Solar Panel Cost Guide in Coral Gables, FL (2024 Update)
- Coral Gables Solar Installation Cost: $12,014
- 25-Year Savings: $19,689
- Payback Period: 10.3 Years
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Average Cost of Solar Panels in Coral Gables
We go over average solar pricing in Coral Gables.
The average cost of a solar panel system in Coral Gables is 3 per watt.To account for the typical energy needs of the average home in Coral Gables, most homeowners require a 5.3-kilowatt system. Using the per-watt figure above, a solar installation costs about $12,014, or $17,180 before the federal solar tax credit of 0 is applied.
The true cost of your system can be higher or lower than the average in Coral Gables based on several factors, such as the type of solar panels you choose and the solar installer you hire.With typical savings of about $21,000 on energy bills over 20 years, many homeowners in Coral Gables find investing in solar can pay off big.
You can click the button below to get connected with a pre-vetted solar installer in Coral Gables that can help you get a more accurate cost estimate for your home.
Solar savings over time in Coral Gables
| Year | Return on Investment |
|---|---|
| 1 years | $-10,641 |
| 3 years | $-7,894 |
| 5 years | $-5,146 |
| 7 years | $-2,399 |
| 9 years | $348 |
| 11 years | $3,095 |
| 13 years | $5,843 |
| 15 years | $8,590 |
| 17 years | $11,337 |
| 19 years | $14,084 |
| 21 years | $16,832 |
| 23 years | $19,579 |
| 25 years | $22,326 |
Top Solar Installers in Coral Gables
Although you can install solar panels yourself, it involves extra effort and know-how. That's one of the reasons most people choose to go with a solar panel installer. Another perk of working with a solar company is that they can help you make the most of your ROI by lowering your future costs of repairs and replacements with the help of warranties and helping you learn about local incentives you can take advantage of.
If you’d like to start using solar energy but still aren’t sure which solar panel company to go with, here are our recommendations for providers in Coral Gables:
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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Coral Gables
Factors that Affect Solar Panel Costs in Coral Gables
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that affect your total cost in Coral Gables: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,210. The brand and type of equipment you want for your solar system can raise or lower 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 a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Coral Gables to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest.It’s a good idea to add 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 how long it’ll take to pay back the loan.
Solar Panel Installation Company
The solar panel installer you select will play a role in your total cost to go solar. Different companies will bill different amounts for the equipment and labor.You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $18,699 | 10.7 years |
| 8 kW | $3.27 | $18,336 | $25,291 | 10.5 years |
| 10 kW | $3.21 | $22,470 | $32,063 | 10.3 years |
| 12 kW | $3.15 | $26,425 | $39,015 | 10.1 years |
| 14 kW | $3.08 | $30,200 | $46,147 | 9.9 years |
| 16 kW | $3.02 | $33,795 | $53,459 | 9.7 years |
| 18 kW | $2.95 | $37,210 | $60,950 | 9.5 years |
| 20 kW | $2.89 | $40,446 | $68,621 | 9.3 years |
How to Save on Solar Panels
The solar panel company you opt for will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, such as:
- 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.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Contract: It’s important to read 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 installation process.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running smoothly and save you money on repairs and maintenance.
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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Coral Gables, FL Solar Cost FAQs
What is the average cost of installing solar panels in Coral Gables?
The average cost of solar panels in Coral Gables is about $16,050 for a 5-kW system and $32,100 for a 10-kW system before the ITC, but the real cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Coral Gables?
You can’t get solar panels for free in Coral Gables. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
How will installing solar panels impact my home value?
Solar panels can increase your property’s value considerably as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
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 needs 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 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.