Solar Panel Cost Guide in Midway, FL (2024 Update)
- Midway Solar Installation Cost: $13,049
- 25-Year Savings: $30,933
- Payback Period: 9.1 Years
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Average Cost of Solar Panels in Midway
Let’s take a look at the average cost of solar panels in Midway.
The average cost of solar panels in Midway is 3 per watt.Using this figure, a typical 5.8-kW system would cost about $13,049 before the 0 federal solar tax credit is applied.
The true cost of your system can be above or below the average in Midway based on several factors, such as the model of solar panels you choose and the solar installer you hire.Many homeowners find going solar is a sound investment. The average homeowner in Midway can save about $23,000 on their energy bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Midway
| Year | Return on Investment |
|---|---|
| 1 years | $-11,290 |
| 3 years | $-7,771 |
| 5 years | $-4,253 |
| 7 years | $-734 |
| 9 years | $2,784 |
| 11 years | $6,303 |
| 13 years | $9,821 |
| 15 years | $13,340 |
| 17 years | $16,858 |
| 19 years | $20,377 |
| 21 years | $23,895 |
| 23 years | $27,414 |
| 25 years | $30,933 |
Top Solar Installers in Midway
When making the switch to solar, many homeowners prefer to use a solar company since installing a solar system yourself can be a challenging project. The payback period on an investment in solar panels will vary based on factors like your location and energy use, but going with a solar company can help you reach a break-even point sooner. Your provider will be able to help you apply for incentives available in your area.
If you're looking for a solar company in Midway, the EcoWatch team has organized a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 usually one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that determine your overall cost in Midway: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.The solar equipment you choose can bring your price up or down 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. On the other hand, more efficient panels could save you more over time on your electric bills. Additionally, extra products, like solar batteries, can bring your total well above the Midway average.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a big investment. That’s why many Midway homeowners opt to finance their solar panel systems to offset upfront costs.Even though solar loans make going solar more accessible for Midway homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar company you go with to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar installation companies operating in Midway, and each can charge varying amounts for labor and equipment.Larger national companies usually have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric car 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 | $3.34 | $14,021 | $23,006 | 9.5 years |
| 8 kW | $3.27 | $18,336 | $31,034 | 9.3 years |
| 10 kW | $3.21 | $22,470 | $39,242 | 9.1 years |
| 12 kW | $3.15 | $26,425 | $47,630 | 8.9 years |
| 14 kW | $3.08 | $30,200 | $56,197 | 8.7 years |
| 16 kW | $3.02 | $33,795 | $64,944 | 8.6 years |
| 18 kW | $2.95 | $37,210 | $73,871 | 8.4 years |
| 20 kW | $2.89 | $40,446 | $82,978 | 8.2 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Before signing a contract with a solar installer, make sure to look it over carefully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Warranty: A comprehensive, long-term warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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?
The average cost of solar panels in Midway is about $16,050 for a 5-kW system and $32,100 for a 10-kW system before the ITC, but the actual cost will depend on things like the type of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Midway?
The majority of states have net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily 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 install between 20 and 35 panels to account for 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.