Solar Panel Cost Guide in Melbourne Beach, FL (Mar 2023)
- Melbourne Beach Solar Installation Cost: $8,926
- 25-Year Savings: $20,233
- Payback Period: 7.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Melbourne Beach
Let's take a look at the average cost of solar panels in Melbourne Beach.
While the national average of solar panels is $2.66 per watt, solar panels in Melbourne Beach generally cost around 2.53. The average solar panel system size in Melbourne Beach 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.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of making the switch to solar can vary depending on multiple factors, such as what size system you need, your energy consumption and what installation company you go with. But, once you've paid the upfront cost of installation, the return on investment for most homeowners is quite rewarding, with a net average savings of about $22,000 over 20 years on utility bills.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Melbourne Beach
| Year | Return on Investment |
|---|---|
| 1 years | $-7,759 |
| 3 years | $-5,427 |
| 5 years | $-3,094 |
| 7 years | $-761 |
| 9 years | $1,571 |
| 11 years | $3,904 |
| 13 years | $6,237 |
| 15 years | $8,569 |
| 17 years | $10,902 |
| 19 years | $13,235 |
| 21 years | $15,568 |
| 23 years | $17,900 |
| 25 years | $20,233 |
Top Solar Installers in Melbourne Beach
When making the switch to solar, many homeowners opt to hire a solar installation company since putting up solar panels yourself can be a time-consuming project. Plus, if you aren't sure what type of solar panels and equipment you need, a solar installer can help you figure that out after a site survey and consultation.
Working with a vetted solar installer can help you make the most of your investment in solar. Here are our recommendations:
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 Melbourne Beach
Factors that Affect Solar Panel Costs in Melbourne Beach
The cost of installing a solar system in Melbourne Beach can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The size of the solar energy system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,530. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Melbourne Beach, 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 more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a big investment. That's why many Melbourne Beach homeowners opt to finance their solar panel systems to make going solar more affordable. However, the interest on solar loans also increases your overall costs, so it's important to keep that in mind as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The final key cost factor you should keep in mind is the installer you choose. Given the massive popularity of clean energy solutions in Melbourne Beach, you'll have lots of options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in Melbourne Beach have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $23,673 | 8.0 years |
| 8 kW | $2.58 | $14,451 | $31,847 | 7.8 years |
| 10 kW | $2.53 | $17,710 | $40,163 | 7.7 years |
| 12 kW | $2.48 | $20,827 | $48,620 | 7.5 years |
| 14 kW | $2.43 | $23,802 | $57,220 | 7.3 years |
| 16 kW | $2.38 | $26,636 | $65,961 | 7.2 years |
| 18 kW | $2.33 | $29,328 | $74,843 | 7.0 years |
| 20 kW | $2.28 | $31,878 | $83,868 | 6.9 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be difficult, we have some tips to help you, such as:
- 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 affects which solar panel brands you have access to.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panels running smoothly and save you money on part replacement and repairs.
- Installation Process: Make sure you're aligned with the installer regarding how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Contract: It's important to look over your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
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 Melbourne Beach, FL Solar Cost FAQs
How much does it cost to install solar panels in Melbourne Beach?
The average cost of solar panels in Melbourne Beach 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 such as the type of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Melbourne Beach?
You can't get solar panels for free in Melbourne Beach. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Does Melbourne Beach have a net metering program?
Most states have net metering programs of some kind. Through these, you can be compensated for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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 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.