Solar Panel Cost Guide in Palm Bay, FL (2024 Update)
- Palm Bay Solar Installation Cost: $11,321
- 25-Year Savings: $21,750
- Payback Period: 9.2 Years
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Average Cost of Solar Panels in Palm Bay
Here’s how much it might cost to go solar in Palm Bay.
The national average cost of solar panels is $2.66 per watt, but in Palm Bay it’s 3 per watt.To account for the typical energy needs of the average home in Palm Bay, most homeowners require a 5.0-kilowatt system. Using the figure above, a solar installation costs about $11,321, or $16,189 before the federal solar tax credit of 0 is applied.
How much you pay can go above or below the average in Palm Bay depending on several factors, such as the brand of solar panels you choose and the solar contractor you hire.With average savings of about $23,000 on energy bills over 20 years, many homeowners in Palm Bay find installing solar panels can pay off big.
Click the button below to get connected to a top solar panel company in Palm Bay for a customized quote.
Solar savings over time in Palm Bay
| Year | Return on Investment |
|---|---|
| 1 years | $-9,948 |
| 3 years | $-7,200 |
| 5 years | $-4,453 |
| 7 years | $-1,706 |
| 9 years | $1,041 |
| 11 years | $3,789 |
| 13 years | $6,536 |
| 15 years | $9,283 |
| 17 years | $12,030 |
| 19 years | $14,778 |
| 21 years | $17,525 |
| 23 years | $20,272 |
| 25 years | $23,019 |
Top Solar Installers in Palm Bay
Many homeowners choose to hire a solar installation company since trying to install solar panels yourself can be a lot of work. Local solar installers can also help you maximize your return on investment by walking you through any local incentives you can benefit from and by offering warranties and repairs.
If you're searching for a solar company in Palm Bay, we've organized a list of our top suggestions here:
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 Palm Bay
Factors that Affect Solar Panel Costs in Palm Bay
While the average cost of a solar system in Palm Bay is $11,321, your actual cost may differ. There are many factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay around $3,210 per kilowatt in Palm Bay.There are a lot of different solar panel brands and the one you choose also affects the cost. In many cases, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are available from most installers in Palm Bay, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible.While solar loans make going solar more accessible for Palm Bay homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you select will play a role in your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor.The company’s size sometimes plays the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.
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 | $22,506 | 9.6 years |
| 8 kW | $3.27 | $18,336 | $30,368 | 9.4 years |
| 10 kW | $3.21 | $22,470 | $38,409 | 9.2 years |
| 12 kW | $3.15 | $26,425 | $46,630 | 9.0 years |
| 14 kW | $3.08 | $30,200 | $55,031 | 8.9 years |
| 16 kW | $3.02 | $33,795 | $63,611 | 8.7 years |
| 18 kW | $2.95 | $37,210 | $72,372 | 8.5 years |
| 20 kW | $2.89 | $40,446 | $81,312 | 8.3 years |
How to Save on Solar Panels
There are numerous companies to choose from in Palm Bay, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Although there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you peruse their list of offerings before making your decision.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely provide good-quality solar panel installation and expertise.
- Installation Process: When going solar, it’s necessary to keep an open line of communication with your solar company. See to it that you understand how the installation process will go and the project completion timeline.
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 Palm Bay, FL Solar Cost FAQs
What is the average cost of installing solar panels in Palm Bay?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Broadly 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 extra solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is definitely one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Palm Bay?
Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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.