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 around $12,014, or $17,180 before the federal solar tax credit of 0 is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Coral Gables 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.Many homeowners find going solar is a sound investment. The average homeowner in Coral Gables can save about $21,000 on their energy bills over 20 years.
To calculate your potential savings and connect with a local solar company, click the button below.
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
Many homeowners choose to use a solar installation company since figuring out how to install solar panels yourself can be time-consuming. Some solar companies, especially local ones, can help you better understand incentives in Coral Gables, thereby optimizing your ROI.
If you’d like to make the switch to solar but still aren’t sure which solar system installer to go with, here are our suggestions for providers in Coral Gables:
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 Coral Gables
Factors that Affect Solar Panel Costs in Coral Gables
Although the average cost of a solar system in Coral Gables is $12,014, your actual cost may be above or below the average. There are many factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,210.The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag 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 can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional 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 utility bills over many years, but they can also be a significant investment. That’s why many Coral Gables homeowners opt to finance their solar panel systems to make going solar more affordable.When considering your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Coral Gables is the company you choose to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, you’ll have many options for solar installers that provide a range of services for different budgets.You may notice national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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
There are numerous companies to choose from in Coral Gables, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years most likely provide quality solar panel installation and expertise.
- Solar Panel Brands: The type of solar panel you want to get plays a part in which company you should opt for, since different companies provide different panels.
- Contract: It’s important to read through your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.
- Warranty: If you’re concerned about the durability of your solar system, verifying that your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
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 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 actual cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for 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 want to own your solar panels, you can finance them with a solar loan.
How will having solar panels impact how much my home is worth?
Solar panels can increase the value of your home significantly 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 a solar system."
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to account for their typical energy usage.
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.