Solar Panel Cost Guide in Cape Canaveral, FL (2023 Update)
- Cape Canaveral Solar Installation Cost: $8,926
- 25-Year Savings: $20,233
- Payback Period: 7.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Cape Canaveral
Let's take a look at the average cost of solar panels in Cape Canaveral.
The average cost of solar panels in Cape Canaveral is 2.53 per watt. Using this figure, a typical 5.0-kW system would cost about $8,926 before the 30% federal solar tax credit is applied.
These figures are only averages, and your own solar costs may look different based on your specific situation and what company you choose to go with. With average savings of about $22,000 on power bills over 20 years, many homeowners in Cape Canaveral find going solar can be quite rewarding.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Cape Canaveral
| Year | Return on Investment |
|---|---|
| 1 years | $-7,759 |
| 3 years | $-5,427 |
| 5 years | $-3,094 |
| 7 years | $-761 |
| 9 years | $1,571 |
| 11 years | $3,904 |
| 13 years | $6,237 |
| 15 years | $8,569 |
| 17 years | $10,902 |
| 19 years | $13,235 |
| 21 years | $15,568 |
| 23 years | $17,900 |
| 25 years | $20,233 |
Top Solar Installers in Cape Canaveral
DIY solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Taking advantage of an installer can make swapping over to solar power much easier. The expertise that solar installers offer can be valuable as well, especially if you don't quite know what kind of solar equipment you need.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Cape Canaveral
Factors that Affect Solar Panel Costs in Cape Canaveral
For many Cape Canaveral homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Cape Canaveral, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most important 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 electricity your household uses, the larger your system will likely need to be. You can expect to spend around $2,530 per kilowatt in Cape Canaveral. The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space 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 extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Cape Canaveral homeowners decide to finance their solar panel systems to make going solar more affordable. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The solar company you choose to handle your switch to green energy can play a part in your total costs. There are about 3 solar installation companies operating throughout Cape Canaveral, and each can charge different amounts for labor and equipment. The size of the company can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because they have greater resources and better 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 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 | $2.63 | $11,051 | $23,673 | 8.0 years |
| 8 kW | $2.58 | $14,451 | $31,847 | 7.8 years |
| 10 kW | $2.53 | $17,710 | $40,163 | 7.7 years |
| 12 kW | $2.48 | $20,827 | $48,620 | 7.5 years |
| 14 kW | $2.43 | $23,802 | $57,220 | 7.3 years |
| 16 kW | $2.38 | $26,636 | $65,961 | 7.2 years |
| 18 kW | $2.33 | $29,328 | $74,843 | 7.0 years |
| 20 kW | $2.28 | $31,878 | $83,868 | 6.9 years |
How to Save on Solar Panels
The solar company you go with will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, such as:
- Contract: Before signing a contract with a solar installer, make sure to look it over fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Reputation: Companies that have been operating for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you opt for.
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 Cape Canaveral, FL Solar Cost FAQs
How much does it cost to install solar panels in Cape Canaveral?
This is a difficult question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $12,650 for a 5-kW system and $25,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Cape Canaveral?
Leasing solar panels can be an appealing choice, as it often 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 incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Can you sell solar power back to the grid in Cape Canaveral?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future utility bills.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know 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 house 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.