Solar Panel Cost Guide in Myrtle Grove, FL (2024 Update)
- Myrtle Grove Solar Installation Cost: $13,072
- 25-Year Savings: $25,535
- Payback Period: 9.1 Years
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Average Cost of Solar Panels in Myrtle Grove
Find out what the average cost of installing solar panels is in Myrtle Grove.
In Myrtle Grove, solar panels cost about 3 per watt on average.Since a 5.8-kW system is needed to cover the energy costs of a typical home in Myrtle Grove, the average price of going solar will be about $13,072 after claiming the federal solar tax credit of 0.
Bear in mind that the figures above are only estimates based on the average Myrtle Grove homeowner. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.Many homeowners find installing a solar system is a rewarding investment. The average homeowner in Myrtle Grove can save around $23,000 on their electricity bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in Myrtle Grove for a quote for your home.
Solar savings over time in Myrtle Grove
| Year | Return on Investment |
|---|---|
| 1 years | $-11,313 |
| 3 years | $-7,794 |
| 5 years | $-4,276 |
| 7 years | $-757 |
| 9 years | $2,761 |
| 11 years | $6,280 |
| 13 years | $9,798 |
| 15 years | $13,317 |
| 17 years | $16,835 |
| 19 years | $20,354 |
| 21 years | $23,872 |
| 23 years | $27,391 |
| 25 years | $30,909 |
Top Solar Installers in Myrtle Grove
When making the switch to solar, many homeowners prefer to use a solar company since overseeing your solar installation yourself can be a time-consuming project. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long term due to their warranties, repair services and expert design.
Working with a professional solar installer can help your solar project go smoothly. Here are our recommendations:
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 Myrtle Grove
Factors that Affect Solar Panel Costs in Myrtle Grove
For many Myrtle Grove homeowners, the decision to go solar comes down to 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
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 energy your household uses, the larger your system will likely need to be. You can expect to spend around $3,210 per kilowatt in Myrtle Grove.The kind of solar equipment you choose can increase or decrease your cost 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. However, higher efficiency could save you more in the long run on your energy bills. In addition, extra products, like solar batteries, can bring your total well above the Myrtle Grove average.
Solar Financing Terms
Many homeowners find the average cost of solar in Myrtle Grove to be too costly, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to higher prices over time because of interest.You’ll have to consider the long-term cost of loans, 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 above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can play a role in determining the cost. Myrtle Grove’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Myrtle Grove 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 walking you through the whole process. 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 | $3.34 | $14,021 | $22,941 | 9.5 years |
| 8 kW | $3.27 | $18,336 | $30,947 | 9.3 years |
| 10 kW | $3.21 | $22,470 | $39,133 | 9.1 years |
| 12 kW | $3.15 | $26,425 | $47,499 | 8.9 years |
| 14 kW | $3.08 | $30,200 | $56,045 | 8.8 years |
| 16 kW | $3.02 | $33,795 | $64,770 | 8.6 years |
| 18 kW | $2.95 | $37,210 | $73,675 | 8.4 years |
| 20 kW | $2.89 | $40,446 | $82,760 | 8.2 years |
How to Save on Solar Panels
The solar company you choose will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, including:
- Solar Panel Brands: The model of solar panel you need to install plays a part in which company you should go with, since different companies have different panels.
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years likely offer quality solar panel installation and expertise.
- Contract: Before you sign a contract with a solar installer, make sure to look it over completely 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.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be done and how long it will take.
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 Myrtle Grove, FL Solar Cost FAQs
What is the average cost of installing solar panels in Myrtle Grove?
This is a tough question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $16,050 for a 5-kW system and $32,100 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Myrtle Grove?
Leasing solar panels can be an attractive choice, because it typically comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Can you sell solar power back to the grid in Myrtle Grove?
Most states offer 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 utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know how much energy your home needs 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 household 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.