Solar Panel Cost Guide in Inverness, FL (2024 Update)
- Inverness Solar Installation Cost: $12,573
- 25-Year Savings: $23,089
- Payback Period: 9.5 Years
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Average Cost of Solar Panels in Inverness
Let’s take a look at the average cost of solar panels in Inverness.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Inverness, the average cost of a solar system is 3 per watt.The average Inverness homeowner needs a 5.6-kilowatt system, which would cost about $12,573 with the federal tax credit, or $17,979 before the 0 tax credit is applied.
The true cost of your system can be above or below the average in Inverness based on a variety of factors, such as the brand of solar panels you choose and the solar installer you hire.With typical savings of about $24,000 on energy bills over 20 years, many homeowners in Inverness find investing in solar can pay off big.
Click the button below to get connected to a top solar installer in Inverness for a custom quote.
Solar savings over time in Inverness
| Year | Return on Investment |
|---|---|
| 1 years | $-10,798 |
| 3 years | $-7,248 |
| 5 years | $-3,699 |
| 7 years | $-149 |
| 9 years | $3,400 |
| 11 years | $6,950 |
| 13 years | $10,499 |
| 15 years | $14,049 |
| 17 years | $17,599 |
| 19 years | $21,148 |
| 21 years | $24,698 |
| 23 years | $28,247 |
| 25 years | $31,797 |
Top Solar Installers in Inverness
Many homeowners choose to hire a solar panel company since figuring out how to install solar panels on your own can be a lot of work. The payback period on an investment in solar panels will vary based on factors like your location and energy consumption, but working with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you identify incentives available in your area.
Working with a vetted solar company can help you make the most of your investment in solar. Here are our recommendations:
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 Inverness
Factors that Affect Solar Panel Costs in Inverness
The cost of installing a solar system in Inverness can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,210.The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a 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 limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are an affordable 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.When estimating your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you choose will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor.Additionally, some companies in Inverness are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, 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 | $3.34 | $14,021 | $21,363 | 9.9 years |
| 8 kW | $3.27 | $18,336 | $28,844 | 9.7 years |
| 10 kW | $3.21 | $22,470 | $36,505 | 9.5 years |
| 12 kW | $3.15 | $26,425 | $44,345 | 9.3 years |
| 14 kW | $3.08 | $30,200 | $52,365 | 9.1 years |
| 16 kW | $3.02 | $33,795 | $60,564 | 9.0 years |
| 18 kW | $2.95 | $37,210 | $68,944 | 8.8 years |
| 20 kW | $2.89 | $40,446 | $77,503 | 8.6 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Inverness, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Installation Process: When making the switch to solar, it’s important to keep an open line of communication with your solar panel company. See to it that you understand how the installation process works and the project timeline.
- 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.
- Solar Panel Brands: The brand of solar panel you’d like to get plays a part in which company you should opt for, since different companies offer different panels.
- Contract: When looking over your solar installer’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
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 Inverness, FL Solar Cost FAQs
What is the average cost of installing solar panels in Inverness?
The average cost of solar panels in Inverness is about $16,050 for a 5-kW system and $32,100 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Inverness?
Leasing solar panels can be an appealing choice, because it commonly 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
How much can I save on energy bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,179.49 per year.
How long do solar panels last in Inverness?
Although 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 once you've had 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.