Solar Panel Cost Guide in Palm Beach, FL (2023 Update)
- Palm Beach Solar Installation Cost: $9,528
- 25-Year Savings: $18,618
- Payback Period: 8.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Palm Beach
We break down average solar pricing in Palm Beach.
In Palm Beach, solar panels cost about 2.53 per watt on average. The average Palm Beach homeowner needs a 5.4-kilowatt system, which would cost about $9,528 with the federal tax credit, or $13,625 before the 30% tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Palm Beach 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. But, after you've paid the upfront cost of installation, the payback for most homeowners is usually rewarding, with a net average savings of about $20,000 over 20 years on power bills.
You can click the button below to get connected with a vetted solar company in Palm Beach for a quote for your home.
Solar savings over time in Palm Beach
| Year | Return on Investment |
|---|---|
| 1 years | $-8,402 |
| 3 years | $-6,150 |
| 5 years | $-3,899 |
| 7 years | $-1,647 |
| 9 years | $605 |
| 11 years | $2,856 |
| 13 years | $5,108 |
| 15 years | $7,360 |
| 17 years | $9,611 |
| 19 years | $11,863 |
| 21 years | $14,115 |
| 23 years | $16,366 |
| 25 years | $18,618 |
Top Solar Installers in Palm Beach
Many homeowners opt for a solar panel company since installing solar panels by yourself can be hard. A solar installer can also help save you money in the long run by providing warranties, repairs and part replacements.
If you're searching for a solar installer in Palm Beach, 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 Palm Beach
Factors that Affect Solar Panel Costs in Palm Beach
Though the average cost of a solar system in Palm Beach is $9,528, your actual cost may be above or below the average. There are many factors that can have a major impact on the cost of a residential solar panel 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 power your household consumes, the larger your system will likely need to be. You can expect to spend around $2,530 per kilowatt in Palm Beach. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Palm Beach, where sunlight is abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited 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
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Palm Beach homeowners opt to finance their solar panel systems to offset upfront costs. It's a good idea to factor 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 the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
Finally, the company you hire to install your solar panels can impact the cost. Palm Beach's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
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 | $20,329 | 8.8 years |
| 8 kW | $2.58 | $14,451 | $27,388 | 8.6 years |
| 10 kW | $2.53 | $17,710 | $34,590 | 8.5 years |
| 12 kW | $2.48 | $20,827 | $41,933 | 8.3 years |
| 14 kW | $2.43 | $23,802 | $49,417 | 8.1 years |
| 16 kW | $2.38 | $26,636 | $57,044 | 8.0 years |
| 18 kW | $2.33 | $29,328 | $64,812 | 7.8 years |
| 20 kW | $2.28 | $31,878 | $72,721 | 7.6 years |
How to Save on Solar Panels
There are many 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: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and how long it will take.
- 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 model 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 take a look at their list of options before deciding.
- Warranty: If you care about the durability of your solar panels, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.
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 Beach, FL Solar Cost FAQs
What is the average cost of installing solar panels in Palm Beach?
This is a difficult question to answer precisely, because the cost depends on a few different 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. It will cost more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Palm Beach?
Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Do solar panels increase how much your home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Palm Beach is currently $319,552, which means you can expect a value of about $13,102 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Palm Beach is a worthwhile investment.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.