Solar Panel Cost Guide in Palm Valley, FL (2023 Update)
- Palm Valley Solar Installation Cost: $9,600
- 25-Year Savings: $20,151
- Payback Period: 8.1 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Palm Valley
Let's have a look at the average cost of solar in Palm Valley.
In Palm Valley, solar panels cost about 2.53 per watt on average. The average solar panel system size in Palm Valley is around 5.4 kilowatts, meaning a cost of about $9,599 for a solar installation, or $13,727 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Palm Valley homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find going solar is a sound investment. The average homeowner in Palm Valley can save around $21,000 on their power bills over 20 years.
To get a free quote from a highly rated solar installation company in Palm Valley, you can click the button below.
Solar savings over time in Palm Valley
| Year | Return on Investment |
|---|---|
| 1 years | $-8,227 |
| 3 years | $-5,480 |
| 5 years | $-2,732 |
| 7 years | $15 |
| 9 years | $2,762 |
| 11 years | $5,509 |
| 13 years | $8,257 |
| 15 years | $11,004 |
| 17 years | $13,751 |
| 19 years | $16,498 |
| 21 years | $19,246 |
| 23 years | $21,993 |
| 25 years | $24,740 |
Top Solar Installers in Palm Valley
When making the switch to solar, many homeowners decide to hire a solar company since installing a solar system yourself can be a difficult project. Another benefit of going with a solar company is that they can help you optimize your return of investment by reducing your future costs of repairs and replacements due to warranties and informing you of local incentives you can take advantage of.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Valley
Factors that Affect Solar Panel Costs in Palm Valley
While the average cost of a solar system in Palm Valley is $9,599, your final cost may be higher or lower than that. There are quite a few factors that can have a major impact on the cost of a solar system installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The size of the solar energy system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,530. The kind of solar panels and equipment you choose is another factor that will largely impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment consists of more than just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are offered by most installers in Palm Valley, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. Although solar loans make going solar more accessible for Palm Valley homeowners, they can also raise the total you pay for your system, depending on your interest rate. 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
The solar installer you opt for to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Palm Valley, and each can charge different amounts for labor and equipment. You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $21,878 | 8.4 years |
| 8 kW | $2.58 | $14,451 | $29,454 | 8.2 years |
| 10 kW | $2.53 | $17,710 | $37,172 | 8.1 years |
| 12 kW | $2.48 | $20,827 | $45,031 | 7.9 years |
| 14 kW | $2.43 | $23,802 | $53,032 | 7.7 years |
| 16 kW | $2.38 | $26,636 | $61,175 | 7.6 years |
| 18 kW | $2.33 | $29,328 | $69,460 | 7.4 years |
| 20 kW | $2.28 | $31,878 | $77,886 | 7.3 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 brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years in most cases offer quality solar panel installation and expertise.
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Although reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Solar Panel Brands: Different companies will offer different brands and kinds of panels. If you want a specific brand, make sure the solar installer you're considering has it.
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 Valley, FL Solar Cost FAQs
What is the average cost of installing solar panels in Palm Valley?
This is a difficult question to answer exactly, 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. It will cost more if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Palm Valley?
Leasing solar panels can be an attractive choice, because it commonly comes with low or $0 upfront payments. The downside 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Do solar panels increase your property value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Palm Valley is currently $527,400, which means you can expect a value of about $21,623 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Palm Valley is a fruitful investment.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.