Solar Panel Cost Guide in Lakewood Park, FL (2023 Update)
- Lakewood Park Solar Installation Cost: $9,298
- 25-Year Savings: $20,616
- Payback Period: 7.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lakewood Park
Find out what the average cost of solar panels are in Lakewood Park.
The average cost of a solar panel system in Lakewood Park is 2.53 per watt. To account for the typical energy needs of the average home in Lakewood Park, most homeowners require a 5.2-kilowatt system. Using the figure above, a solar installation costs about $9,298, or $13,296 before the federal solar tax credit of 30% is applied.
The true cost of your system can go above or below the average in Lakewood Park based on a variety of factors, such as the kind of solar panels you choose and the solar contractor you hire. For many homeowners, the upfront investment in solar power is worth paying. On average homeowners in Lakewood Park see about $22,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a vetted solar installer in Lakewood Park for a quote for your home.
Solar savings over time in Lakewood Park
| Year | Return on Investment |
|---|---|
| 1 years | $-8,101 |
| 3 years | $-5,708 |
| 5 years | $-3,315 |
| 7 years | $-922 |
| 9 years | $1,471 |
| 11 years | $3,864 |
| 13 years | $6,257 |
| 15 years | $8,650 |
| 17 years | $11,044 |
| 19 years | $13,437 |
| 21 years | $15,830 |
| 23 years | $18,223 |
| 25 years | $20,616 |
Top Solar Installers in Lakewood Park
When going solar, many homeowners prefer to use a solar installation company since DIY solar panel installation can be a time-consuming project. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long run because of their warranties, repair services and expert design.
If you're looking for a solar company in Lakewood Park, we've 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
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 Lakewood Park
Factors that Affect Solar Panel Costs in Lakewood Park
For many Lakewood Park homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Lakewood Park, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,530. The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted 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 more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase 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 Lakewood Park homeowners opt to finance their solar panel systems to make paying for solar more affordable. Even though solar loans make going solar more accessible for Lakewood Park homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar panel installer you select will impact your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor. You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $23,135 | 8.1 years |
| 8 kW | $2.58 | $14,451 | $31,129 | 7.9 years |
| 10 kW | $2.53 | $17,710 | $39,266 | 7.8 years |
| 12 kW | $2.48 | $20,827 | $47,544 | 7.6 years |
| 14 kW | $2.43 | $23,802 | $55,964 | 7.5 years |
| 16 kW | $2.38 | $26,636 | $64,526 | 7.3 years |
| 18 kW | $2.33 | $29,328 | $73,229 | 7.1 years |
| 20 kW | $2.28 | $31,878 | $82,074 | 7.0 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you opt for.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be done 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 Lakewood Park, FL Solar Cost FAQs
How much does it cost to install solar panels in Lakewood Park?
This is a hard question to answer exactly, because the cost depends on a variety of 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. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Lakewood Park?
You can't get solar panels for free in Lakewood 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'd rather own your solar panels, you can finance them with a solar loan.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually 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.