Solar Panel Cost Guide in Lake Magdalene, FL (2024 Update)
- Lake Magdalene Solar Installation Cost: $12,394
- 25-Year Savings: $17,575
- Payback Period: 11.3 Years
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Average Cost of Solar Panels in Lake Magdalene
Let’s have a look at the average cost of solar panels in Lake Magdalene.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lake Magdalene, the average cost of a solar system is 3 per watt.The average solar panel system size in Lake Magdalene is around 5.5 kilowatts, meaning a cost of about $12,394 for a solar installation, or $17,723 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy use, the type of equipment you want, your solar contractor and more.For most homeowners, the upfront cost of solar panels is worth paying. On average Lake Magdalene homeowners see about $20,000 in savings on utility bills over 20 years.
Click the button below to get connected to a vetted solar company in your area for a customized estimate.
Solar savings over time in Lake Magdalene
| Year | Return on Investment |
|---|---|
| 1 years | $-10,956 |
| 3 years | $-8,081 |
| 5 years | $-5,205 |
| 7 years | $-2,330 |
| 9 years | $546 |
| 11 years | $3,421 |
| 13 years | $6,296 |
| 15 years | $9,172 |
| 17 years | $12,047 |
| 19 years | $14,923 |
| 21 years | $17,798 |
| 23 years | $20,674 |
| 25 years | $23,549 |
Top Solar Installers in Lake Magdalene
Trying to install solar panels yourself can be a difficult task, which is why getting a solar installer is a good option for many homeowners. Plus, warranties and repairs from your solar panel company can protect your investment and lower the cost of maintenance in the long run.
Working with a licensed solar company 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
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Lake Magdalene
Factors that Affect Solar Panel Costs in Lake Magdalene
The cost of installing a solar system in Lake Magdalene can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,210.Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Lake Magdalene, where sunlight is abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are a solid choice because they lower your upfront costs and allow you to pay for your system over five to seven years on average.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
Lastly, the company you hire to install your solar panels can play a role in determining the cost. Lake Magdalene’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Lake Magdalene know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $3.34 | $14,021 | $15,722 | 11.8 years |
| 8 kW | $3.27 | $18,336 | $21,322 | 11.6 years |
| 10 kW | $3.21 | $22,470 | $27,102 | 11.3 years |
| 12 kW | $3.15 | $26,425 | $33,062 | 11.1 years |
| 14 kW | $3.08 | $30,200 | $39,202 | 10.9 years |
| 16 kW | $3.02 | $33,795 | $45,521 | 10.7 years |
| 18 kW | $2.95 | $37,210 | $52,020 | 10.4 years |
| 20 kW | $2.89 | $40,446 | $58,699 | 10.2 years |
How to Save on Solar Panels
The solar company you opt for will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, including:
- Installation Process: When making the switch to solar energy, it’s important to maintain an open line of communication with your solar panel company. See to it that you understand how the installation process works and the completion timeline.
- Reputation: Well-established companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a couple decades are the best you can get in the business, and offering that kind of warranty is one indication of a good company.
- Contract: Although reading through a contract can be tedious, it’s important to do it fully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Lake Magdalene, FL Solar Cost FAQs
What is the average cost of installing solar panels in Lake Magdalene?
The average cost of solar panels in Lake Magdalene is about $16,050 for a 5-kW system and $32,100 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Lake Magdalene?
You can’t get solar panels for free in Lake Magdalene. However, you may still be able to afford 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 much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location 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 $991.45 per year.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.