Solar Panel Cost Guide in Indian River Estates, FL (2023 Update)
- Indian River Estates Solar Installation Cost: $9,298
- 25-Year Savings: $20,994
- Payback Period: 7.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Indian River Estates
We break down average solar pricing in Indian River Estates.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Indian River Estates, the typical cost of solar panels is 2.53 per watt. The average Indian River Estates homeowner needs a 5.2-kilowatt system, which would cost about $9,298 with the federal tax credit, or $13,296 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. 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 consumption and what installation company you go with. For most homeowners, the upfront investment in solar is worth paying. On average homeowners in Indian River Estates see about $22,000 in savings on utility bills over 20 years.
To get a free estimate from a vetted solar installation company in Indian River Estates, you can click the button below.
Solar savings over time in Indian River Estates
| Year | Return on Investment |
|---|---|
| 1 years | $-8,086 |
| 3 years | $-5,663 |
| 5 years | $-3,240 |
| 7 years | $-816 |
| 9 years | $1,607 |
| 11 years | $4,030 |
| 13 years | $6,454 |
| 15 years | $8,877 |
| 17 years | $11,300 |
| 19 years | $13,724 |
| 21 years | $16,147 |
| 23 years | $18,570 |
| 25 years | $20,994 |
Top Solar Installers in Indian River Estates
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Taking advantage of a solar company can make converting to solar power much easier. Solar installers offer key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
There are several licensed solar professionals that can take care of your solar installation project. 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
See all of the solar companies in Indian River Estates
Factors that Affect Solar Panel Costs in Indian River Estates
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that determine your overall cost in Indian River Estates: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
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, your total will most likely increase by around $2,530. The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted 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 a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are available from most installers in Indian River Estates, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable. Even though solar loans make going solar more accessible for Indian River Estates homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Indian River Estates is the company you hire to install your solar system. As with choosing a company to build a deck or pool, for example, there are plenty of solar installers that offer a range of services for different budgets. Additionally, some companies in Indian River Estates know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $23,566 | 8.0 years |
| 8 kW | $2.58 | $14,451 | $31,705 | 7.8 years |
| 10 kW | $2.53 | $17,710 | $39,985 | 7.7 years |
| 12 kW | $2.48 | $20,827 | $48,407 | 7.5 years |
| 14 kW | $2.43 | $23,802 | $56,971 | 7.4 years |
| 16 kW | $2.38 | $26,636 | $65,676 | 7.2 years |
| 18 kW | $2.33 | $29,328 | $74,523 | 7.1 years |
| 20 kW | $2.28 | $31,878 | $83,512 | 6.9 years |
How to Save on Solar Panels
The solar panel company you go with will impact not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, including:
- Solar Panel Brands: Different companies offer different brands and models of panels. If you prefer a specific brand, make sure the solar company you're considering has it.
- Contract: Read the contract terms closely to make sure you understand the cost breakdown, project completion timeline rebates 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.
- Warranty: If you're worried about the endurance of your solar panels, verifying that your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
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 Indian River Estates, FL Solar Cost FAQs
How much does it cost to install solar panels in Indian River Estates?
The average cost of solar panels in Indian River Estates is about $12,650 for a 5-kW system and $25,300 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Indian River Estates?
You can't get solar panels for free in Indian River Estates. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Can solar panels significantly reduce my electricity bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Indian River Estates, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Indian River Estates?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.