 | $22,473 | $62,477 | 6.6 years |
| 14 kW | $2.62 | $25,684 | $73,425 | 6.5 years |
| 16 kW | $2.57 | $28,741 | $84,526 | 6.3 years |
| 18 kW | $2.51 | $31,646 | $95,779 | 6.2 years |
| 20 kW | $2.46 | $34,398 | $107,186 | 6.1 years |
How to Save on Solar Panels
The solar company you opt for will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, including:
- 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 works and the project timeline.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like EcoWatch.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Although there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of offerings before deciding.
- Contract: Before you sign a contract with a solar company, make sure to look it over completely so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 Malibu, CA Solar Cost FAQs
What is the average cost of installing solar panels in Malibu?
The average cost of solar panels in Malibu is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the actual cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on electricity bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,415.84 per year.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.