Solar Panel Cost Guide in Indian River Shores, FL (Feb 2023)

  • Indian River Shores Solar Installation Cost: $9,422
  • 25-Year Savings: $19,737
  • Payback Period: 8.1 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Indian River Shores

Here's how much it might cost to go solar in Indian River Shores.

In Indian River Shores, solar panels cost about $3 per watt on average. The average Indian River Shores homeowner needs a 5.3-kilowatt system, which would cost about $9,422, or $6,972 after the federal solar tax credit of 30% is applied.

The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of going solar can vary quite a bit depending on a few factors, such as how many panels you need, your energy usage and what company you go with. With average savings of about $21,000 on power bills over 20 years, many homeowners in Indian River Shores find installing solar panels has a decent ROI.

To see your potential savings and connect with a local solar expert, click the button below.

Solar savings over time in Indian River Shores

Year Return on Investment
1 years $-8,255
3 years $-5,923
5 years $-3,590
7 years $-1,257
9 years $1,075
11 years $3,408
13 years $5,741
15 years $8,074
17 years $10,406
19 years $12,739
21 years $15,072
23 years $17,404
25 years $19,737

Top Solar Installers in Indian River Shores

When switching to solar energy, many homeowners choose to use a solar installer since overseeing your solar installation yourself can be a challenging project. A solar installer can also help save you money in the long run by providing warranties, repairs and part replacements.

There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • 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 Shores

Factors that Affect Solar Panel Costs in Indian River Shores

There are many criteria that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.

Solar Equipment

When it comes to estimating the cost of a solar energy system in Indian River Shores, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy usage, which you can gauge by looking at past power bills. Your total cost can increase by around $2,530 for each additional kilowatt you need. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Indian River Shores, where sunlight is abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.

Solar Financing Terms

Many homeowners find the average cost of solar in Indian River Shores to be prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to a higher cost over time because of interest. When figuring out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.

Solar Panel Installation Company

Lastly, the company you choose to install your solar system can affect your pricing. Indian River Shores' solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Indian River Shores are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 $21,804 8.4 years
8 kW $2.58 $14,451 $29,356 8.2 years
10 kW $2.53 $17,710 $37,049 8.1 years
12 kW $2.48 $20,827 $44,884 7.9 years
14 kW $2.43 $23,802 $52,860 7.8 years
16 kW $2.38 $26,636 $60,979 7.6 years
18 kW $2.33 $29,328 $69,239 7.4 years
20 kW $2.28 $31,878 $77,640 7.3 years

How to Save on Solar Panels

The solar installer you choose will impact not only your total costs, but also the types 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 consider, such as:

  • Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
  • Contract: Although reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
  • Installation Process: When making the switch to solar power, it's important to maintain an open line of communication with your solar installer. See to it that you understand how the installation process will go and the completion timeline.
  • Solar Panel Brands: The type of solar panel you want to install plays a part in which company you should choose, since different companies have different panels.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

EcoWatch's Indian River Shores, FL Solar Cost FAQs

What is the average cost of installing solar panels in Indian River Shores?

This is a difficult question to answer exactly, because the cost depends on many factors. Generally 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 be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, 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 Indian River Shores?

Leasing solar panels can be an appealing choice, as it typically comes with low or $0 upfront payments. The drawback 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 get the most savings.

Can solar panels significantly reduce my electricity bills?

Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,095.18 per year.

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 get 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.

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