Solar Panel Cost Guide in Indian River Shores, FL (2023 Update)
- Indian River Shores Solar Installation Cost: $9,430
- 25-Year Savings: $19,728
- Payback Period: 8.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Indian River Shores
Find out how much it might cost to make the switch to solar in Indian River Shores.
The average cost of solar panels in Indian River Shores is 2.53 per watt. The average solar panel system size in Indian River Shores is around 5.3 kilowatts, meaning a cost of about $9,422 for a solar installation, or $13,473 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy consumption, the type of equipment you choose, your solar contractor and more. Despite the high initial cost, the average Indian River Shores homeowner can save about $21,000 on their electricity bills over 20 years, which is one of the advantages of solar.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Indian River Shores
| Year | Return on Investment |
|---|---|
| 1 years | $-9,333 |
| 3 years | $-9,139 |
| 5 years | $-8,944 |
| 7 years | $-8,750 |
| 9 years | $-8,556 |
| 11 years | $-8,361 |
| 13 years | $-8,167 |
| 15 years | $-7,972 |
| 17 years | $-7,778 |
| 19 years | $-7,584 |
| 21 years | $-7,389 |
| 23 years | $-7,195 |
| 25 years | $-7,000 |
Top Solar Installers in Indian River Shores
When making the switch to solar, many homeowners choose to go with a solar installer since DIY solar panel installation can be a difficult project. A solar company can also help save you money in the long run by offering warranties, repairs and component replacements.
If you'd like to switch to solar energy but still aren't sure which solar company to go with, here are our recommendations for providers nearby:
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 Shores
Factors that Affect Solar Panel Costs in Indian River Shores
There are several criteria that can affect your solar system 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
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Indian River Shores to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area provides financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in higher prices over time due to interest. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs remarkably.
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. 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 access to specific equipment options like Tesla Powerwall batteries or extra services like electric car 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 | $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
There are a large number of companies available in Indian River Shores, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- 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.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Although 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 make sure you take a look at their list of options before deciding.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should secure and what the project timeline is.
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 Shores, FL Solar Cost FAQs
How much does it cost to install solar panels in Indian River Shores?
The average cost of solar panels in Indian River Shores is about $12,650 for a 5-kW system and $25,300 for a 10-kW system before the ITC, but the actual cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider aside from cost when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase how much your home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Indian River Shores is currently $403,189, which means you could be looking at a value of about $16,531 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Indian River Shores is a worthwhile investment.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using them at a lower efficiency.
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.