Solar Panel Cost Guide in Miami, OH (2023 Update)
- Miami Solar Installation Cost: $13,449
- 25-Year Savings: $10,478
- Payback Period: 14.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Miami
Let's have a look at the average cost of solar panels in Miami.
The average cost of a solar panel system in Miami is 2.56 per watt. To account for the typical energy usage of the average home in Miami, most homeowners require a 7.5-kilowatt system. Using the figure above, a solar installation costs around $13,458, or $19,245 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy needs, the type of solar system you want to get, your solar contractor and more. Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Miami can save around $12,000 on their energy bills over 20 years.
To receive a free quote from a highly rated solar installation company in Miami, you can click the button below.
Solar savings over time in Miami
| Year | Return on Investment |
|---|---|
| 1 years | $-13,370 |
| 3 years | $-13,210 |
| 5 years | $-13,050 |
| 7 years | $-12,891 |
| 9 years | $-12,731 |
| 11 years | $-12,572 |
| 13 years | $-12,412 |
| 15 years | $-12,253 |
| 17 years | $-12,093 |
| 19 years | $-11,934 |
| 21 years | $-11,774 |
| 23 years | $-11,615 |
| 25 years | $-11,455 |
Top Solar Installers in Miami
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Hiring a solar company can make swapping over to solar power much easier. Companies can also provide access to a large variety of the best solar panels and help you choose which one will be right for your home.
Working with a vetted solar installer can help you make the most of your investment in solar. Here are our recommendations:
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 Miami
Factors that Affect Solar Panel Costs in Miami
There are many factors that can influence your solar system 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
The size of the solar system you need to offset your energy usage, 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 about $2,560. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Miami, 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 a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That's why many Miami homeowners choose to finance their solar panel systems to offset upfront costs. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
The solar company you opt for to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies in Miami, and each can charge different amounts for labor and equipment. The size of the company sometimes plays the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices 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 discount can bring their pricing lower 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 | $2.66 | $11,182 | $7,946 | 14.6 years |
| 8 kW | $2.61 | $14,623 | $10,882 | 14.3 years |
| 10 kW | $2.56 | $17,920 | $13,961 | 14.1 years |
| 12 kW | $2.51 | $21,074 | $17,183 | 13.8 years |
| 14 kW | $2.46 | $24,084 | $20,549 | 13.5 years |
| 16 kW | $2.41 | $26,952 | $24,057 | 13.2 years |
| 18 kW | $2.36 | $29,676 | $27,710 | 12.9 years |
| 20 kW | $2.30 | $32,256 | $31,505 | 12.6 years |
How to Save on Solar Panels
There are a lot of companies available in Miami, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Contract: When looking through your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project timeline.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Different companies carry different brands and kinds of panels. If you prefer a specific brand, make sure the solar company you're considering has it.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Miami, OH Solar Cost FAQs
What is the average cost of installing solar panels in Miami?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $12,800 for a 5-kW system and $25,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra 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 choose a smaller solar panel system or cheaper solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is a crucial factor to consider, but whether it's the most important for you depends on your goals for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
How much can I save on energy bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $637.61 per year.
How long do solar panels last in Miami?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.