Solar Panel Cost Guide in Cape Coral, FL (2023 Update)
- Cape Coral Solar Installation Cost: $9,461
- 25-Year Savings: $19,299
- Payback Period: 8.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Cape Coral
Find out what the average cost of installing solar panels is in Cape Coral.
The national average cost of solar panels is $2.66 per watt, but in Cape Coral it's 2.53 per watt. Since a 5.3-kW system is needed to cover the energy usage of a typical home in Cape Coral, the average price of going solar will be about $9,457 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of making the switch to solar can vary quite a bit based on a few factors, such as what size system you need, your energy consumption and what company you go with. With average savings of about $20,000 on electricity bills over 20 years, many homeowners in Cape Coral find investing in solar has a decent ROI.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Cape Coral
| Year | Return on Investment |
|---|---|
| 1 years | $-8,087 |
| 3 years | $-5,340 |
| 5 years | $-2,593 |
| 7 years | $155 |
| 9 years | $2,902 |
| 11 years | $5,650 |
| 13 years | $8,397 |
| 15 years | $11,144 |
| 17 years | $13,892 |
| 19 years | $16,639 |
| 21 years | $19,386 |
| 23 years | $22,134 |
| 25 years | $24,881 |
Top Solar Installers in Cape Coral
Installing solar panels yourself can be a dangerous project, which is why hiring a solar installation company is a good option for many homeowners. Companies can also offer access to quality options of the best solar panels and help you decide which one will be best for your home.
There are various licensed solar professionals that can install solar panels for you. 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 Coral
Factors that Affect Solar Panel Costs in Cape Coral
For many Cape Coral homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Cape Coral, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Cape Coral, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can figure out by looking at past electricity bills. Your total cost can increase by around $2,530 for each additional kilowatt you need. There are several different solar panel brands and the one you choose also changes the cost. Typically, the brands that offer higher efficiency tend to also cost more. In addition, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Cape Coral homeowners decide to finance their solar panel systems to make paying for solar more affordable. Though solar loans make adopting solar energy more accessible for Cape Coral homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The final key cost factor you should keep in mind is the installer you choose. Given the massive popularity of clean energy solutions in Cape Coral, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. Larger national companies typically have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
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 | $21,250 | 8.6 years |
| 8 kW | $2.58 | $14,451 | $28,617 | 8.4 years |
| 10 kW | $2.53 | $17,710 | $36,126 | 8.2 years |
| 12 kW | $2.48 | $20,827 | $43,776 | 8.1 years |
| 14 kW | $2.43 | $23,802 | $51,568 | 7.9 years |
| 16 kW | $2.38 | $26,636 | $59,501 | 7.7 years |
| 18 kW | $2.33 | $29,328 | $67,576 | 7.6 years |
| 20 kW | $2.28 | $31,878 | $75,793 | 7.4 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Even though there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of options before deciding.
- Contract: It's important to read through your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years in most cases offer quality solar panel installation and expertise.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Coral, FL Solar Cost FAQs
What is the average cost of installing solar panels in Cape Coral?
This is a difficult question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $12,650 for a 5-kW system and $25,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Cape Coral?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home 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 solar panels impact my home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Cape Coral is currently $218,471, so you can expect a value of about $8,957 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Cape Coral is a rewarding investment.
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 uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.