Solar Panel Cost Guide in Miami Lakes, FL (2023 Update)
- Miami Lakes Solar Installation Cost: $9,512
- 25-Year Savings: $19,647
- Payback Period: 8.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Miami Lakes
We break down average solar pricing in Miami Lakes.
Although the national average of solar panels is $2.66 per watt, solar panels in Miami Lakes typically cost around 2.53. The average Miami Lakes homeowner needs a 5.4-kilowatt system, which would cost about $9,510 with the federal tax credit, or $13,599 before the 30% tax credit is applied.
These figures are just averages, and how much solar costs for you will vary based on the amount of energy your home requires and what company you choose to go with. Despite the significant upfront cost, the average Miami Lakes homeowner can save around $21,000 on their power bills over 20 years, which is one of the positives of solar.
To receive a free estimate from a pre-vetted solar installation company in Miami Lakes, you can click the button below.
Solar savings over time in Miami Lakes
| Year | Return on Investment |
|---|---|
| 1 years | $-9,414 |
| 3 years | $-9,220 |
| 5 years | $-9,026 |
| 7 years | $-8,831 |
| 9 years | $-8,637 |
| 11 years | $-8,442 |
| 13 years | $-8,248 |
| 15 years | $-8,054 |
| 17 years | $-7,859 |
| 19 years | $-7,665 |
| 21 years | $-7,470 |
| 23 years | $-7,276 |
| 25 years | $-7,082 |
Top Solar Installers in Miami Lakes
Although you can install solar panels on your own, it requires extra time and knowledge. For that reason, most people choose to hire a solar panel installer. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you'd like to make the switch to solar but still aren't certain which solar panel 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 Lakes
Factors that Affect Solar Panel Costs in Miami Lakes
There are a number of factors that can determine your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That's why it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your electric bills. In addition, add-on products, such as solar batteries, can bring your total well above the Miami Lakes average.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a popular choice because they decrease your upfront costs and let you pay for your system over five to seven years on average. When figuring out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Miami Lakes is the company you hire to install your PV system. Similar to choosing a company to renovate your kitchen, for example, there's no shortage of solar installers that offer a range of services for different budgets. Additionally, some companies in Miami Lakes are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, 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 | $21,524 | 8.5 years |
| 8 kW | $2.58 | $14,451 | $28,981 | 8.3 years |
| 10 kW | $2.53 | $17,710 | $36,581 | 8.2 years |
| 12 kW | $2.48 | $20,827 | $44,322 | 8.0 years |
| 14 kW | $2.43 | $23,802 | $52,205 | 7.8 years |
| 16 kW | $2.38 | $26,636 | $60,230 | 7.7 years |
| 18 kW | $2.33 | $29,328 | $68,396 | 7.5 years |
| 20 kW | $2.28 | $31,878 | $76,704 | 7.3 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose greatly impacts your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Warranty: If you care about the longevity of your solar panels, checking if your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: The brand of solar panel you'd like plays a role in which installer you should go with, since different companies offer different panels.
- Contract: When looking over your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.
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 Lakes, FL Solar Cost FAQs
How much does it cost to install solar panels in Miami Lakes?
This is a difficult question to answer precisely, because the cost depends on a few different 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 other solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Miami Lakes?
You can't get solar panels for free in Miami Lakes. 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 prefer to own your solar panels, you can finance them with a solar loan.
Can you sell solar power back to the grid in Miami Lakes?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future power bills.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.