Solar Panel Cost Guide in Lake Mary, FL (Jan 2023)
- Lake Mary Solar Installation Cost: $9,900
- 25-Year Savings: $20,803
- Payback Period: 8.1 Years
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Updated January 20, 2023
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Average Cost of Solar Panels in Lake Mary
Let's have a look at the average cost of solar in Lake Mary.
The national average cost of solar panels is $2.66 per watt, but in Lake Mary it's $3 per watt. The average Lake Mary homeowner needs a 5.6-kilowatt system, which would cost about $9,900, or $7,326 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 true cost of installing solar panels can vary quite a bit based on multiple factors, such as how many panels you need, your energy consumption and what solar installer you go with. With average savings of about $21,000 on electricity bills over 20 years, many homeowners in Lake Mary find going solar has a decent ROI.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Lake Mary
| Year | Return on Investment |
|---|---|
| 1 years | $-8,672 |
| 3 years | $-6,216 |
| 5 years | $-3,759 |
| 7 years | $-1,303 |
| 9 years | $1,153 |
| 11 years | $3,609 |
| 13 years | $6,066 |
| 15 years | $8,522 |
| 17 years | $10,978 |
| 19 years | $13,434 |
| 21 years | $15,891 |
| 23 years | $18,347 |
| 25 years | $20,803 |
Top Solar Installers in Lake Mary
Many homeowners opt for a solar panel company since installing solar panels by yourself can be time-consuming. Solar warranties and repairs are ordinarily included in the cost of installation when you hire a solar contractor as well, which can save you more money after your initial investment.
If you're searching for a solar company in Lake Mary, the EcoWatch team has organized 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 (coming 2022)
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 Lake Mary
Factors that Affect Solar Panel Costs in Lake Mary
For many Lake Mary homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Lake Mary, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,530. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Lake Mary, where sunlight is abundant, efficiency can quickly pay off. Plus, 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
Most solar installers in Lake Mary offer solar loans, which reduce your upfront costs of installing a solar system. However, the interest on solar loans also increases your all-in costs, so it's crucial to take that into consideration as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar panel installer you select will play a role in your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $21,890 | 8.4 years |
| 8 kW | $2.58 | $14,451 | $29,471 | 8.2 years |
| 10 kW | $2.53 | $17,710 | $37,192 | 8.1 years |
| 12 kW | $2.48 | $20,827 | $45,056 | 7.9 years |
| 14 kW | $2.43 | $23,802 | $53,061 | 7.7 years |
| 16 kW | $2.38 | $26,636 | $61,208 | 7.6 years |
| 18 kW | $2.33 | $29,328 | $69,497 | 7.4 years |
| 20 kW | $2.28 | $31,878 | $77,927 | 7.3 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose considerably influences your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for a long time and save you money on repairs and maintenance.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should secure and what the project timeline is.
- Solar Panel Brands: The kind of solar panel you want to get plays a part in which company you should go with, since different companies have access to different panels.
- Contract: Although reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Lake Mary, FL Solar Cost FAQs
How much does it cost to install solar panels in Lake Mary?
This is a hard question to answer precisely, because the cost depends on a few different factors. Broadly 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 cost more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Lake Mary?
You can't get solar panels for free in Lake Mary. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
Can solar panels eliminate my power bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Lake Mary, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Lake Mary?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.