Solar Panel Cost Guide in Lochmoor Waterway Estates, FL (Mar 2023)
- Lochmoor Waterway Estates Solar Installation Cost: $9,457
- 25-Year Savings: $19,436
- Payback Period: 8.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lochmoor Waterway Estates
Here's how much it might cost to switch to solar power in Lochmoor Waterway Estates.
The national average cost of solar panels is $2.66 per watt, but in Lochmoor Waterway Estates it's 2.53 per watt. The average solar panel system size in Lochmoor Waterway Estates is around 5.3 kilowatts, meaning a cost of about $9,457 for a solar installation, or $13,524 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Lochmoor Waterway Estates homeowner. 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. With typical savings of about $21,000 on energy bills over 20 years, many homeowners in Lochmoor Waterway Estates find going solar has a decent ROI.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Lochmoor Waterway Estates
| Year | Return on Investment |
|---|---|
| 1 years | $-8,301 |
| 3 years | $-5,990 |
| 5 years | $-3,679 |
| 7 years | $-1,367 |
| 9 years | $944 |
| 11 years | $3,256 |
| 13 years | $5,567 |
| 15 years | $7,879 |
| 17 years | $10,190 |
| 19 years | $12,501 |
| 21 years | $14,813 |
| 23 years | $17,124 |
| 25 years | $19,436 |
Top Solar Installers in Lochmoor Waterway Estates
Although it's possible to install solar panels by yourself, it takes extra time and knowledge. That's why most people choose to hire a solar panel installer. A solar company can also help save you money in the long run by offering warranties, repairs and part replacements.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Lochmoor Waterway Estates
Factors that Affect Solar Panel Costs in Lochmoor Waterway Estates
Although the average cost of a solar system in Lochmoor Waterway Estates is $9,457, your final cost may differ. There are many factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. Because of that, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. The brand and type of equipment you choose for your solar system can raise or lower 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 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 Lochmoor Waterway Estates homeowners decide to finance their solar panel systems to offset upfront costs. When considering your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The remaining significant cost factor you should keep in mind is the installer you choose. Given the massive popularity of sustainable energy solutions in Lochmoor Waterway Estates, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. The company's size can sometimes play the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to greater resources and better 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 promotion 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 | $2.63 | $11,051 | $21,400 | 8.5 years |
| 8 kW | $2.58 | $14,451 | $28,816 | 8.3 years |
| 10 kW | $2.53 | $17,710 | $36,374 | 8.2 years |
| 12 kW | $2.48 | $20,827 | $44,074 | 8.0 years |
| 14 kW | $2.43 | $23,802 | $51,916 | 7.9 years |
| 16 kW | $2.38 | $26,636 | $59,899 | 7.7 years |
| 18 kW | $2.33 | $29,328 | $68,024 | 7.5 years |
| 20 kW | $2.28 | $31,878 | $76,291 | 7.4 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- 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.
- Warranty: If you care about the durability of your solar panel system, making sure your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: The brand of solar panel you'd like plays a part in which company you should go with, since different companies have different panels.
- Contract: Although reading through a contract can take a lot of time, it's important to do it thoroughly so you can be sure you understand how much the equipment and services will cost 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 (coming 2022)
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 Lochmoor Waterway Estates, FL Solar Cost FAQs
What is the average cost of installing solar panels in Lochmoor Waterway Estates?
The average cost of solar panels in Lochmoor Waterway Estates is about $12,650 for a 5-kW system and $25,300 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider in addition to cost when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase the value of your home?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don't go 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 solar panels."
How long do solar panels last in Lochmoor Waterway Estates?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide 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.