Solar Panel Cost Guide in Merritt Island, FL (Jan 2023)
- Merritt Island Solar Installation Cost: $8,926
- 25-Year Savings: $20,233
- Payback Period: 7.7 Years
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Updated January 20, 2023
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Average Cost of Solar Panels in Merritt Island
Let's have a look at the average cost of solar panels in Merritt Island.
In Merritt Island, solar panels cost about $3 per watt on average. Since a 5.0-kW system is needed to cover the energy consumption of a typical home in Merritt Island, the average price of going solar will be about $8,926 before claiming the federal solar tax credit of 30%.
How much you pay can go above or below the average in Merritt Island based on a few factors, such as the model of solar panels you choose and the solar installer you hire. For many homeowners, the upfront investment in solar power is worth paying. On average Merritt Island homeowners see about $22,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a vetted solar company in Merritt Island for a quote for your home.
Solar savings over time in Merritt Island
| 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 Merritt Island
When going solar, many homeowners decide to hire a solar installation company since installing a solar system yourself can be a difficult project. The expertise that solar installers offer can be invaluable as well, particularly if you don't quite know what type of solar equipment you need.
You can work with a local solar installer to get a free estimate 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 Merritt Island
Factors that Affect Solar Panel Costs in Merritt Island
The cost of installing a solar system in Merritt Island 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 installer you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,530. The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Merritt Island to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to a higher cost over time because of interest. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar company you go with to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar installation companies operating throughout Merritt Island, and each can charge different amounts for labor and equipment. Additionally, some companies in Merritt Island know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 solar company you opt for will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, including:
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the project timeline.
- Contract: It's important to read your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
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 Merritt Island, FL Solar Cost FAQs
How much does it cost to install solar panels in Merritt Island?
The average cost of solar panels in Merritt Island 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 kind of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Merritt Island?
You can't get solar panels for free in Merritt Island. However, you may still be able to install 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.
Can solar panels eliminate my electricity bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Merritt Island, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.