Solar Panel Cost Guide in Miami, FL (2023 Update)
- Miami Solar Installation Cost: $9,498
- 25-Year Savings: $19,627
- Payback Period: 8.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Miami
We break down average solar pricing in Miami.
In Miami, solar panels cost about 2.53 per watt on average. To account for the typical energy usage of the average home in Miami, most homeowners require a 5.4-kilowatt system. Using the figure above, a solar installation costs around $9,493, or $13,575 before the federal solar tax credit of 30% is applied.
These figures are only estimates, and the cost of going solar for you will most likely vary based on the amount of energy your home requires and what company you go with. With average savings of about $21,000 on electricity bills over 20 years, many homeowners in Miami find installing solar panels can pay off big.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Miami
| Year | Return on Investment |
|---|---|
| 1 years | $-8,124 |
| 3 years | $-5,377 |
| 5 years | $-2,629 |
| 7 years | $118 |
| 9 years | $2,865 |
| 11 years | $5,612 |
| 13 years | $8,360 |
| 15 years | $11,107 |
| 17 years | $13,854 |
| 19 years | $16,601 |
| 21 years | $19,348 |
| 23 years | $22,096 |
| 25 years | $24,843 |
Top Solar Installers in Miami
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Using a solar company can make your swap to solar power much easier. Plus, if you're not certain what kind of solar panels and equipment you may need, a solar company can help you find the right equipment for you after a site survey and consultation.
If you're looking for a solar installer in Miami, the EcoWatch team has put together a list of our top suggestions here:
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 Miami
Factors that Affect Solar Panel Costs in Miami
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that will push your cost above or below the average in Miami: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,530. The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price 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 greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are provided by most installers in Miami, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible. You'll have to consider the long-term cost of financing options, including the amount of 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 more than the principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can impact the cost. Miami's solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to greater resources and bulk 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 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 | $2.63 | $11,051 | $21,534 | 8.5 years |
| 8 kW | $2.58 | $14,451 | $28,996 | 8.3 years |
| 10 kW | $2.53 | $17,710 | $36,599 | 8.2 years |
| 12 kW | $2.48 | $20,827 | $44,343 | 8.0 years |
| 14 kW | $2.43 | $23,802 | $52,230 | 7.8 years |
| 16 kW | $2.38 | $26,636 | $60,258 | 7.7 years |
| 18 kW | $2.33 | $29,328 | $68,428 | 7.5 years |
| 20 kW | $2.28 | $31,878 | $76,739 | 7.3 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Contract: Before you sign a contract with a solar installer, make sure you read it through carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you opt for.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years most likely provide quality solar panel installation and expertise.
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 Miami, FL Solar Cost FAQs
What is the average cost of installing solar panels in Miami?
This is a difficult question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $12,650 for a 5-kW system and $25,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Miami?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property 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 bang for your buck from going solar.
Does Miami have a net metering program?
The majority of states have net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates 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 long do solar panels last in Miami?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide to replace them once you've had 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.