Solar Panel Cost Guide in Key Largo, FL (2023 Update)
- Key Largo Solar Installation Cost: $8,869
- 25-Year Savings: $19,838
- Payback Period: 7.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Key Largo
We break down average solar pricing in Key Largo.
The average cost of a solar panel system in Key Largo is 2.53 per watt. Using this figure, a typical 5.0-kW system would cost about $8,873 before the 30% federal solar tax credit is applied.
How much you pay can go above or below the average in Key Largo depending on a few factors, such as the model of solar panels you choose and the solar installer you hire. With average savings of about $22,000 on utility bills over 20 years, many homeowners in Key Largo find installing solar panels can be quite rewarding.
You can click the button below to get connected with a pre-vetted solar installer in Key Largo that can help you get a more accurate cost estimate for your home.
Solar savings over time in Key Largo
| Year | Return on Investment |
|---|---|
| 1 years | $-7,445 |
| 3 years | $-4,596 |
| 5 years | $-1,747 |
| 7 years | $1,102 |
| 9 years | $3,952 |
| 11 years | $6,801 |
| 13 years | $9,650 |
| 15 years | $12,499 |
| 17 years | $15,348 |
| 19 years | $18,197 |
| 21 years | $21,046 |
| 23 years | $23,895 |
| 25 years | $26,744 |
Top Solar Installers in Key Largo
Many homeowners choose to use a solar panel installer since trying to install solar panels yourself can be time-consuming. Plus, if you aren't sure what kind of solar panels and equipment you need, a solar expert can help you find the right equipment for you after a site survey and consultation.
If you're on the hunt for a solar company in Key Largo, the EcoWatch team has compiled a list of our top suggestions here:
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 Key Largo
Factors that Affect Solar Panel Costs in Key Largo
There are a number of factors that can play into your solar system 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
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. 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 of solar panels and equipment you get is another factor that will largely impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Further, solar equipment is more than just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
Most solar installers in Key Largo offer solar loans, which reduce your upfront costs of installing a solar system. However, the interest on solar loans also increases your overall costs, so it's crucial to include that in your estimate as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to green energy can play a role in your total costs. There are about 3 solar installation companies operating in Key Largo, and each can charge different amounts for labor and equipment. The company's size can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.
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 | $23,342 | 8.0 years |
| 8 kW | $2.58 | $14,451 | $31,406 | 7.9 years |
| 10 kW | $2.53 | $17,710 | $39,611 | 7.7 years |
| 12 kW | $2.48 | $20,827 | $47,959 | 7.6 years |
| 14 kW | $2.43 | $23,802 | $56,448 | 7.4 years |
| 16 kW | $2.38 | $26,636 | $65,078 | 7.3 years |
| 18 kW | $2.33 | $29,328 | $73,851 | 7.1 years |
| 20 kW | $2.28 | $31,878 | $82,765 | 7.0 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: It's important to look over your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
- Solar Panel Brands: Different companies will have different brands and types of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
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 Key Largo, FL Solar Cost FAQs
How much does it cost to install solar panels in Key Largo?
The average cost of solar panels in Key Largo 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 certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Key Largo?
Solar panels aren't free in Key Largo, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
How will installing solar panels impact the value of my home?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't go for 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 a solar system."
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and how much 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.