Solar Panel Cost Guide in Mims, FL (2023 Update)
- Mims Solar Installation Cost: $8,923
- 25-Year Savings: $20,236
- Payback Period: 7.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Mims
See how much it might cost to go solar in Mims.
In Mims, solar panels cost about 2.53 per watt on average. The average Mims homeowner needs a 5.0-kilowatt system, which would cost about $8,926 with the federal tax credit, or $12,764 before the 30% tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Mims homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. For many homeowners, the upfront cost of solar is worth paying. On average homeowners in Mims see about $22,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in Mims for a quote for your home.
Solar savings over time in Mims
| Year | Return on Investment |
|---|---|
| 1 years | $-7,549 |
| 3 years | $-4,802 |
| 5 years | $-2,055 |
| 7 years | $692 |
| 9 years | $3,440 |
| 11 years | $6,187 |
| 13 years | $8,934 |
| 15 years | $11,681 |
| 17 years | $14,429 |
| 19 years | $17,176 |
| 21 years | $19,923 |
| 23 years | $22,670 |
| 25 years | $25,418 |
Top Solar Installers in Mims
Putting up solar panels on your own can be a stressful undertaking, which is why getting a solar installation company is a good option for many homeowners. Plus, if you aren't sure what kind of solar panels and equipment you need, a solar company can help you figure that out after a site survey and consultation.
There are several 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 Mims
Factors that Affect Solar Panel Costs in Mims
For many Mims homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Mims, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you'll pay, which we'll go over below.
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. For that reason, it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Mims, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are an affordable route because they lower your upfront costs and allow you to pay for your system over five to seven years on average. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
Finally, the company you choose to install your solar panel system can play a role in determining how much it costs. Mims' solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Mims know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $23,673 | 8.0 years |
| 8 kW | $2.58 | $14,451 | $31,847 | 7.8 years |
| 10 kW | $2.53 | $17,710 | $40,163 | 7.7 years |
| 12 kW | $2.48 | $20,827 | $48,620 | 7.5 years |
| 14 kW | $2.43 | $23,802 | $57,220 | 7.3 years |
| 16 kW | $2.38 | $26,636 | $65,961 | 7.2 years |
| 18 kW | $2.33 | $29,328 | $74,843 | 7.0 years |
| 20 kW | $2.28 | $31,878 | $83,868 | 6.9 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- 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.
- Contract: Although 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 the terms of the warranty.
- Warranty: If you care about the endurance of your solar panels, checking if your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Although there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to ask for their list of offerings before deciding.
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 Mims, FL Solar Cost FAQs
What is the average cost of installing solar panels in Mims?
This is a tough question to answer exactly, because the cost depends on many factors. Broadly 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 be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Mims?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is it worth going solar in Mims?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and how much direct sunlight your roof gets.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house 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.