Solar Panel Cost Guide in Lake Park, FL (2023 Update)
- Lake Park Solar Installation Cost: $9,531
- 25-Year Savings: $19,628
- Payback Period: 8.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lake Park
Let's take a look at the average cost of solar in Lake Park.
In Lake Park, solar panels cost about 2.53 per watt on average. The average Lake Park homeowner needs a 5.4-kilowatt system, which would cost about $9,528 with the federal tax credit, or $13,625 before the 30% tax credit is applied.
These figures are just averages, and the cost of going solar for you will vary based on factors unique to your home and what company you go with. But, once you've paid the initial cost of installation, the savings for most homeowners is quite fruitful, with a net average savings of about $21,000 over 20 years on electricity bills.
You can click the button below to get connected with a top solar installer in Lake Park for a quote for your home.
Solar savings over time in Lake Park
| Year | Return on Investment |
|---|---|
| 1 years | $-9,434 |
| 3 years | $-9,239 |
| 5 years | $-9,045 |
| 7 years | $-8,850 |
| 9 years | $-8,656 |
| 11 years | $-8,462 |
| 13 years | $-8,267 |
| 15 years | $-8,073 |
| 17 years | $-7,878 |
| 19 years | $-7,684 |
| 21 years | $-7,490 |
| 23 years | $-7,295 |
| 25 years | $-7,101 |
Top Solar Installers in Lake Park
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Using a solar panel installer can make your swap to solar power much easier. Plus, if you're unsure what brand of solar panels and equipment you may need, a solar installer can help you find the right equipment for you after a site survey and consultation.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some in Lake Park:
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 Park
Factors that Affect Solar Panel Costs in Lake Park
While the average cost of a solar system in Lake Park is $9,528, your actual cost may be above or below the average. There are several factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Lake Park, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can figure out by looking at past electricity bills. Your overall cost can increase by about $2,530 for each additional kilowatt you need. The type of solar panels and equipment you get is another factor that will significantly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Further, solar equipment consists of more than just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That's why many Lake Park homeowners decide to finance their solar panel systems to make paying for solar more affordable. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Lake Park is the company you get to install your PV system. Similar to choosing a company to install new cabinets, for example, there are plenty of solar installers that provide a range of services for different budgets. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and find a company that provides the products, warranties and services you want and also fit into 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 | $2.63 | $11,051 | $21,458 | 8.5 years |
| 8 kW | $2.58 | $14,451 | $28,894 | 8.3 years |
| 10 kW | $2.53 | $17,710 | $36,471 | 8.2 years |
| 12 kW | $2.48 | $20,827 | $44,191 | 8.0 years |
| 14 kW | $2.43 | $23,802 | $52,052 | 7.8 years |
| 16 kW | $2.38 | $26,636 | $60,054 | 7.7 years |
| 18 kW | $2.33 | $29,328 | $68,199 | 7.5 years |
| 20 kW | $2.28 | $31,878 | $76,485 | 7.4 years |
How to Save on Solar Panels
The solar installer you choose will be a major factor in determining not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should take into account, including:
- Warranty: Warranties that provide coverage for replacement parts and repairs over around 25 years are the best you can get in the business, and offering such a warranty is one sign of a good company.
- Solar Panel Brands: Different companies will offer different brands and types of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
- Contract: It's important to read your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have 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 company, such as what permits you should secure and what the project timeline is.
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 Park, FL Solar Cost FAQs
What is the average cost of installing solar panels in Lake Park?
This is a difficult question to answer precisely, because the cost depends on many factors. Generally 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 other solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Lake Park?
You can't get solar panels for free in Lake Park. 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 want to own your solar panels, you can finance them with a solar loan.
Can solar panels significantly reduce my power bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Lake Park, that will require at least a 10-kW system. Not all homes will have roofs that 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 many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the average daily 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 install between 20 and 35 panels to cover 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.