Solar Panel Cost Guide in Melbourne, FL (2024 Update)
- Melbourne Solar Installation Cost: $11,321
- 25-Year Savings: $21,205
- Payback Period: 9.4 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in Melbourne
See how much it might cost to go solar in Melbourne.
The national average cost of solar panels is $2.66 per watt, but in Melbourne it’s 3 per watt.The average Melbourne homeowner needs a 5.0-kilowatt system, which would cost about $11,321 with the federal tax credit, or $16,189 before the 0 tax credit is applied.
These figures are just estimates, and your own solar costs may differ based on the amount of energy your home requires and what company you choose to go with.Even with the significant initial cost, the average Melbourne homeowner can save around $23,000 on their energy bills over 20 years, which is one of the advantages of solar.
You can click the button below to get connected with a top solar company in Melbourne that can help you get a more accurate cost estimate for your home.
Solar savings over time in Melbourne
Year | Return on Investment |
---|---|
1 years | $-9,948 |
3 years | $-7,200 |
5 years | $-4,453 |
7 years | $-1,706 |
9 years | $1,041 |
11 years | $3,789 |
13 years | $6,536 |
15 years | $9,283 |
17 years | $12,030 |
19 years | $14,778 |
21 years | $17,525 |
23 years | $20,272 |
25 years | $23,019 |
Top Solar Installers in Melbourne
Installing solar panels by yourself can be a stressful project, which is why getting a solar installation company is a good option for many homeowners. Plus, warranties and repairs from your solar panel installer can protect your investment and reduce the cost of maintenance over the lifespan of your panels.
If you're searching for a solar company in Melbourne, the EcoWatch team has organized a list of our top suggestions here:
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 Melbourne
Factors that Affect Solar Panel Costs in Melbourne
For many Melbourne homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Melbourne, 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
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay around $3,210 per kilowatt in Melbourne.Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Melbourne, where sunlight is abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Melbourne to be too steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in higher prices over time due to interest.However, the interest on solar loans also adds to your total costs, so it’s vital to take that into consideration as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar panel installation company you pick will affect your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor.The size of the company sometimes plays the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because of more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower 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 | $3.34 | $14,021 | $21,857 | 9.8 years |
8 kW | $3.27 | $18,336 | $29,502 | 9.6 years |
10 kW | $3.21 | $22,470 | $37,326 | 9.4 years |
12 kW | $3.15 | $26,425 | $45,331 | 9.2 years |
14 kW | $3.08 | $30,200 | $53,515 | 9.0 years |
16 kW | $3.02 | $33,795 | $61,879 | 8.8 years |
18 kW | $2.95 | $37,210 | $70,423 | 8.6 years |
20 kW | $2.89 | $40,446 | $79,147 | 8.5 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
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 Melbourne, FL Solar Cost FAQs
What is the average cost of installing solar panels in Melbourne?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $16,050 for a 5-kW system and $32,100 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Melbourne?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is it worth going solar in Melbourne?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and how much direct sunlight your roof gets.
How long do solar panels last in Melbourne?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.