Solar Panel Cost Guide in Lake Panasoffkee, FL (2024 Update)
- Lake Panasoffkee Solar Installation Cost: $12,514
- 25-Year Savings: $21,978
- Payback Period: 9.8 Years
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Average Cost of Solar Panels in Lake Panasoffkee
Let’s take a look at the average cost of solar in Lake Panasoffkee.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lake Panasoffkee, the average cost of a solar system is 3 per watt.Since a 5.6-kW system is needed to cover the energy needs of a typical home in Lake Panasoffkee, the average price of going solar will be about $12,514 after claiming the federal solar tax credit of 0.
These figures are only estimates, and the cost of going solar for you will most likely look different based on your specific situation and what company you want to go with.For most homeowners, the upfront cost of solar power is worth paying. On average Lake Panasoffkee homeowners see about $23,000 in savings on electricity bills over 20 years.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Lake Panasoffkee
| Year | Return on Investment |
|---|---|
| 1 years | $-10,905 |
| 3 years | $-7,688 |
| 5 years | $-4,470 |
| 7 years | $-1,252 |
| 9 years | $1,965 |
| 11 years | $5,183 |
| 13 years | $8,400 |
| 15 years | $11,618 |
| 17 years | $14,836 |
| 19 years | $18,053 |
| 21 years | $21,271 |
| 23 years | $24,488 |
| 25 years | $27,706 |
Top Solar Installers in Lake Panasoffkee
Although it's possible to install solar panels on your own, it involves extra effort and know-how. That's why most homeowners choose to hire a solar panel installer. Another benefit of going with a solar company is that they can help you make the most of your return of investment by bringing down your future costs of repairs and replacements because of warranties and helping you learn about local incentives you can take advantage of.
If you’d like to make the switch to solar but still aren’t sure which solar system installer to go with, here are our recommendations for providers in Lake Panasoffkee:
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 Lake Panasoffkee
Factors that Affect Solar Panel Costs in Lake Panasoffkee
Although the average cost of a solar system in Lake Panasoffkee is $12,514, your actual cost may be higher or lower than that. There are many factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
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 around $3,210. The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar installers in Lake Panasoffkee have solar loans, which reduce your upfront costs of installing solar panels.Although solar loans make adopting solar energy more accessible for Lake Panasoffkee homeowners, they can also add to the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The final key cost factor you should keep in mind is the installer you choose. Given the massive popularity of renewable energy solutions in Lake Panasoffkee, you’ll have lots of options to choose from, but each comes at various price points for labor and equipment.Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and decide on the company that offers the products, warranties and services you’re looking for and also is within your budget.
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 | $20,282 | 10.2 years |
| 8 kW | $3.27 | $18,336 | $27,403 | 10.0 years |
| 10 kW | $3.21 | $22,470 | $34,703 | 9.8 years |
| 12 kW | $3.15 | $26,425 | $42,182 | 9.6 years |
| 14 kW | $3.08 | $30,200 | $49,842 | 9.4 years |
| 16 kW | $3.02 | $33,795 | $57,681 | 9.2 years |
| 18 kW | $2.95 | $37,210 | $65,700 | 9.0 years |
| 20 kW | $2.89 | $40,446 | $73,899 | 8.8 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Different companies will carry various brands and types of panels. If you prefer a specific brand, make sure the solar installer you’re considering has it.
- Contract: When looking over your solar company’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Warranty: If you’re concerned about the longevity of your solar panel system, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
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 Lake Panasoffkee, FL Solar Cost FAQs
How much does it cost to install solar panels in Lake Panasoffkee?
The average cost of solar panels in Lake Panasoffkee is about $16,050 for a 5-kW system and $32,100 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important consideration when buying solar panels?
Cost is a very important factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Do solar panels increase your property value?
Solar panels can increase your property’s value significantly as long as you buy or finance your panels and don’t opt 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 long do solar panels last in Lake Panasoffkee?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them after having them for that long or you can keep using 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.