Solar Panel Cost Guide in Ocean City, FL (2023 Update)
- Ocean City Solar Installation Cost: $10,288
- 25-Year Savings: $22,720
- Payback Period: 7.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Ocean City
Let's have a look at the average cost of solar panels in Ocean City.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Ocean City, the typical cost of solar panels is 2.53 per watt. Using this figure, a typical 5.8-kW system would cost about $10,290 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of going solar can vary based on several factors, such as what size system you need, your energy usage and what solar installer you go with. For many homeowners, the upfront cost of solar panels is worth paying. On average Ocean City homeowners see about $22,000 in savings on utility bills over 20 years.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Ocean City
| Year | Return on Investment |
|---|---|
| 1 years | $-10,178 |
| 3 years | $-9,958 |
| 5 years | $-9,738 |
| 7 years | $-9,518 |
| 9 years | $-9,298 |
| 11 years | $-9,078 |
| 13 years | $-8,858 |
| 15 years | $-8,638 |
| 17 years | $-8,418 |
| 19 years | $-8,198 |
| 21 years | $-7,978 |
| 23 years | $-7,758 |
| 25 years | $-7,538 |
Top Solar Installers in Ocean City
Many homeowners decide to hire a solar installation company since installing solar panels on your own can be hard. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and system component replacements.
If you're searching for a solar company in Ocean City, we've organized 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 Ocean City
Factors that Affect Solar Panel Costs in Ocean City
There are many criteria that can play into your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The size of the solar system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,530. The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are offered by most installers in Ocean City, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable. It's wise to add 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 back the loan.
Solar Panel Installation Company
The solar company you opt for to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar panel companies in Ocean City, and each can charge varying amounts for labor and equipment. The size of the company can sometimes play the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to more 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 | $23,040 | 8.1 years |
| 8 kW | $2.58 | $14,451 | $31,004 | 7.9 years |
| 10 kW | $2.53 | $17,710 | $39,109 | 7.8 years |
| 12 kW | $2.48 | $20,827 | $47,355 | 7.6 years |
| 14 kW | $2.43 | $23,802 | $55,744 | 7.5 years |
| 16 kW | $2.38 | $26,636 | $64,274 | 7.3 years |
| 18 kW | $2.33 | $29,328 | $72,946 | 7.2 years |
| 20 kW | $2.28 | $31,878 | $81,759 | 7.0 years |
How to Save on Solar Panels
There are many companies to choose from in Ocean City, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: A comprehensive, long-term warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
- Installation Process: Make sure you're on the same page with the company with regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating your electrical system or roof.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Contract: Before signing a contract with a solar installer, make sure to look it over fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
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 Ocean City, FL Solar Cost FAQs
How much does it cost to install solar panels in Ocean City?
The average cost of solar panels in Ocean City 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 stuff like the model of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Ocean City?
Solar panels aren't free in Ocean City, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Does Ocean City have a net metering program?
Most states have net metering programs of some kind. Through these, you can either be compensated for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Ocean City?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level 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.