Solar Panel Cost Guide in Lake Mary, FL (2023 Update)
- Lake Mary Solar Installation Cost: $9,904
- 25-Year Savings: $20,799
- Payback Period: 8.1 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Lake Mary
Let's take a look at the average cost of solar panels in Lake Mary.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lake Mary, the average cost of a solar system is 2.53 per watt. Using this figure, a typical 5.6-kW system would cost about $9,900 before the 30% federal solar tax credit is applied.
How much you pay can go above or below the average in Lake Mary based on a variety of factors, such as the type of solar panels you choose and the solar company you hire. With average savings of about $21,000 on energy bills over 20 years, many homeowners in Lake Mary find installing solar panels can be quite rewarding.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lake Mary
| Year | Return on Investment |
|---|---|
| 1 years | $-9,802 |
| 3 years | $-9,597 |
| 5 years | $-9,392 |
| 7 years | $-9,187 |
| 9 years | $-8,983 |
| 11 years | $-8,778 |
| 13 years | $-8,573 |
| 15 years | $-8,369 |
| 17 years | $-8,164 |
| 19 years | $-7,959 |
| 21 years | $-7,755 |
| 23 years | $-7,550 |
| 25 years | $-7,345 |
Top Solar Installers in Lake Mary
When switching to solar energy, many homeowners decide to use a solar installer since handling can be a difficult project. Solar installers offer key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
There are several licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Lake Mary
Factors that Affect Solar Panel Costs in Lake Mary
For many Lake Mary homeowners, the decision to install a solar energy system 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 several factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different 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 generation 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 $2,530. There are many different solar panel brands and the one you pick also changes the cost. Usually, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Lake Mary have 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 important to keep that in mind as well. You can always lower the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panels can play a role in determining the cost. Lake Mary's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Lake Mary know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. 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 | $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 installer you choose considerably impacts 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:
- Solar Panel Brands: Different companies carry various brands and kinds of panels. If you want a specific brand, make sure the solar installer you're considering has it.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- 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.
- Contract: Although reading through a contract can take a lot of time, it's important to do it thoroughly so you can make sure you understand what services your solar company will provide and the terms of the warranty.
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 Lake Mary, FL Solar Cost FAQs
How much does it cost to install solar panels in Lake Mary?
The average cost of solar panels in Lake Mary is about $12,650 for a 5-kW system and $25,300 for a 10-kW system before the ITC, but the real cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Lake Mary?
Leasing solar panels can be an attractive choice, as 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Can solar panels completely eradicate my energy bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Lake Mary, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.