Solar Panel Cost Guide in Panama City, FL (2025 Update)
- Panama City Solar Installation Cost: $12,844
- 25-Year Savings: $25,014
- Payback Period: 9.1 Years
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Average Cost of Solar Panels in Panama City
Let’s have a look at the average cost of solar in Panama City.
While the national average of solar panels is $2.66 per watt, solar panels in Panama City generally cost around 3.Because a 5.7-kW system is needed to cover the energy usage of a typical home in Panama City, the average price of going solar will be about $12,844 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of going solar can vary based on several factors, such as what size system you need, your energy consumption and what solar installer you go with.But, after you've paid the upfront cost of installation, the savings for most homeowners is typically rewarding, with a net average savings of about $23,000 over 20 years on power bills.
To receive a free quote from a vetted solar installation company in Panama City, you can click the button below.
Solar savings over time in Panama City
Year | Return on Investment |
---|---|
1 years | $-11,063 |
3 years | $-7,502 |
5 years | $-3,940 |
7 years | $-379 |
9 years | $3,182 |
11 years | $6,744 |
13 years | $10,305 |
15 years | $13,867 |
17 years | $17,428 |
19 years | $20,990 |
21 years | $24,551 |
23 years | $28,113 |
25 years | $31,674 |
Top Solar Installers in Panama City
Installing solar panels on your own can be a dangerous task, which is why using a solar installer is a good option for many homeowners. Another advantage of going with a solar company is that they can help you make the most of your ROI by lowering your future costs of repairs and replacements with the help of warranties and helping you learn about local incentives you can take advantage of.
If you’d like to switch to solar energy but still aren’t sure which solar system installer to go with, here are our suggestions for providers in Panama City:
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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Panama City
Factors that Affect Solar Panel Costs in Panama City
The cost of installing a solar system in Panama City can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. Because of that, it’s a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use.The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your energy bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Panama City average.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are an affordable choice because they decrease your upfront costs and allow you to pay for your system over five to seven years on average.When estimating your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you select will play a role in your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor.Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra 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 | $3.34 | $14,021 | $22,861 | 9.5 years |
8 kW | $3.27 | $18,336 | $30,841 | 9.3 years |
10 kW | $3.21 | $22,470 | $39,001 | 9.1 years |
12 kW | $3.15 | $26,425 | $47,340 | 9.0 years |
14 kW | $3.08 | $30,200 | $55,860 | 8.8 years |
16 kW | $3.02 | $33,795 | $64,559 | 8.6 years |
18 kW | $2.95 | $37,210 | $73,437 | 8.4 years |
20 kW | $2.89 | $40,446 | $82,496 | 8.2 years |
How to Save on Solar Panels
There are numerous companies to choose from in Panama City, 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:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running smoothly and save you money on part replacement and repairs.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. While 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 make sure you take a look at their list of offerings before deciding.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years likely provide high-quality solar panel installation and expertise.
- Contract: It’s important to read through your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Panama City, FL Solar Cost FAQs
How much does it cost to install solar panels in Panama City?
The average cost of solar panels in Panama City is about $16,050 for a 5-kW system and $32,100 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider apart from cost when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How will having solar panels impact my home value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How long do solar panels last in Panama City?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level 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.