Solar Panel Cost Guide in Bay Harbor Islands, FL (2024 Update)
- Bay Harbor Islands Solar Installation Cost: $12,068
- 25-Year Savings: $19,647
- Payback Period: 10.3 Years
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Average Cost of Solar Panels in Bay Harbor Islands
Find out what the average cost of solar panels are in Bay Harbor Islands.
In Bay Harbor Islands, solar panels cost about 3 per watt on average.Using this figure, a typical 5.4-kW system would cost about $12,068 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Bay Harbor Islands homeowners. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.With average savings of about $21,000 on power bills over 20 years, many homeowners in Bay Harbor Islands find installing solar panels can pay off big.
Click the button below to get connected to a vetted solar installer in Bay Harbor Islands for a personalized quote.
Solar savings over time in Bay Harbor Islands
| Year | Return on Investment |
|---|---|
| 1 years | $-10,695 |
| 3 years | $-7,947 |
| 5 years | $-5,200 |
| 7 years | $-2,453 |
| 9 years | $294 |
| 11 years | $3,042 |
| 13 years | $5,789 |
| 15 years | $8,536 |
| 17 years | $11,283 |
| 19 years | $14,031 |
| 21 years | $16,778 |
| 23 years | $19,525 |
| 25 years | $22,272 |
Top Solar Installers in Bay Harbor Islands
Many homeowners opt for a solar panel company since trying to install solar panels yourself can be a labor-intensive endeavor. Local solar installers can also help you optimize your return on investment by walking you through any local incentives you can take advantage of and by offering warranties and repairs.
Working with a vetted solar company can make going solar easier. Here are our recommendations:
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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Bay Harbor Islands
Factors that Affect Solar Panel Costs in Bay Harbor Islands
The cost of installing a solar system in Bay Harbor Islands can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it’s a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use.The model of solar panels and equipment you choose is another factor that will significantly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Plus, 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 looking for a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Bay Harbor Islands to be too steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest.While solar loans make going solar more accessible for Bay Harbor Islands homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panel system can affect the cost. Bay Harbor Islands’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company sometimes plays the most considerable role in the cost. 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 generally 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 | $3.34 | $14,021 | $18,553 | 10.8 years |
| 8 kW | $3.27 | $18,336 | $25,097 | 10.6 years |
| 10 kW | $3.21 | $22,470 | $31,821 | 10.3 years |
| 12 kW | $3.15 | $26,425 | $38,724 | 10.1 years |
| 14 kW | $3.08 | $30,200 | $45,808 | 9.9 years |
| 16 kW | $3.02 | $33,795 | $53,071 | 9.7 years |
| 18 kW | $2.95 | $37,210 | $60,513 | 9.5 years |
| 20 kW | $2.89 | $40,446 | $68,136 | 9.3 years |
How to Save on Solar Panels
The solar company you choose will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, including:
- Warranty: If you care about the endurance of your solar energy system, checking if your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: Make sure you’re on the same page with the company in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating your electrical system or roof.
- Contract: When looking over your solar installer’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Solar Panel Brands: Different companies will carry different brands and models of panels. If you want a specific brand, make sure the solar installer you’re considering has it.
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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Bay Harbor Islands, FL Solar Cost FAQs
How much does it cost to install solar panels in Bay Harbor Islands?
The average cost of solar panels in Bay Harbor Islands is about $16,050 for a 5-kW system and $32,100 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Bay Harbor Islands?
You can’t get solar panels for free in Bay Harbor Islands. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Do solar panels increase how much your home is worth?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Bay Harbor Islands is currently $617,440, which means you could be looking at a value of about $25,315 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Bay Harbor Islands is a fruitful investment.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of 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 after having them for that long or you can continue to use 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.