Solar Panel Cost Guide in Key Biscayne, FL (2024 Update)
- Key Biscayne Solar Installation Cost: $12,014
- 25-Year Savings: $19,689
- Payback Period: 10.3 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Key Biscayne
Let’s take a look at the average cost of solar panels in Key Biscayne.
While the national average of solar panels is $2.66 per watt, solar panels in Key Biscayne generally cost around 3.Since a 5.3-kW system is needed to cover the energy usage of a typical home in Key Biscayne, the average price of going solar will be about $12,014 after claiming the federal solar tax credit of 0.
These figures are just averages, and how much solar costs for you will differ based on the amount of energy your home requires and what company you choose to go with.Even with the significant upfront cost, the average Key Biscayne homeowner can save about $21,000 on their electricity bills over 20 years, which is one of the advantages of solar.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Key Biscayne
| Year | Return on Investment |
|---|---|
| 1 years | $-10,641 |
| 3 years | $-7,894 |
| 5 years | $-5,146 |
| 7 years | $-2,399 |
| 9 years | $348 |
| 11 years | $3,095 |
| 13 years | $5,843 |
| 15 years | $8,590 |
| 17 years | $11,337 |
| 19 years | $14,084 |
| 21 years | $16,832 |
| 23 years | $19,579 |
| 25 years | $22,326 |
Top Solar Installers in Key Biscayne
Although it's possible to install solar panels by yourself, it requires extra energy and know-how. Because of that, the majority of homeowners choose a solar panel installer. Another advantage of working with a solar installer is that they can help you maximize your ROI by lowering your future costs of repairs and replacements because of warranties and giving you information on local incentives you can take advantage of.
Working with a licensed solar company can help you make the most of your investment in solar. 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 Key Biscayne
Factors that Affect Solar Panel Costs in Key Biscayne
For many Key Biscayne homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Key Biscayne, with typical prices between $20,000 to $40,000. There are several factors that considerably 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 energy your household consumes, the larger your system will likely need to be. You can expect to spend about $3,210 per kilowatt in Key Biscayne.The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your energy bills. In addition, add-on products, such as solar batteries, can bring your total well above the Key Biscayne average.
Solar Financing Terms
Many homeowners find the average cost of solar in Key Biscayne to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area offers financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in paying more over time due to interest.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The solar company you hire to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar panel companies in Key Biscayne, and each can charge varying amounts for labor and equipment.Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and choose a company that has the products, warranties and services you’re looking for and also fit into your budget.
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 | $18,699 | 10.7 years |
| 8 kW | $3.27 | $18,336 | $25,291 | 10.5 years |
| 10 kW | $3.21 | $22,470 | $32,063 | 10.3 years |
| 12 kW | $3.15 | $26,425 | $39,015 | 10.1 years |
| 14 kW | $3.08 | $30,200 | $46,147 | 9.9 years |
| 16 kW | $3.02 | $33,795 | $53,459 | 9.7 years |
| 18 kW | $2.95 | $37,210 | $60,950 | 9.5 years |
| 20 kW | $2.89 | $40,446 | $68,621 | 9.3 years |
How to Save on Solar Panels
The solar installer you choose will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should keep in mind, such as:
- Installation Process: When making the switch to solar energy, it’s important to keep an open line of communication with your solar panel installer. See to it that you understand how the installation process works and the completion timeline.
- Solar Panel Brands: Different companies will have different brands and types of panels. If you want a specific brand, make sure the solar panel company you’re considering has it.
- Warranty: If you’re concerned about the durability of your solar panel system, making sure your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
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 Key Biscayne, FL Solar Cost FAQs
What is the average cost of installing solar panels in Key Biscayne?
This is a hard 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. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Key Biscayne?
You can’t get solar panels for free in Key Biscayne. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
How will installing solar panels impact my home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Key Biscayne is currently $1,563,828, which means you could be looking at a value of about $64,117 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Key Biscayne is a worthwhile investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.