Solar Panel Cost Guide in South Miami, FL (2023 Update)
- South Miami Solar Installation Cost: $9,469
- 25-Year Savings: $19,689
- Payback Period: 8.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in South Miami
Find out what the average cost of solar panels are in South Miami.
The national average cost of solar panels is $2.66 per watt, but in South Miami it's 2.53 per watt. To account for the typical energy usage of the average home in South Miami, most homeowners require a 5.3-kilowatt system. Using the per-watt figure above, a solar installation costs around $9,475, or $13,549 before the federal solar tax credit of 30% is applied.
Bear in mind that the figures above are only estimates based on the average energy use of South Miami homeowners. 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 fruitful investment. The average homeowner in South Miami can save around $21,000 on their electricity bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in South Miami for a quote for your home.
Solar savings over time in South Miami
| Year | Return on Investment |
|---|---|
| 1 years | $-8,096 |
| 3 years | $-5,348 |
| 5 years | $-2,601 |
| 7 years | $146 |
| 9 years | $2,893 |
| 11 years | $5,640 |
| 13 years | $8,388 |
| 15 years | $11,135 |
| 17 years | $13,882 |
| 19 years | $16,629 |
| 21 years | $19,377 |
| 23 years | $22,124 |
| 25 years | $24,871 |
Top Solar Installers in South Miami
Although it's possible to install solar panels by yourself, it takes extra labor and handiness. For that reason, the majority of homeowners choose a solar panel installer. Companies can also offer access to quality options of the best solar panels and help you choose which one will be best for you.
Working with a professional 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 South Miami
Factors that Affect Solar Panel Costs in South Miami
There are a number of criteria that can influence your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
When it comes to estimating the cost of a solar system in South Miami, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can determine by looking at past electricity bills. Your total cost can increase by around $2,530 for each additional kilowatt you need. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive 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 will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are provided by most installers in South Miami, which can lower, or in some cases eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also increases your all-in costs, so it's crucial to take that into consideration as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you choose to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies operating in South Miami, and each can charge varying amounts for labor and equipment. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and find a company that has the products, warranties and services you're looking for 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 | $21,669 | 8.4 years |
| 8 kW | $2.58 | $14,451 | $29,175 | 8.3 years |
| 10 kW | $2.53 | $17,710 | $36,823 | 8.1 years |
| 12 kW | $2.48 | $20,827 | $44,613 | 8.0 years |
| 14 kW | $2.43 | $23,802 | $52,545 | 7.8 years |
| 16 kW | $2.38 | $26,636 | $60,618 | 7.6 years |
| 18 kW | $2.33 | $29,328 | $68,832 | 7.5 years |
| 20 kW | $2.28 | $31,878 | $77,189 | 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 pick the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Even though there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of options before deciding.
- Contract: Before you sign a contract with a solar installer, make sure you look it over completely so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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 South Miami, FL Solar Cost FAQs
How much does it cost to install solar panels in South Miami?
This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $12,650 for a 5-kW system and $25,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in South Miami?
You can't get solar panels for free in South Miami. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Do solar panels increase how much your home is worth?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in South Miami is currently $454,899, so you can expect a value of about $18,651 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in South Miami is a rewarding 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 needs 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.