Solar Panel Cost Guide in Miami Beach, FL (2023 Update)
- Miami Beach Solar Installation Cost: $9,498
- 25-Year Savings: $19,661
- Payback Period: 8.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Miami Beach
See how much it might cost to switch to solar power in Miami Beach.
The national average cost of solar panels is $2.66 per watt, but in Miami Beach it's 2.53 per watt. The average Miami Beach homeowner needs a 5.4-kilowatt system, which would cost about $9,493 with the federal tax credit, or $13,575 before the 30% tax credit is applied.
These figures are only averages, and how much solar costs for you may differ based on factors unique to your home and what company you want to go with. Even with the large initial cost, the average Miami Beach homeowner can save about $21,000 on their power bills over 20 years, which is one of the positives of solar.
You can click the button below to get connected with a vetted solar company in Miami Beach that can help you get a more accurate cost estimate for your home.
Solar savings over time in Miami Beach
| 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 Beach
Trying to install solar panels yourself can be a dangerous task, which is why getting a solar installation company is a good option for many homeowners. Plus, warranties and repairs from your solar panel company can protect your investment and lower the cost of maintenance over time.
If you'd like to make the switch to solar but still aren't certain which solar installer to go with, here are our recommendations for providers nearby:
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 Beach
Factors that Affect Solar Panel Costs in Miami Beach
There are several criteria that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That's why 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 brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted 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 a small roof or just want maximum energy production, you will be looking at 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
Most solar installers in Miami Beach provide solar loans, which reduce your upfront costs of installing solar panels. However, the interest on solar loans also increases your overall costs, so it's vital to take that into consideration 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 remaining significant cost factor you should consider is the installer you choose. Given the massive popularity of renewable energy solutions in Miami Beach, you'll have lots of options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Miami Beach are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. 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 | $21,572 | 8.5 years |
| 8 kW | $2.58 | $14,451 | $29,046 | 8.3 years |
| 10 kW | $2.53 | $17,710 | $36,662 | 8.1 years |
| 12 kW | $2.48 | $20,827 | $44,419 | 8.0 years |
| 14 kW | $2.43 | $23,802 | $52,318 | 7.8 years |
| 16 kW | $2.38 | $26,636 | $60,359 | 7.7 years |
| 18 kW | $2.33 | $29,328 | $68,541 | 7.5 years |
| 20 kW | $2.28 | $31,878 | $76,866 | 7.3 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: Look through the contract terms closely to make sure you understand the cost breakdown, project timeline rebates and warranties.
- Solar Panel Brands: Different companies have different brands and models of panels. If you prefer a specific brand, make sure the solar company you're considering has it.
- Installation Process: Make sure you're on the same page with the installer regarding how the installation process will go and what you need to do before your solar panel system is installed, such as repairing your electrical system or roof.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panels running for years to come and save you money on part replacement and repairs.
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 Beach, FL Solar Cost FAQs
How much does it cost to install solar panels in Miami Beach?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally 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 cost more if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Miami Beach?
You can't get solar panels for free in Miami 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'd rather own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Miami Beach?
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 pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can replace them once you've had them for that long or you can keep using 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.