Solar Panel Cost Guide in Myrtle Grove, FL (2023 Update)
- Myrtle Grove Solar Installation Cost: $10,303
- 25-Year Savings: $25,535
- Payback Period: 7.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Myrtle Grove
Let's have a look at the average cost of solar in Myrtle Grove.
While the national average of solar panels is $2.66 per watt, solar panels in Myrtle Grove typically cost around 2.53. Since a 5.8-kW system is needed to cover the energy consumption of a typical home in Myrtle Grove, the average price of going solar will be about $10,307 after claiming the federal solar tax credit of 30%.
How much you pay can go higher or lower than the average in Myrtle Grove depending on a variety of factors, such as the kind of solar panels you choose and the solar installer you hire. But, after you've paid the upfront cost of installation, the ROI for most homeowners is usually rewarding, with a net average savings of about $23,000 over 20 years on energy bills.
Click the button below to get connected to a reputable solar company in Myrtle Grove for a customized quote.
Solar savings over time in Myrtle Grove
| Year | Return on Investment |
|---|---|
| 1 years | $-8,544 |
| 3 years | $-5,025 |
| 5 years | $-1,507 |
| 7 years | $2,012 |
| 9 years | $5,530 |
| 11 years | $9,049 |
| 13 years | $12,567 |
| 15 years | $16,086 |
| 17 years | $19,605 |
| 19 years | $23,123 |
| 21 years | $26,642 |
| 23 years | $30,160 |
| 25 years | $33,679 |
Top Solar Installers in Myrtle Grove
When going solar, many homeowners choose to go with a solar installation company since handling can be a difficult project. Plus, if you aren't sure what type of solar panels and equipment you want, a solar company can help you figure that out after a site survey and consultation.
Working with a professional solar installer can help your solar project go smoothly. Here are our recommendations:
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 Myrtle Grove
Factors that Affect Solar Panel Costs in Myrtle Grove
For many Myrtle Grove homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Myrtle Grove, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That's why it's important to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose 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 in the long run on your power bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Myrtle Grove average.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a popular option because they lower your upfront costs and let you pay for your system over five to seven years on average. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
Finally, the company you choose to install your solar panel system can impact the cost. Myrtle Grove's solar companies all have different labor costs and add varying upcharges to equipment. The company's size sometimes plays the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing due to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger companies.
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 | $25,911 | 7.5 years |
| 8 kW | $2.58 | $14,451 | $34,831 | 7.3 years |
| 10 kW | $2.53 | $17,710 | $43,893 | 7.2 years |
| 12 kW | $2.48 | $20,827 | $53,097 | 7.0 years |
| 14 kW | $2.43 | $23,802 | $62,442 | 6.9 years |
| 16 kW | $2.38 | $26,636 | $71,929 | 6.8 years |
| 18 kW | $2.33 | $29,328 | $81,558 | 6.6 years |
| 20 kW | $2.28 | $31,878 | $91,328 | 6.5 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: Make sure you're on the same page with the installer regarding how the installation process will go and what needs to be done before your solar panel system is installed, such as updating your electrical system or roof.
- Contract: Before you sign a contract with a solar company, make sure to look it over carefully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Even though there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of options 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 Myrtle Grove, FL Solar Cost FAQs
What is the average cost of installing solar panels in Myrtle Grove?
This is a hard 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 usage. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Myrtle Grove?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of 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 savings from going solar.
Is making the switch to solar worth it?
Solar panels can be a good investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can take a 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.