Solar Panel Cost Guide in North Bay Village, FL (2023 Update)
- North Bay Village Solar Installation Cost: $9,512
- 25-Year Savings: $19,647
- Payback Period: 8.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in North Bay Village
See how much it might cost to go solar in North Bay Village.
Although the national average of solar panels is $2.66 per watt, solar panels in North Bay Village generally cost about 2.53. Because a 5.4-kW system is needed to cover the energy costs of a typical home in North Bay Village, the average price of going solar will be about $9,510 after claiming the federal solar tax credit of 30%.
Keep in mind that the figures above are only estimates based on the average North Bay Village homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Many homeowners find adopting solar power is a solid investment. The average homeowner in North Bay Village can save about $21,000 on their energy bills over 20 years.
Click the button below to get connected to a top solar panel company in North Bay Village for a customized quote.
Solar savings over time in North Bay Village
| Year | Return on Investment |
|---|---|
| 1 years | $-9,414 |
| 3 years | $-9,220 |
| 5 years | $-9,026 |
| 7 years | $-8,831 |
| 9 years | $-8,637 |
| 11 years | $-8,442 |
| 13 years | $-8,248 |
| 15 years | $-8,054 |
| 17 years | $-7,859 |
| 19 years | $-7,665 |
| 21 years | $-7,470 |
| 23 years | $-7,276 |
| 25 years | $-7,082 |
Top Solar Installers in North Bay Village
When going solar, many homeowners choose to go with a solar installer since DIY solar panel installation can be a difficult project. Plus, if you're not certain what brand of solar panels and equipment you need, a solar installer can help you figure that out after a site survey and consultation.
If you're looking for a solar installer in North Bay Village, we've compiled a list of our top suggestions here:
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 North Bay Village
Factors that Affect Solar Panel Costs in North Bay Village
For many North Bay Village homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in North Bay Village, with typical prices between $20,000 to $40,000. There are several factors that greatly 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 ascertain the size of the solar energy system needed for your home by figuring out your energy needs. The brand of solar panels and equipment you get is another factor that will greatly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment consists of more than 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's in your budget.
Solar Financing Terms
Most solar installers in North Bay Village provide solar loans, which reduce your upfront costs of installing a solar system. It's wise to add 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 how long it'll take to pay back the loan.
Solar Panel Installation Company
The remaining key cost factor you should take into consideration is the installer you choose. Given the massive popularity of sustainable energy solutions in North Bay Village, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and find a company that has the products, warranties and services you want and also is within your budget.
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 | $21,524 | 8.5 years |
| 8 kW | $2.58 | $14,451 | $28,981 | 8.3 years |
| 10 kW | $2.53 | $17,710 | $36,581 | 8.2 years |
| 12 kW | $2.48 | $20,827 | $44,322 | 8.0 years |
| 14 kW | $2.43 | $23,802 | $52,205 | 7.8 years |
| 16 kW | $2.38 | $26,636 | $60,230 | 7.7 years |
| 18 kW | $2.33 | $29,328 | $68,396 | 7.5 years |
| 20 kW | $2.28 | $31,878 | $76,704 | 7.3 years |
How to Save on Solar Panels
The solar panel company you go with 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 have access to. When choosing a solar company, there are a few important things you should consider, such as:
- Solar Panel Brands: Different companies will offer different brands and kinds of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
- Warranty: If you're worried about the longevity of your solar panels, making sure your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: Although reading through a contract can take a lot of time, it's important to do it thoroughly so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
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 North Bay Village, FL Solar Cost FAQs
What is the average cost of installing solar panels in North Bay Village?
The average cost of solar panels in North Bay Village 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 kind of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider other than cost when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels significantly reduce my energy bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,085.82 per year.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.