Solar Panel Cost Guide in Coral Terrace, FL (2024 Update)
- Coral Terrace 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 Terrace
Find out what the average cost of installing solar panels is in Coral Terrace.
The national average cost of solar panels is $2.66 per watt, but in Coral Terrace it’s 3 per watt.The average solar panel system size in Coral Terrace is around 5.3 kilowatts, meaning a cost of about $12,014 for a solar installation, or $17,180 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The true cost of making the switch to solar can vary depending on a few factors, such as how many panels you need, your energy usage and what company you go with.Even with the high initial cost, the average Coral Terrace homeowner can save around $21,000 on their energy bills over 20 years, which is one of the benefits of solar.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Coral Terrace
| 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 Terrace
Many homeowners choose to hire a solar panel installer since figuring out how to install solar panels on your own can be hard. Solar installers provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
There are various licensed solar professionals that can help you install your solar system. 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
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 Terrace
Factors that Affect Solar Panel Costs in Coral Terrace
For many Coral Terrace homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Coral Terrace, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most significant 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 consumes, the larger your system will likely need to be. You can expect to pay around $3,210 per kilowatt in Coral Terrace.The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted 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 will be looking at 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
If paying for solar panels in cash is too expensive, solar loans are a popular route because they cut back your upfront costs and let you pay for your system over five to seven years on average.Even though solar loans make going solar more accessible for Coral Terrace homeowners, they can also add to the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar installation companies in Coral Terrace, and each can charge varying amounts for labor and equipment.The company’s size sometimes plays the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger 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 many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Different companies will carry different brands and kinds of panels. If you want a specific brand, make sure the solar installer you’re considering has it.
- Contract: Read the contract terms closely to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can look into your installer’s reputation is by reading reviews.
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 Terrace, FL Solar Cost FAQs
How much does it cost to install solar panels in Coral Terrace?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $16,050 for a 5-kW system and $32,100 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 higher-than-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Coral Terrace?
Leasing solar panels can be an option if you can’t afford 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 bang for your buck from going solar.
Is switching to solar power worth it?
Solar panels can be a great investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already reasonably low, solar panels might not be for you.
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 usually produce about 250 to 400 watt-hours per hour, the average household 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.