Solar Panel Cost Guide in Miami, OH (Mar 2023)
- Miami Solar Installation Cost: $13,458
- 25-Year Savings: $10,469
- Payback Period: 14.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Miami
Find out what the average cost of solar panels are in Miami.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Miami, the typical cost of a solar system is 2.56 per watt. To cover the typical energy needs 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.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy use, the type of solar system you choose, your solar contractor and more. Even with the large upfront cost, the average Miami homeowner can save around $12,000 on their energy bills over 20 years, which is one of the perks of solar.
You can click the button below to get connected with a vetted solar company in Miami for a quote for your home.
Solar savings over time in Miami
| Year | Return on Investment |
|---|---|
| 1 years | $-12,501 |
| 3 years | $-10,587 |
| 5 years | $-8,672 |
| 7 years | $-6,758 |
| 9 years | $-4,844 |
| 11 years | $-2,930 |
| 13 years | $-1,016 |
| 15 years | $898 |
| 17 years | $2,813 |
| 19 years | $4,727 |
| 21 years | $6,641 |
| 23 years | $8,555 |
| 25 years | $10,469 |
Top Solar Installers in Miami
Installing solar panels on your own can be a challenging task, which is why hiring a solar installer is a good option for many homeowners. Companies can also offer access to quality options of the best solar panels and help you pick which one will be right for your home.
You can work with a local solar installer to get a free estimate on how much solar panels 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 (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Miami
Factors that Affect Solar Panel Costs in Miami
Though the average cost of a solar system in Miami is $13,458, your final cost may be above or below the average. There are several factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.
Solar Equipment
The size of the solar system you need to offset your energy usage, 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 about $2,560. The brand of solar panels and equipment you want is another factor that will significantly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Plus, solar equipment is more than just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are provided by most installers in Miami, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also increases your overall costs, so it's important to consider that as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you hire to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar panel companies operating in Miami, and each can charge varying amounts for labor and equipment. Additionally, some companies in Miami are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $2.66 | $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
The solar panel company you choose will affect not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should keep in mind, such as:
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Contract: It's important to read your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years most likely provide high-quality solar panel installation and expertise.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
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.