Solar Panel Cost Guide in The Hammocks, FL (2023 Update)
- The Hammocks Solar Installation Cost: $9,460
- 25-Year Savings: $19,432
- Payback Period: 8.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in The Hammocks
Find out what the average cost of a solar system is in The Hammocks.
The national average cost of solar panels is $2.66 per watt, but in The Hammocks it's 2.53 per watt. Using this figure, a typical 5.3-kW system would cost about $9,457 before the 30% federal solar tax credit is applied.
How much you pay can be higher or lower than the average in The Hammocks based on a variety of factors, such as the type of solar panels you choose and the solar installer you hire. Many homeowners find going solar is a rewarding investment. The average homeowner in The Hammocks can save around $21,000 on their energy bills over 20 years.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in The Hammocks
| Year | Return on Investment |
|---|---|
| 1 years | $-8,087 |
| 3 years | $-5,340 |
| 5 years | $-2,592 |
| 7 years | $155 |
| 9 years | $2,902 |
| 11 years | $5,649 |
| 13 years | $8,397 |
| 15 years | $11,144 |
| 17 years | $13,891 |
| 19 years | $16,638 |
| 21 years | $19,386 |
| 23 years | $22,133 |
| 25 years | $24,880 |
Top Solar Installers in The Hammocks
Many homeowners decide to hire a solar installation company since trying to install solar panels by yourself can be challenging. Because solar panels are exposed to the elements every day, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some near you:
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 The Hammocks
Factors that Affect Solar Panel Costs in The Hammocks
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that will push your cost above or below the average in The Hammocks: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar energy system in The Hammocks, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can gauge by looking at past energy bills. Your overall cost can increase by around $2,530 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you pick also changes the cost. In general, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are provided by most installers in The Hammocks, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible. When figuring out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The last key cost factor you should consider is the installer you choose. Given the massive popularity of clean energy solutions in The Hammocks, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. You may see national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $21,401 | 8.5 years |
| 8 kW | $2.58 | $14,451 | $28,818 | 8.3 years |
| 10 kW | $2.53 | $17,710 | $36,377 | 8.2 years |
| 12 kW | $2.48 | $20,827 | $44,078 | 8.0 years |
| 14 kW | $2.43 | $23,802 | $51,920 | 7.9 years |
| 16 kW | $2.38 | $26,636 | $59,904 | 7.7 years |
| 18 kW | $2.33 | $29,328 | $68,029 | 7.5 years |
| 20 kW | $2.28 | $31,878 | $76,296 | 7.4 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose has an impact on your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- 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 significant role in the company you opt for.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
- Contract: Before signing a contract with a solar installer, be sure to look it over fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
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 The Hammocks, FL Solar Cost FAQs
How much does it cost to install solar panels in The Hammocks?
This is a hard question to answer exactly, because the cost depends on many 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. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Are solar panels free in The Hammocks?
Solar panels aren't free in The Hammocks, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Is making the switch to solar worth it?
Solar panels can be a beneficial investment for a majority of 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 reasonably low, solar panels might not be for you.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can take a 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 install between 20 and 35 panels to cover 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.