Solar Panel Cost Guide in Palmetto Bay, FL (2023 Update)
- Palmetto Bay Solar Installation Cost: $9,455
- 25-Year Savings: $19,577
- Payback Period: 8.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Palmetto Bay
Find out how much it might cost to install solar panels in Palmetto Bay.
The average cost of solar panels in Palmetto Bay is 2.53 per watt. The average solar panel system size in Palmetto Bay is around 5.3 kilowatts, meaning a cost of about $9,457 for a solar installation, or $13,524 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Palmetto Bay homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. For most homeowners, the upfront investment in solar power is worth paying. On average Palmetto Bay homeowners see about $21,000 in savings on electricity bills over 20 years.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Palmetto Bay
| Year | Return on Investment |
|---|---|
| 1 years | $-8,082 |
| 3 years | $-5,334 |
| 5 years | $-2,587 |
| 7 years | $160 |
| 9 years | $2,907 |
| 11 years | $5,654 |
| 13 years | $8,402 |
| 15 years | $11,149 |
| 17 years | $13,896 |
| 19 years | $16,643 |
| 21 years | $19,391 |
| 23 years | $22,138 |
| 25 years | $24,885 |
Top Solar Installers in Palmetto Bay
Installing solar panels on your own can be a challenging task, which is why hiring a solar installer is a good option for many homeowners. The payback period on a solar system will vary depending on factors like your location and energy use, but working with a solar company can help you reach a break-even point sooner. Your provider will be able to help you apply for incentives available in your area.
If you'd like to go solar but still aren't certain which solar panel company to go with, here are our suggestions for providers in Palmetto 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 Palmetto Bay
Factors that Affect Solar Panel Costs in Palmetto Bay
For many Palmetto Bay homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Palmetto Bay, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. For that reason, it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a 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 will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Palmetto Bay to be prohibitively costly, even if the investment pays off over time. Fortunately, almost every solar company in the area provides access to financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to a higher cost over time due to interest. When estimating your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you hire to install your solar panel system can impact your pricing. Palmetto Bay's solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and go with the company that has the products, warranties and services you want and also fit into your budget.
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 | $21,576 | 8.5 years |
| 8 kW | $2.58 | $14,451 | $29,051 | 8.3 years |
| 10 kW | $2.53 | $17,710 | $36,668 | 8.1 years |
| 12 kW | $2.48 | $20,827 | $44,427 | 8.0 years |
| 14 kW | $2.43 | $23,802 | $52,327 | 7.8 years |
| 16 kW | $2.38 | $26,636 | $60,370 | 7.7 years |
| 18 kW | $2.33 | $29,328 | $68,553 | 7.5 years |
| 20 kW | $2.28 | $31,878 | $76,879 | 7.3 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose greatly influences your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Look through the contract terms thoroughly to make sure you understand the total cost, completion timeline incentives and warranties.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a couple decades are the best you can get in the business, and offering such a warranty is one sign of a quality company.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. While there are many options for which brand 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 ask for their list of options before deciding.
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years most likely offer good-quality solar panel installation and expertise.
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 Palmetto Bay, FL Solar Cost FAQs
How much does it cost to install solar panels in Palmetto Bay?
This is a tough question to answer exactly, because the cost depends on a variety of 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 higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Palmetto Bay?
A solar panel system isn't free in Palmetto Bay, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is making the switch to solar worth it?
Solar panels can be a good investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already fairly low, solar panels might not be for you.
How long do solar panels last in Palmetto Bay?
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.