Solar Panel Cost Guide in Coral Gables, FL (2023 Update)
- Coral Gables Solar Installation Cost: $9,469
- 25-Year Savings: $19,689
- Payback Period: 8.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Coral Gables
Find out how much it might cost to make the switch to solar in Coral Gables.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Coral Gables, the average cost of a solar system is 2.53 per watt. The average Coral Gables homeowner needs a 5.3-kilowatt system, which would cost about $9,475 with the federal tax credit, or $13,549 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy use, the type of equipment you want, your solar contractor and more. For many homeowners, the upfront investment in solar power is worth paying. On average Coral Gables homeowners see about $21,000 in savings on energy bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Coral Gables
| Year | Return on Investment |
|---|---|
| 1 years | $-8,096 |
| 3 years | $-5,348 |
| 5 years | $-2,601 |
| 7 years | $146 |
| 9 years | $2,893 |
| 11 years | $5,640 |
| 13 years | $8,388 |
| 15 years | $11,135 |
| 17 years | $13,882 |
| 19 years | $16,629 |
| 21 years | $19,377 |
| 23 years | $22,124 |
| 25 years | $24,871 |
Top Solar Installers in Coral Gables
Trying to put up solar panels by yourself can be a stressful undertaking, which is why hiring a solar installer is a good option for many homeowners. Also, companies with a high reputation that cost more upfront could actually save you money in the long run because of their warranties, repair services and expert design.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
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 Coral Gables
Factors that Affect Solar Panel Costs in Coral Gables
For many Coral Gables homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Coral Gables, with typical prices between $20,000 to $40,000. There are various 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 power your household uses, the larger your system will likely need to be. You can expect to pay about $2,530 per kilowatt in Coral Gables. There are a lot of different solar panel brands and the one you pick also changes the cost. Usually, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you want to install 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
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Coral Gables homeowners choose to finance their solar panel systems to make paying for solar more affordable. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar installation company you choose will impact your total cost to go solar. Different companies will charge different amounts for the equipment and labor. Additionally, some companies in Coral Gables know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 | $2.63 | $11,051 | $21,669 | 8.4 years |
| 8 kW | $2.58 | $14,451 | $29,175 | 8.3 years |
| 10 kW | $2.53 | $17,710 | $36,823 | 8.1 years |
| 12 kW | $2.48 | $20,827 | $44,613 | 8.0 years |
| 14 kW | $2.43 | $23,802 | $52,545 | 7.8 years |
| 16 kW | $2.38 | $26,636 | $60,618 | 7.6 years |
| 18 kW | $2.33 | $29,328 | $68,832 | 7.5 years |
| 20 kW | $2.28 | $31,878 | $77,189 | 7.3 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running smoothly and save you money on part replacement and repairs.
- 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 type of solar panel you can get, not every company will have the exact one you may want or need, so be sure to take a look at their list of options before deciding.
- Contract: Look through the contract terms thoroughly to make sure you understand the overall cost, completion timeline rebates and warranties.
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
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 Coral Gables, FL Solar Cost FAQs
How much does it cost to install solar panels in Coral Gables?
This is a tough 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 other solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is cost the most important consideration when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will installing solar panels impact my home value?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How many solar panels should I get to power 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 home 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.