Solar Panel Cost Guide in Royal Palm Beach, FL (2023 Update)
- Royal Palm Beach Solar Installation Cost: $9,531
- 25-Year Savings: $19,628
- Payback Period: 8.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Royal Palm Beach
Let's have a look at the average cost of solar panels in Royal Palm Beach.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Royal Palm Beach, the average cost of solar panels is 2.53 per watt. Using this figure, a typical 5.4-kW system would cost about $9,528 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy needs, the type of solar system you want, your solar contractor and more. Despite the significant upfront cost, the average Royal Palm Beach homeowner can save about $21,000 on their electricity bills over 20 years, which is one of the advantages of solar.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Royal Palm Beach
| Year | Return on Investment |
|---|---|
| 1 years | $-8,157 |
| 3 years | $-5,410 |
| 5 years | $-2,663 |
| 7 years | $84 |
| 9 years | $2,832 |
| 11 years | $5,579 |
| 13 years | $8,326 |
| 15 years | $11,073 |
| 17 years | $13,821 |
| 19 years | $16,568 |
| 21 years | $19,315 |
| 23 years | $22,062 |
| 25 years | $24,810 |
Top Solar Installers in Royal Palm Beach
Although it's possible to install solar panels on your own, it requires extra effort and expertise. For that reason, almost all homeowners choose to hire a solar panel installer. The payback period on a solar system will vary based on factors like your location and energy use, but going with a solar installer can shorten that period. Your provider will be able to help you get the most out of incentives available in your area.
Working with a licensed solar company can make going solar easier. Here are our recommendations:
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 Royal Palm Beach
Factors that Affect Solar Panel Costs in Royal Palm Beach
There are many criteria that can influence your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,530. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect 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 raise the cost.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are a popular choice because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
Finally, the company you choose to install your solar system can impact how much it costs. Royal Palm Beach's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Royal Palm Beach know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
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 | $21,458 | 8.5 years |
| 8 kW | $2.58 | $14,451 | $28,894 | 8.3 years |
| 10 kW | $2.53 | $17,710 | $36,471 | 8.2 years |
| 12 kW | $2.48 | $20,827 | $44,191 | 8.0 years |
| 14 kW | $2.43 | $23,802 | $52,052 | 7.8 years |
| 16 kW | $2.38 | $26,636 | $60,054 | 7.7 years |
| 18 kW | $2.33 | $29,328 | $68,199 | 7.5 years |
| 20 kW | $2.28 | $31,878 | $76,485 | 7.4 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 models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
- Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can verify your installer's reputation is by reading reviews.
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 Royal Palm Beach, FL Solar Cost FAQs
How much does it cost to install solar panels in Royal Palm Beach?
The average cost of solar panels in Royal Palm Beach is about $12,650 for a 5-kW system and $25,300 for a 10-kW system before the ITC, but the real cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Royal Palm Beach?
Leasing solar panels can be an attractive choice, as it commonly 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.
Is it worth going solar in Royal Palm Beach?
Solar panels can be a beneficial investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can 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 buy 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.