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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Average Cost of Solar Panels in Melbourne
See how much it might cost to go solar in Melbourne.
The average cost of solar panels in Melbourne is 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.
The actual price you pay can be higher or lower than the average in Melbourne based on several factors, such as the kind of solar panels you choose and the solar installer you hire.Many homeowners find going solar is a sound investment. The average homeowner in Melbourne can save around $23,000 on their power bills over 20 years.
Click the button below to get connected to a highly rated solar company in Melbourne for a custom quote.
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
Trying to install solar panels on your own can be a time-consuming task, which is why using a solar installer is a good option for many homeowners. Solar warranties and repairs are typically included in the cost of installation when you hire a solar company as well, which can save you more money after your upfront investment.
You can get a free estimate from a local solar installer on how much solar panels could cost 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
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Melbourne
Factors that Affect Solar Panel Costs in Melbourne
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that determine your overall cost in Melbourne: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. 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 energy needs.The kind of solar panels and equipment you get is another factor that will substantially affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Plus, solar equipment consists of more than just the solar panels themselves. You’ll also need to think 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 into a solar system that’s in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Melbourne to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to higher prices over time due to interest.However, the interest on solar loans also increases your total costs, so it’s important to take that into consideration as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can impact your pricing. Melbourne’s solar companies all have different labor costs and add varying upcharges to 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 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 discount 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 | $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
Since the model of solar panels and the installer you choose considerably influences your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Even though there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of options before deciding.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Warranty: If you’re worried about the longevity of your solar system, verifying that your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Melbourne, FL Solar Cost FAQs
What is the average cost of installing solar panels in Melbourne?
The average cost of solar panels in Melbourne is about $16,050 for a 5-kW system and $32,100 for a 10-kW system before the ITC, but the actual cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you consume.
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 don’t have access to 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?
Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already fairly low, solar panels might not be for you.
How long do solar panels last in Melbourne?
Though 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 their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use 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.