Solar Panel Cost Guide in Cuba, IL (2023 Update)
- Cuba Solar Installation Cost: $12,084
- 25-Year Savings: $10,528
- Payback Period: 13.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Cuba
Let's have a look at the average cost of solar panels in Cuba.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Cuba, the typical cost of solar panels is 2.73 per watt. Since a 6.3-kW system is needed to cover the energy needs of a typical home in Cuba, the average price of going solar will be about $12,078 after claiming the federal solar tax credit of 30%.
Remember that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy consumption, the type of solar panels you choose, your solar contractor and more. For many homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $14,000 in savings on electricity 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 Cuba
| Year | Return on Investment |
|---|---|
| 1 years | $-10,928 |
| 3 years | $-8,615 |
| 5 years | $-6,303 |
| 7 years | $-3,990 |
| 9 years | $-1,678 |
| 11 years | $634 |
| 13 years | $2,947 |
| 15 years | $5,259 |
| 17 years | $7,571 |
| 19 years | $9,884 |
| 21 years | $12,196 |
| 23 years | $14,508 |
| 25 years | $16,821 |
Top Solar Installers in Cuba
Although you can install solar panels yourself, it takes extra time and knowledge. That's why the majority of homeowners choose a solar panel installer. Companies can also have access to various kinds of the best solar panels and help you choose which one will be right for your home.
If you're looking for a solar installer in Cuba, the EcoWatch team has organized 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
See all of the solar companies in Cuba
Factors that Affect Solar Panel Costs in Cuba
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few key factors that affect your total cost in Cuba: 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 solar panels in Cuba, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can figure out by looking at past electricity bills. Your overall cost can increase by about $2,730 for each additional kilowatt you need. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Cuba, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a big investment. That's why many Cuba homeowners opt to finance their solar panel systems to make going solar more affordable. Though solar loans make going solar more accessible for Cuba homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Cuba is the company you get to install your PV system. As with choosing a company to build a deck or pool, for example, you'll have many options for solar installers that offer a range of services for different budgets. The size of the company sometimes plays the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to greater 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 lower to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.84 | $11,925 | $9,531 | 13.9 years |
| 8 kW | $2.78 | $15,594 | $13,014 | 13.6 years |
| 10 kW | $2.73 | $19,110 | $16,649 | 13.4 years |
| 12 kW | $2.68 | $22,473 | $20,438 | 13.1 years |
| 14 kW | $2.62 | $25,684 | $24,379 | 12.8 years |
| 16 kW | $2.57 | $28,741 | $28,473 | 12.6 years |
| 18 kW | $2.51 | $31,646 | $32,721 | 12.3 years |
| 20 kW | $2.46 | $34,398 | $37,121 | 12.0 years |
How to Save on Solar Panels
There are many companies available in Cuba, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- 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 aren't sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Installation Process: Make sure you're aligned with the installer regarding 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.
- Solar Panel Brands: Different companies carry different brands and kinds of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. 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
EcoWatch's Cuba, IL Solar Cost FAQs
How much does it cost to install solar panels in Cuba?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $13,650 for a 5-kW system and $27,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Cuba?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and the amount of direct sunlight your roof gets.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually 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.