Solar Panel Cost Guide in Oviedo, FL (2023 Update)
- Oviedo Solar Installation Cost: $9,904
- 25-Year Savings: $20,284
- Payback Period: 8.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Oviedo
Let's have a look at the average cost of solar panels in Oviedo.
Although the national average of solar panels is $2.66 per watt, solar panels in Oviedo typically cost about 2.53. To account for the typical energy usage of the average home in Oviedo, most homeowners require a 5.6-kilowatt system. Using the figure above, a solar installation costs around $9,900, or $14,157 before the federal solar tax credit of 30% is applied.
How much you pay can go above or below the average in Oviedo based on a few factors, such as the type of solar panels you choose and the solar contractor you hire. But, after you've paid the initial cost of installation, the payback for most homeowners is quite fruitful, with a net average savings of about $21,000 over 20 years on electricity bills.
Click the button below to get connected to a top solar installer in your area for a customized estimate.
Solar savings over time in Oviedo
| Year | Return on Investment |
|---|---|
| 1 years | $-8,530 |
| 3 years | $-5,783 |
| 5 years | $-3,036 |
| 7 years | $-289 |
| 9 years | $2,459 |
| 11 years | $5,206 |
| 13 years | $7,953 |
| 15 years | $10,700 |
| 17 years | $13,448 |
| 19 years | $16,195 |
| 21 years | $18,942 |
| 23 years | $21,689 |
| 25 years | $24,437 |
Top Solar Installers in Oviedo
When going solar, many homeowners choose to hire a solar company since handling can be a difficult project. The expertise that solar installers offer can be invaluable as well, especially if you don't quite know what kind of solar equipment would be right for your home.
If you're searching for a solar installer in Oviedo, we've put together 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 Oviedo
Factors that Affect Solar Panel Costs in Oviedo
Though the average cost of a solar system in Oviedo is $9,900, your actual cost may differ. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. Because of that, it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. The brand and type of equipment you want for your solar system can raise or lower 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 limited roof space or just want maximum energy production, you can expect 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 raise the cost.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a solid choice because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years. Though solar loans make going solar more accessible for Oviedo homeowners, they can also raise the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Oviedo is the company you get to install your solar panel system. Similar to choosing a company to build a deck or pool, for instance, there are plenty of solar installers that provide a range of services at different costs. The company's size sometimes plays the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access 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 | $21,338 | 8.5 years |
| 8 kW | $2.58 | $14,451 | $28,734 | 8.4 years |
| 10 kW | $2.53 | $17,710 | $36,272 | 8.2 years |
| 12 kW | $2.48 | $20,827 | $43,951 | 8.0 years |
| 14 kW | $2.43 | $23,802 | $51,773 | 7.9 years |
| 16 kW | $2.38 | $26,636 | $59,735 | 7.7 years |
| 18 kW | $2.33 | $29,328 | $67,840 | 7.5 years |
| 20 kW | $2.28 | $31,878 | $76,086 | 7.4 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be difficult, we have some tips to help you, such as:
- Warranty: If you're worried about the longevity of your solar energy system, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Although there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of options before making your decision.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases offer high-quality solar panel installation and expertise.
- Contract: It's important to read through your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
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 Oviedo, FL Solar Cost FAQs
What is the average cost of installing solar panels in Oviedo?
This is a difficult question to answer precisely, because the cost depends on many 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. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Oviedo?
Leasing solar panels can be an option if you can't afford 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 financial benefits from going solar.
Do solar panels increase the value of your home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Oviedo is currently $296,620, which means you could be looking at a value of about $12,161 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Oviedo is a worthwhile investment.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.