Solar Panel Cost Guide in Melbourne, FL (2023 Update)
- Melbourne Solar Installation Cost: $8,926
- 25-Year Savings: $21,202
- Payback Period: 7.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Melbourne
Find out how much it might cost to switch to solar power in Melbourne.
Although the national average of solar panels is $2.66 per watt, solar panels in Melbourne generally cost around 2.53. The average solar panel system size in Melbourne is around 5.0 kilowatts, meaning a cost of about $8,926 for a solar installation, or $12,764 before the 30% federal solar tax credit is applied.
How much you pay can be above or below the average in Melbourne based on several factors, such as the brand of solar panels you choose and the solar installer you hire. But, after you've paid the upfront cost of installation, the payback for most homeowners is typically rewarding, with a net average savings of about $23,000 over 20 years on utility bills.
To receive a free estimate from a top solar installation company in Melbourne, you can click the button below.
Solar savings over time in Melbourne
| Year | Return on Investment |
|---|---|
| 1 years | $-7,721 |
| 3 years | $-5,311 |
| 5 years | $-2,900 |
| 7 years | $-490 |
| 9 years | $1,920 |
| 11 years | $4,330 |
| 13 years | $6,741 |
| 15 years | $9,151 |
| 17 years | $11,561 |
| 19 years | $13,971 |
| 21 years | $16,381 |
| 23 years | $18,792 |
| 25 years | $21,202 |
Top Solar Installers in Melbourne
Installing solar panels on your own can be a challenging undertaking, which is why using a solar installation company is a good option for many homeowners. Plus, if you're unsure what kind of solar panels and equipment you want, a solar installer can help you figure that out after a site survey and consultation.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
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
The cost of installing a solar system in Melbourne can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay around $2,530 per kilowatt in Melbourne. The type of solar panels and equipment you get is another factor that will substantially impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that's in your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Melbourne homeowners choose to finance their solar panel systems to make paying for solar more affordable. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you hire to install your solar system can impact your pricing. Melbourne's solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger 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 | $24,827 | 7.7 years |
| 8 kW | $2.58 | $14,451 | $33,386 | 7.6 years |
| 10 kW | $2.53 | $17,710 | $42,086 | 7.4 years |
| 12 kW | $2.48 | $20,827 | $50,929 | 7.3 years |
| 14 kW | $2.43 | $23,802 | $59,913 | 7.1 years |
| 16 kW | $2.38 | $26,636 | $69,039 | 7.0 years |
| 18 kW | $2.33 | $29,328 | $78,306 | 6.8 years |
| 20 kW | $2.28 | $31,878 | $87,715 | 6.7 years |
How to Save on Solar Panels
There are a lot of companies available in Melbourne, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Installation Process: Make sure you're on the same page with the installer regarding how the installation process will go and what needs to be done before your solar panel system is installed, such as updating or replacing your electrical system or roof.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Reputation: Your solar installer should have a solid 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 good reviews from past customers.
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
How much does it cost to install solar panels in Melbourne?
The average cost of solar panels in Melbourne is about $12,650 for a 5-kW system and $25,300 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost when buying solar panels?
The initial cost is a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Does Melbourne have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future utility bills.
How long do solar panels last in Melbourne?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.