Solar Panel Cost Guide in Cape Canaveral, FL (2024 Update)
- Cape Canaveral Solar Installation Cost: $11,321
- 25-Year Savings: $20,236
- Payback Period: 9.7 Years
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Average Cost of Solar Panels in Cape Canaveral
We break down average solar pricing in Cape Canaveral.
In Cape Canaveral, solar panels cost about 3 per watt on average.Since a 5.0-kW system is needed to cover the energy usage of a typical home in Cape Canaveral, the average price of going solar will be about $11,321 after claiming the federal solar tax credit of 0.
These figures are only averages, and how much solar costs for you will most likely differ based on the amount of energy your home requires and what company you choose to go with.Despite the significant initial cost, the average Cape Canaveral homeowner can save around $22,000 on their electricity bills over 20 years, which is one of the advantages of solar.
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Solar savings over time in Cape Canaveral
| Year | Return on Investment |
|---|---|
| 1 years | $-9,948 |
| 3 years | $-7,200 |
| 5 years | $-4,453 |
| 7 years | $-1,706 |
| 9 years | $1,041 |
| 11 years | $3,789 |
| 13 years | $6,536 |
| 15 years | $9,283 |
| 17 years | $12,030 |
| 19 years | $14,778 |
| 21 years | $17,525 |
| 23 years | $20,272 |
| 25 years | $23,019 |
Top Solar Installers in Cape Canaveral
Many homeowners choose to hire a solar panel company since trying to install solar panels on your own can be time-consuming. Companies can also have access to various kinds of the best solar panels and help you pick which one will be right for your home.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Cape Canaveral
Factors that Affect Solar Panel Costs in Cape Canaveral
For many Cape Canaveral homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Cape Canaveral, with typical prices between $20,000 to $40,000. There are a few factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to pay around $3,210 per kilowatt in Cape Canaveral.The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are available from most installers in Cape Canaveral, which can bring down, 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 important to take that into consideration as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you choose will play a role in your total cost to go solar. Different companies will bill different amounts for the equipment and labor.Larger national companies usually have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.34 | $14,021 | $20,702 | 10.1 years |
| 8 kW | $3.27 | $18,336 | $27,963 | 9.9 years |
| 10 kW | $3.21 | $22,470 | $35,403 | 9.7 years |
| 12 kW | $3.15 | $26,425 | $43,023 | 9.5 years |
| 14 kW | $3.08 | $30,200 | $50,822 | 9.3 years |
| 16 kW | $3.02 | $33,795 | $58,802 | 9.1 years |
| 18 kW | $2.95 | $37,210 | $66,961 | 8.9 years |
| 20 kW | $2.89 | $40,446 | $75,300 | 8.7 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: Before you sign a contract with a solar company, make sure to read it through 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.
- Solar Panel Brands: Different companies have different brands and kinds of panels. If you know you want a specific brand, make sure the solar panel company you’re considering has it.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Cape Canaveral, FL Solar Cost FAQs
How much does it cost to install solar panels in Cape Canaveral?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $16,050 for a 5-kW system and $32,100 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 above-average energy needs. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Cape Canaveral?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
How much can I save on electricity 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 $1,157.46 per year.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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 level 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.