Solar Panel Cost Guide in Midway, FL (2023 Update)
- Midway Solar Installation Cost: $10,290
- 25-Year Savings: $25,549
- Payback Period: 7.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Midway
Find out what the average cost of installing solar panels is in Midway.
The average cost of solar panels in Midway is 2.53 per watt. Using this figure, a typical 5.8-kW system would cost about $10,290 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Midway homeowners. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. With average savings of about $23,000 on power bills over 20 years, many homeowners in Midway find installing solar panels has a decent ROI.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Midway
| Year | Return on Investment |
|---|---|
| 1 years | $-8,856 |
| 3 years | $-5,989 |
| 5 years | $-3,122 |
| 7 years | $-255 |
| 9 years | $2,612 |
| 11 years | $5,479 |
| 13 years | $8,346 |
| 15 years | $11,213 |
| 17 years | $14,080 |
| 19 years | $16,948 |
| 21 years | $19,815 |
| 23 years | $22,682 |
| 25 years | $25,549 |
Top Solar Installers in Midway
When switching to solar energy, many homeowners opt to hire a solar company since installing solar panels yourself can be a time-consuming project. Also, companies with a high reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.
There are a number of 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
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 Midway
Factors that Affect Solar Panel Costs in Midway
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few major factors that affect your total cost in Midway: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend around $2,530 per kilowatt in Midway. The brand of solar panels and equipment you get is another factor that will substantially affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment is more than just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are available from most installers in Midway, which can lower, or in some cases eliminate, your upfront costs to make solar more affordable. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
The solar company you hire to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies in Midway, and each can charge varying amounts for labor and equipment. Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
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 | $25,976 | 7.5 years |
| 8 kW | $2.58 | $14,451 | $34,918 | 7.3 years |
| 10 kW | $2.53 | $17,710 | $44,002 | 7.2 years |
| 12 kW | $2.48 | $20,827 | $53,227 | 7.0 years |
| 14 kW | $2.43 | $23,802 | $62,594 | 6.9 years |
| 16 kW | $2.38 | $26,636 | $72,103 | 6.7 years |
| 18 kW | $2.33 | $29,328 | $81,754 | 6.6 years |
| 20 kW | $2.28 | $31,878 | $91,546 | 6.5 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done well. Another way you can check your installer's reputation is by reading reviews.
- Contract: Though reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should acquire and how long the project will take.
- Solar Panel Brands: Not all solar companies carry 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.
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 Midway, FL Solar Cost FAQs
How much does it cost to install solar panels in Midway?
This is a difficult 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 higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Midway?
You can't get solar panels for free in Midway. 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.
Can solar panels significantly reduce my power bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,234.24 per year.
How long do solar panels last in Midway?
Even 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 choose to replace them after having 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.