Solar Panel Cost Guide in Inverness, FL (2024 Update)
- Inverness Solar Installation Cost: $12,573
- 25-Year Savings: $23,089
- Payback Period: 9.5 Years
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Average Cost of Solar Panels in Inverness
Let’s take a look at the average cost of solar panels in Inverness.
The average cost of a solar panel system in Inverness is 3 per watt.To account for the typical energy usage of the average home in Inverness, most homeowners require a 5.6-kilowatt system. Using the per-watt figure above, a solar installation costs about $12,573, or $17,979 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of installing solar panels can vary quite a bit depending on several factors, such as how many panels you need, your energy consumption and what installation company you go with.With average savings of about $24,000 on utility bills over 20 years, many homeowners in Inverness find installing solar panels has a decent ROI.
You can click the button below to get connected with a vetted solar company in Inverness for a quote for your home.
Solar savings over time in Inverness
| Year | Return on Investment |
|---|---|
| 1 years | $-10,798 |
| 3 years | $-7,248 |
| 5 years | $-3,699 |
| 7 years | $-149 |
| 9 years | $3,400 |
| 11 years | $6,950 |
| 13 years | $10,499 |
| 15 years | $14,049 |
| 17 years | $17,599 |
| 19 years | $21,148 |
| 21 years | $24,698 |
| 23 years | $28,247 |
| 25 years | $31,797 |
Top Solar Installers in Inverness
Although it's possible to install solar panels by yourself, it involves extra time and expertise. That's why almost all homeowners choose to go with a solar panel installer. The payback period on an investment in solar panels will vary depending on factors like your roof configuration and energy use, but working with a solar installer can shorten that period. Your provider will be able to help you identify incentives available in your area.
Working with a licensed solar company can help your solar project go smoothly. Here are our recommendations:
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 Inverness
Factors that Affect Solar Panel Costs in Inverness
The cost of installing a solar system in Inverness can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,210.The brand and type 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 are often more expensive 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. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are an affordable choice because they reduce your upfront costs and let you pay for your system over five to seven years on average.When estimating your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you choose to install your solar panel system can impact your pricing. Inverness’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have more resources and better 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 | $3.34 | $14,021 | $21,363 | 9.9 years |
| 8 kW | $3.27 | $18,336 | $28,844 | 9.7 years |
| 10 kW | $3.21 | $22,470 | $36,505 | 9.5 years |
| 12 kW | $3.15 | $26,425 | $44,345 | 9.3 years |
| 14 kW | $3.08 | $30,200 | $52,365 | 9.1 years |
| 16 kW | $3.02 | $33,795 | $60,564 | 9.0 years |
| 18 kW | $2.95 | $37,210 | $68,944 | 8.8 years |
| 20 kW | $2.89 | $40,446 | $77,503 | 8.6 years |
How to Save on Solar Panels
There are a large number of companies available in Inverness, 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:
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years in most cases provide quality solar panel installation and expertise.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you go with.
- Contract: When looking over your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
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 Inverness, FL Solar Cost FAQs
What is the average cost of installing solar panels in Inverness?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly 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 higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Inverness?
Leasing solar panels can be an attractive choice, because it commonly comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
How much can I save on energy bills after switching to solar?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Inverness, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
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.