Solar Panel Cost Guide in Miami Shores, FL (2023 Update)
- Miami Shores 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 Shores
Let's take a look at the average cost of solar in Miami Shores.
In Miami Shores, solar panels cost about 2.53 per watt on average. The average solar panel system size in Miami Shores is around 5.4 kilowatts, meaning a cost of about $9,510 for a solar installation, or $13,599 before the 30% federal solar tax credit is applied.
These figures are only estimates, and your own solar costs may differ based on the amount of energy your home requires and what company you choose to go with. For many homeowners, the upfront cost of solar is worth paying. On average homeowners in Miami Shores see about $21,000 in savings on energy bills over 20 years.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Miami Shores
| Year | Return on Investment |
|---|---|
| 1 years | $-8,138 |
| 3 years | $-5,391 |
| 5 years | $-2,644 |
| 7 years | $104 |
| 9 years | $2,851 |
| 11 years | $5,598 |
| 13 years | $8,345 |
| 15 years | $11,093 |
| 17 years | $13,840 |
| 19 years | $16,587 |
| 21 years | $19,334 |
| 23 years | $22,082 |
| 25 years | $24,829 |
Top Solar Installers in Miami Shores
Many homeowners choose to use a solar panel company since trying to put up solar panels on your own can be a lot of work. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you're looking for a solar installer in Miami Shores, we've organized 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 Shores
Factors that Affect Solar Panel Costs in Miami Shores
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few key factors that affect your total cost in Miami Shores: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,530. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your power bills. In addition, extra products, like solar batteries, can bring your total well above the Miami Shores average.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That's why many Miami Shores homeowners opt to finance their solar panel systems to make going solar more affordable. When estimating your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar panel installation company you choose will influence your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor. You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 type of solar panels and the company you choose significantly affects your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Contract: It's important to read your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Solar Panel Brands: Different companies have different brands and models of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
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 Shores, FL Solar Cost FAQs
What is the average cost of installing solar panels in Miami Shores?
The average cost of solar panels in Miami Shores 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 such as the kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Miami Shores?
You can't get solar panels for free in Miami Shores. However, you may still be able to get 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.
Do solar panels increase the value of your home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Miami Shores is currently $317,196, which means you can expect a value of about $13,005 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Miami Shores is a fruitful investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can 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 get 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.