Solar Panel Cost Guide in Coral Terrace, FL (2023 Update)
- Coral Terrace 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 Terrace
Find out what the average cost of solar panels are in Coral Terrace.
The average cost of a solar panel system in Coral Terrace is 2.53 per watt. Since a 5.3-kW system is needed to cover the energy needs of a typical home in Coral Terrace, the average price of going solar will be about $9,475 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average energy use of Coral Terrace 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. With typical savings of about $21,000 on energy bills over 20 years, many homeowners in Coral Terrace find investing in solar can be quite rewarding.
To get a free estimate from a pre-vetted solar company in Coral Terrace, you can click the button below.
Solar savings over time in Coral Terrace
| Year | Return on Investment |
|---|---|
| 1 years | $-9,372 |
| 3 years | $-9,178 |
| 5 years | $-8,983 |
| 7 years | $-8,789 |
| 9 years | $-8,595 |
| 11 years | $-8,400 |
| 13 years | $-8,206 |
| 15 years | $-8,011 |
| 17 years | $-7,817 |
| 19 years | $-7,623 |
| 21 years | $-7,428 |
| 23 years | $-7,234 |
| 25 years | $-7,039 |
Top Solar Installers in Coral Terrace
When going solar, many homeowners choose to hire a solar installation company since DIY solar panel installation can be a time-consuming project. Companies can also have access to a large variety of the best solar panels and help you decide which one will be right for your home.
If you're searching for a solar installer in Coral Terrace, the EcoWatch team has organized a list of our top suggestions here:
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 Terrace
Factors that Affect Solar Panel Costs in Coral Terrace
There are a number of factors that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,530. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your energy bills. Additionally, extra products, such as solar batteries, can bring your total well above the Coral Terrace average.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are a popular route because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. It's a good idea to include 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 the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The last significant cost factor you should consider is the installer you choose. Given the massive popularity of green energy solutions in Coral Terrace, you'll have lots of options to choose from, but each comes at various price points for labor and equipment. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and go with the company that has the products, warranties and services you want and also fits within your budget.
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
Since the kind of solar panels and the installer you choose greatly impacts your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Review the contract terms carefully to make sure you understand how much it will cost, project completion timeline incentives and warranties.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. While there are many options for which kind 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 offerings before deciding.
- Warranty: If you're worried about the durability of your solar energy system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done well. Another way you can research 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
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 many factors. Broadly speaking, it costs about $12,650 for a 5-kW system and $25,300 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to think about when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels significantly reduce my power bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Coral Terrace, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Coral Terrace?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.