Solar Panel Cost Guide in Myrtle Grove, FL (Mar 2023)
- Myrtle Grove Solar Installation Cost: $10,307
- 25-Year Savings: $25,531
- Payback Period: 7.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Myrtle Grove
Let's take a look at the average cost of solar panels in Myrtle Grove.
The average cost of solar panels in Myrtle Grove is 2.53 per watt. To cover the typical energy usage of the average home in Myrtle Grove, most homeowners require a 5.8-kilowatt system. Using the per-watt figure above, a solar installation costs about $10,307, or $14,739 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy consumption, the type of equipment you choose, your solar contractor and more. But, once you've paid the initial cost of installation, the return on investment for most homeowners is usually good, with a net average savings of about $23,000 over 20 years on utility bills.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Myrtle Grove
| Year | Return on Investment |
|---|---|
| 1 years | $-8,874 |
| 3 years | $-6,007 |
| 5 years | $-3,140 |
| 7 years | $-273 |
| 9 years | $2,595 |
| 11 years | $5,462 |
| 13 years | $8,329 |
| 15 years | $11,196 |
| 17 years | $14,063 |
| 19 years | $16,930 |
| 21 years | $19,797 |
| 23 years | $22,664 |
| 25 years | $25,531 |
Top Solar Installers in Myrtle Grove
Although you can install solar panels on your own, it involves extra effort and know-how. That's one of the reasons the majority of homeowners choose to hire a solar panel installer. A solar installer can also help save you money over time by offering warranties, repairs and component replacements.
If you'd like to make the switch to solar but still aren't sure which solar installer to go with, here are our suggestions for providers in Myrtle Grove:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 adopt solar energy 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 various factors that significantly 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 pay about $2,530 per kilowatt in Myrtle Grove. The model of solar panels and equipment you get is another factor that will largely impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Plus, solar equipment goes beyond 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 falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are offered by most installers in Myrtle Grove, which can reduce, or in some cases eliminate, your upfront costs to make solar more affordable. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The last significant cost factor you should keep in mind is the installer you choose. Given the massive popularity of green energy solutions in Myrtle Grove, you'll have a great number of options to choose from, but each comes at different price points for labor and equipment. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Warranty: Warranties that cover replacement parts and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one mark of a good company.
- Installation Process: When making the switch to solar power, it's crucial to maintain an open line of communication with your solar company. Confirm that you understand how the installation process works and the project timeline.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Contract: Review the contract terms carefully to make sure you understand how much it will cost, project completion timeline rebates and warranties.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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
How much does it cost to install solar panels in Myrtle Grove?
The average cost of solar panels in Myrtle Grove is about $12,650 for a 5-kW system and $25,300 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Myrtle Grove?
Leasing solar panels can be an attractive choice, because it commonly 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Can you sell solar power back to the grid in Myrtle Grove?
The majority of states offer net metering programs of some kind. Through these, you can either be compensated for the extra power your system produces 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?
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 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.