Solar Panel Cost Guide in Key Largo, FL (2024 Update)
- Key Largo Solar Installation Cost: $11,253
- 25-Year Savings: $19,838
- Payback Period: 9.8 Years
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Average Cost of Solar Panels in Key Largo
Find out how much it might cost to install solar panels in Key Largo.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Key Largo, the average cost of a solar system is 3 per watt.The average Key Largo homeowner needs a 5.0-kilowatt system, which would cost about $11,253 with the federal tax credit, or $16,092 before the 0 tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Key Largo homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.But, once you've paid the initial cost of installation, the savings for most homeowners is typically rewarding, with a net average savings of about $22,000 over 20 years on electricity bills.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Key Largo
| Year | Return on Investment |
|---|---|
| 1 years | $-9,829 |
| 3 years | $-6,980 |
| 5 years | $-4,131 |
| 7 years | $-1,281 |
| 9 years | $1,568 |
| 11 years | $4,417 |
| 13 years | $7,266 |
| 15 years | $10,115 |
| 17 years | $12,964 |
| 19 years | $15,813 |
| 21 years | $18,662 |
| 23 years | $21,511 |
| 25 years | $24,361 |
Top Solar Installers in Key Largo
Installing solar panels by yourself can be a dangerous task, which is why hiring a solar installer is a good option for many homeowners. Another upside of utilizing a solar installer is that they can help you maximize your ROI by bringing down your future costs of repairs and replacements because of warranties and informing you of local incentives you can take advantage of.
Working with a professional 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 Key Largo
Factors that Affect Solar Panel Costs in Key Largo
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that affect your total cost in Key Largo: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. That’s why it’s a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Key Largo, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a solid choice because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also adds to your all-in costs, so it’s important to take that into consideration as well. You can always bring down the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panel system can affect your pricing. Key Largo’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional 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 | $3.34 | $14,021 | $20,371 | 10.2 years |
| 8 kW | $3.27 | $18,336 | $27,521 | 10.0 years |
| 10 kW | $3.21 | $22,470 | $34,851 | 9.8 years |
| 12 kW | $3.15 | $26,425 | $42,361 | 9.6 years |
| 14 kW | $3.08 | $30,200 | $50,050 | 9.4 years |
| 16 kW | $3.02 | $33,795 | $57,919 | 9.2 years |
| 18 kW | $2.95 | $37,210 | $65,968 | 9.0 years |
| 20 kW | $2.89 | $40,446 | $74,197 | 8.8 years |
How to Save on Solar Panels
There are many companies available in Key Largo, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to install your solar system. Another way you can check your installer’s reputation is by reading reviews.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Even though 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 be sure to take a look at their list of options before deciding.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
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 Key Largo, FL Solar Cost FAQs
What is the average cost of installing solar panels in Key Largo?
The average cost of solar panels in Key Largo 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 certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
Cost is a key factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
How much can I save on power bills after switching to solar?
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 $1,146.43 per year.
How long do solar panels last in Key Largo?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use 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.