Solar Panel Cost Guide in Lake Mary, FL (2024 Update)
- Lake Mary Solar Installation Cost: $12,566
- 25-Year Savings: $20,799
- Payback Period: 10.2 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Lake Mary
We go over average solar pricing in Lake Mary.
The national average cost of solar panels is $2.66 per watt, but in Lake Mary it’s 3 per watt.Because a 5.6-kW system is needed to cover the energy consumption of a typical home in Lake Mary, the average price of going solar will be about $12,566 after claiming the federal solar tax credit of 0.
Keep in mind that the figures above are only estimates based on the average energy use of Lake Mary homeowners. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.Despite the large initial cost, the average Lake Mary homeowner can save around $21,000 on their power bills over 20 years, which is one of the benefits of solar.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Lake Mary
| Year | Return on Investment |
|---|---|
| 1 years | $-10,925 |
| 3 years | $-7,643 |
| 5 years | $-4,360 |
| 7 years | $-1,078 |
| 9 years | $2,204 |
| 11 years | $5,486 |
| 13 years | $8,768 |
| 15 years | $12,050 |
| 17 years | $15,332 |
| 19 years | $18,614 |
| 21 years | $21,897 |
| 23 years | $25,179 |
| 25 years | $28,461 |
Top Solar Installers in Lake Mary
Although it's possible to install solar panels by yourself, it involves extra time and knowledge. Because of that, the majority of homeowners choose to go with a solar panel installer. Plus, warranties and repairs from your solar panel company can protect your investment and reduce the cost of maintenance over time.
If you're on the hunt for a solar company in Lake Mary, we've put together 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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Lake Mary
Factors that Affect Solar Panel Costs in Lake Mary
There are several criteria that can determine your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend around $3,210 per kilowatt in Lake Mary.The brand and kind of equipment you choose for your solar system can raise or lower 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. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That’s why many Lake Mary homeowners opt to finance their solar panel systems to make going solar more affordable.However, the interest on solar loans also increases your total costs, so it’s important to keep that in mind 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
The solar panel installer you choose will impact your total cost to make the switch to solar energy. Different companies will bill different amounts for the equipment and labor.The company’s size can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger companies.
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 | $18,920 | 10.6 years |
| 8 kW | $3.27 | $18,336 | $25,586 | 10.4 years |
| 10 kW | $3.21 | $22,470 | $32,432 | 10.2 years |
| 12 kW | $3.15 | $26,425 | $39,458 | 10.0 years |
| 14 kW | $3.08 | $30,200 | $46,664 | 9.8 years |
| 16 kW | $3.02 | $33,795 | $54,049 | 9.6 years |
| 18 kW | $2.95 | $37,210 | $61,614 | 9.4 years |
| 20 kW | $2.89 | $40,446 | $69,359 | 9.2 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be a challenge, we have some tips to help you, such as:
- Warranty: A comprehensive, long-term warranty can help keep your solar panels running for a long time and save you money on repairs and maintenance.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Contract: It’s important to read your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Installation Process: An important thing 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 how long the project will take.
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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Lake Mary, FL Solar Cost FAQs
What is the average cost of installing solar panels in Lake Mary?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $16,050 for a 5-kW system and $32,100 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Are solar panels free in Lake Mary?
A solar panel system isn’t free in Lake Mary, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Can you sell solar power back to the grid in Lake Mary?
Most states have net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the amount of 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.