Solar Panel Cost Guide in Palm Bay, FL (2023 Update)
- Palm Bay Solar Installation Cost: $8,926
- 25-Year Savings: $21,747
- Payback Period: 7.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Palm Bay
Find out what the average cost of solar panels are in Palm Bay.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Palm Bay, the typical cost of solar panels is 2.53 per watt. The average Palm Bay homeowner needs a 5.0-kilowatt system, which would cost about $8,926 with the federal tax credit, or $12,764 before the 30% tax credit is applied.
These figures are just estimates, and how much solar costs for you will vary based on the amount of energy your home requires and what company you go with. Even with the large upfront cost, the average Palm Bay homeowner can save around $23,000 on their electricity bills over 20 years, which is one of the benefits of solar.
You can click the button below to get connected with a vetted solar installer in Palm Bay that can help you get a more accurate cost estimate for your home.
Solar savings over time in Palm Bay
| Year | Return on Investment |
|---|---|
| 1 years | $-7,699 |
| 3 years | $-5,245 |
| 5 years | $-2,791 |
| 7 years | $-337 |
| 9 years | $2,117 |
| 11 years | $4,570 |
| 13 years | $7,024 |
| 15 years | $9,478 |
| 17 years | $11,932 |
| 19 years | $14,386 |
| 21 years | $16,840 |
| 23 years | $19,294 |
| 25 years | $21,747 |
Top Solar Installers in Palm Bay
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Using an installer can make switching to solar power much easier. Some solar installers, particularly local ones, can help you better understand incentives in Palm Bay, optimizing your ROI.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some in Palm Bay:
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
There are a number of factors that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
One of the most important 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 power your household uses, the larger your system will likely need to be. You can expect to pay about $2,530 per kilowatt in Palm Bay. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Palm Bay, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Palm Bay to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The final significant cost factor you should keep in mind is the installer you choose. Given the massive popularity of green energy solutions in Palm Bay, you'll have lots of options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in Palm Bay know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $25,476 | 7.6 years |
| 8 kW | $2.58 | $14,451 | $34,252 | 7.4 years |
| 10 kW | $2.53 | $17,710 | $43,169 | 7.3 years |
| 12 kW | $2.48 | $20,827 | $52,228 | 7.1 years |
| 14 kW | $2.43 | $23,802 | $61,428 | 7.0 years |
| 16 kW | $2.38 | $26,636 | $70,770 | 6.8 years |
| 18 kW | $2.33 | $29,328 | $80,254 | 6.7 years |
| 20 kW | $2.28 | $31,878 | $89,880 | 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 select the right company for you, here are some tips to keep in mind:
- Reputation: Companies that have been in business for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. Although there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so be sure to take a look at their list of offerings before deciding.
- Contract: When looking through your solar company's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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
How much does it cost to install solar panels in Palm Bay?
This is a tough question to answer precisely, because the cost depends on many factors. Broadly 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 other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Palm Bay?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home 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 bang for your buck from going solar.
Can solar panels eliminate my power bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Palm Bay, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
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 larger 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.