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.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Homestead, the average cost of a solar system is 3 per watt.To cover the typical energy needs of the average home in Homestead, most homeowners require a 5.3-kilowatt system. Using the per-watt figure above, a solar installation costs around $11,933, or $17,064 before the federal solar tax credit of 0 is applied.
The true cost of your system can go higher or lower than the average in Homestead based on a variety of factors, such as the model of solar panels you choose and the solar installer you hire.With average savings of about $21,000 on utility bills over 20 years, many homeowners in Homestead find installing solar panels can pay off big.
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 going solar, 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 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 Homestead
Factors that Affect Solar Panel Costs in Homestead
While the average cost of a solar system in Homestead is $11,933, your final cost may be above or below the average. There are quite a few factors that can have a major impact on the cost of a solar system installation. Below are some of the more crucial things to consider.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend about $3,210 per kilowatt in Homestead.The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get 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 power bills. Additionally, extra products, like solar batteries, can bump up your total well above the Homestead average.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a solid 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.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Homestead is the company you get to install your solar system. As with choosing a company to renovate your kitchen, for example, there are plenty of solar installers that offer a range of services for different budgets.Larger national companies typically have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.
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
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the gold standard in the business, and offering such a warranty is one mark of a quality company.
- 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 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 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 extra solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Homestead?
Leasing solar panels can be an attractive choice, because it typically comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Do solar panels increase your property value?
Solar panels can increase your property’s value significantly 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% after installing solar panels."
How many solar panels do I need to power 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.