Solar Panel Cost Guide in Riverview, FL (2024 Update)
- Riverview Solar Installation Cost: $12,394
- 25-Year Savings: $16,463
- Payback Period: 11.8 Years
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Average Cost of Solar Panels in Riverview
Find out what the average cost of installing solar panels is in Riverview.
The average cost of a solar panel system in Riverview is 3 per watt.Because a 5.5-kW system is needed to cover the energy usage of a typical home in Riverview, the average price of going solar will be about $12,394 after claiming the federal solar tax credit of 0.
Keep in mind that the figures above are only estimates based on the average energy use of Riverview homeowners. The cost 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 is worth paying. On average Riverview homeowners see about $19,000 in savings on energy bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Riverview
| Year | Return on Investment |
|---|---|
| 1 years | $-11,069 |
| 3 years | $-8,418 |
| 5 years | $-5,767 |
| 7 years | $-3,116 |
| 9 years | $-466 |
| 11 years | $2,185 |
| 13 years | $4,836 |
| 15 years | $7,486 |
| 17 years | $10,137 |
| 19 years | $12,788 |
| 21 years | $15,439 |
| 23 years | $18,089 |
| 25 years | $20,740 |
Top Solar Installers in Riverview
Many homeowners choose to hire a solar panel installer since figuring out how to install solar panels by yourself can be a labor-intensive endeavor. Solar warranties and repairs are often included in the cost of installation when you opt for a solar company too, which can save you more money after your initial investment.
If you're looking for a solar installer in Riverview, the EcoWatch team has 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
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 Riverview
Factors that Affect Solar Panel Costs in Riverview
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few key factors that will push your cost above or below the average in Riverview: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The size of the solar panel 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 nearly $3,210. The kind of solar equipment you choose can bring your price up or down 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. On the other hand, higher efficiency could save you more over time on your power bills. In addition, add-on products, like solar batteries, can bring your total well above the Riverview average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are provided by most installers in Riverview, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable.Even though solar loans make switching to solar energy more accessible for Riverview homeowners, they can also add to the total you pay for your system due to interest. 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
Lastly, the company you opt for to install your solar system can influence the cost. Riverview’s solar companies all have different labor costs and add varying upcharges to equipment. The company’s size sometimes plays the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.
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 | $14,513 | 12.3 years |
| 8 kW | $3.27 | $18,336 | $19,710 | 12.0 years |
| 10 kW | $3.21 | $22,470 | $25,087 | 11.8 years |
| 12 kW | $3.15 | $26,425 | $30,643 | 11.6 years |
| 14 kW | $3.08 | $30,200 | $36,380 | 11.3 years |
| 16 kW | $3.02 | $33,795 | $42,296 | 11.1 years |
| 18 kW | $2.95 | $37,210 | $48,392 | 10.9 years |
| 20 kW | $2.89 | $40,446 | $54,667 | 10.6 years |
How to Save on Solar Panels
The solar panel company you go with will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should consider, including:
- Installation Process: Make sure you’re aligned with the installer with regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating your electrical system or roof.
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the gold standard in the business, and offering such a warranty is one sign of a quality company.
- Contract: When looking through your solar installer’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you go with.
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 Riverview, FL Solar Cost FAQs
How much does it cost to install solar panels in Riverview?
This is a tough question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $16,050 for a 5-kW system and $32,100 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Riverview?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property 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.
How will having solar panels impact the value of my home?
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 Riverview is currently $390,559, so you can expect a value of about $16,013 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Riverview is a worthwhile investment.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know 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 house 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.