Solar Panel Cost Guide in Miami, FL (Mar 2023)
- Miami Solar Installation Cost: $9,493
- 25-Year Savings: $19,632
- Payback Period: 8.2 Years
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Updated March 14, 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.
The actual price you pay can go higher or lower than the average in Miami depending on several factors, such as the kind of solar panels you choose and the solar company you hire. With typical savings of about $21,000 on utility bills over 20 years, many homeowners in Miami find installing solar panels can pay off big.
Click the button below to get connected to a vetted solar installer in your area for a personalized estimate.
Solar savings over time in Miami
| Year | Return on Investment |
|---|---|
| 1 years | $-8,328 |
| 3 years | $-5,998 |
| 5 years | $-3,668 |
| 7 years | $-1,338 |
| 9 years | $992 |
| 11 years | $3,322 |
| 13 years | $5,652 |
| 15 years | $7,982 |
| 17 years | $10,312 |
| 19 years | $12,642 |
| 21 years | $14,972 |
| 23 years | $17,302 |
| 25 years | $19,632 |
Top Solar Installers in Miami
Trying to install solar panels by yourself can be a difficult project, which is why getting a solar installation company is a good option for many homeowners. Companies can also offer access to a large variety of the best solar panels and help you decide which one will be right for you.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Miami
Factors that Affect Solar Panel Costs in Miami
Though the average cost of a solar system in Miami is $9,493, your actual cost may be higher or lower than that. There are many factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater 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 type 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 come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof 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 additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many Miami homeowners decide to finance their solar panel systems to make paying for solar more affordable. However, the interest on solar loans also increases your overall costs, so it's important to consider that as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar company you opt for to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar installation companies in Miami, and each can charge different amounts for labor and equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and decide on the company that offers the products, warranties and services you're looking for and also fit into your budget.
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
There are a lot of companies available in Miami, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Reputation: Make sure your solar installer has a good reputation by verifying 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: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. While there are many options for which model 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 peruse their list of options before making your decision.
- Warranty: If you care about the endurance of your solar panels, making sure your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: Review the contract terms carefully to make sure you understand the cost breakdown, project timeline rebates and warranties.
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 Miami, FL Solar Cost FAQs
What is the average cost of installing solar panels in Miami?
The average cost of solar panels in Miami 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 stuff such as the model of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Miami?
You can't get solar panels for free in Miami. 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'd rather own your solar panels, you can finance them with a solar loan.
How will solar panels impact how much my home is worth?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Miami is currently $337,733, so you could be looking at a value of about $13,847 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Miami is a worthwhile investment.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.