Solar Panel Cost Guide in Homestead, FL (2024 Update)
- Homestead Solar Installation Cost: $11,933
- 25-Year Savings: $19,768
- Payback Period: 10.2 Years
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Average Cost of Solar Panels in Homestead
Here’s how much it might cost to make the switch to solar in Homestead.
The average cost of a solar system in Homestead is 3 per watt.Using this figure, a typical 5.3-kW system would cost about $11,933 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Homestead homeowner. The price 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.Even with the significant initial cost, the average Homestead homeowner can save around $21,000 on their electricity bills over 20 years, which is one of the positives of solar.
To get a free quote from a pre-vetted solar company in Homestead, you can click the button below.
Solar savings over time in Homestead
| Year | Return on Investment |
|---|---|
| 1 years | $-10,529 |
| 3 years | $-7,721 |
| 5 years | $-4,913 |
| 7 years | $-2,105 |
| 9 years | $703 |
| 11 years | $3,511 |
| 13 years | $6,319 |
| 15 years | $9,127 |
| 17 years | $11,935 |
| 19 years | $14,743 |
| 21 years | $17,551 |
| 23 years | $20,359 |
| 25 years | $23,167 |
Top Solar Installers in Homestead
When switching to solar energy, many homeowners choose to go with a solar company since putting up a solar system yourself can be a difficult project. Since solar panels are exposed to temperature swings and extreme weather, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by reducing potential costs down the line.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Homestead
Factors that Affect Solar Panel Costs in Homestead
While the average cost of a solar system in Homestead is $11,933, your actual cost may differ. There are many factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend around $3,210 per kilowatt in Homestead.The type of solar panels and equipment you choose is another factor that will largely affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that’s in your budget.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are an affordable route because they decrease your upfront costs and let you pay for your system over five to seven years on average.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 installer you choose will influence your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor.You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions 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 | $18,939 | 10.6 years |
| 8 kW | $3.27 | $18,336 | $25,612 | 10.4 years |
| 10 kW | $3.21 | $22,470 | $32,464 | 10.2 years |
| 12 kW | $3.15 | $26,425 | $39,497 | 10.0 years |
| 14 kW | $3.08 | $30,200 | $46,708 | 9.8 years |
| 16 kW | $3.02 | $33,795 | $54,100 | 9.6 years |
| 18 kW | $2.95 | $37,210 | $61,672 | 9.4 years |
| 20 kW | $2.89 | $40,446 | $69,423 | 9.2 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be a challenge, we have some tips to help you, such as:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running for a long time and save you money on part replacement and repairs.
- Contract: Though reading through a contract can be tedious, it’s important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can check your installer’s reputation is by reading reviews.
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 Homestead, FL Solar Cost FAQs
What is the average cost of installing solar panels in Homestead?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $16,050 for a 5-kW system and $32,100 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Homestead?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of 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.
How will solar panels impact the value of my home?
Solar panels can increase your property’s value considerably as long as you buy or finance your panels and don’t go 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."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can 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 buy 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.