Solar Panel Cost Guide in Lakewood Park, FL (2024 Update)
- Lakewood Park Solar Installation Cost: $11,797
- 25-Year Savings: $20,616
- Payback Period: 9.9 Years
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Average Cost of Solar Panels in Lakewood Park
Let’s take a look at the average cost of solar in Lakewood Park.
The national average cost of solar panels is $2.66 per watt, but in Lakewood Park it’s 3 per watt.The average Lakewood Park homeowner needs a 5.3-kilowatt system, which would cost about $11,797 with the federal tax credit, or $16,870 before the 0 tax credit is applied.
The actual price you pay can go higher or lower than the average in Lakewood Park depending on a few factors, such as the type of solar panels you choose and the solar installer you hire.But, after you've paid the initial cost of installation, the savings for most homeowners is typically good, with a net average savings of about $22,000 over 20 years on electricity bills.
To receive a free estimate from a vetted solar installer in Lakewood Park, you can click the button below.
Solar savings over time in Lakewood Park
| Year | Return on Investment |
|---|---|
| 1 years | $-10,424 |
| 3 years | $-7,676 |
| 5 years | $-4,929 |
| 7 years | $-2,182 |
| 9 years | $565 |
| 11 years | $3,313 |
| 13 years | $6,060 |
| 15 years | $8,807 |
| 17 years | $11,554 |
| 19 years | $14,302 |
| 21 years | $17,049 |
| 23 years | $19,796 |
| 25 years | $22,543 |
Top Solar Installers in Lakewood Park
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Using a solar panel installer can make converting to solar power much easier. Some solar companies, particularly local ones, can help you take advantage of incentives in Lakewood Park, optimizing your ROI.
Working with a licensed solar installer can make going solar easier. 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 Lakewood Park
Factors that Affect Solar Panel Costs in Lakewood Park
For many Lakewood Park homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Lakewood Park, with typical prices between $20,000 to $40,000. There are a few 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 adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to spend about $3,210 per kilowatt in Lakewood Park.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 are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are available from most installers in Lakewood Park, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you can only 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 getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar company you select will impact your total cost to make the switch to solar energy. Different companies will bill different amounts for the equipment and labor.You may notice national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $20,164 | 10.3 years |
| 8 kW | $3.27 | $18,336 | $27,245 | 10.1 years |
| 10 kW | $3.21 | $22,470 | $34,506 | 9.9 years |
| 12 kW | $3.15 | $26,425 | $41,946 | 9.7 years |
| 14 kW | $3.08 | $30,200 | $49,567 | 9.5 years |
| 16 kW | $3.02 | $33,795 | $57,367 | 9.3 years |
| 18 kW | $2.95 | $37,210 | $65,346 | 9.1 years |
| 20 kW | $2.89 | $40,446 | $73,506 | 8.9 years |
How to Save on Solar Panels
There are a lot of companies available in Lakewood Park, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you choose.
- Warranty: If you care about the longevity of your solar energy system, verifying that your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: Before you sign a contract with a solar company, be sure to read it through completely so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what the warranty covers and what services you can expect from them.
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 Lakewood Park, FL Solar Cost FAQs
What is the average cost of installing solar panels in Lakewood Park?
This is a hard question to answer exactly, because the cost depends on a few different 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 cost more if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
What other factors should I consider in addition to cost when buying solar panels?
The initial cost is a key factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In areas 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.
Can you sell solar power back to the grid in Lakewood Park?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future utility bills.
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 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 get between 20 and 35 panels to account for 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.