Solar Panel Cost Guide in Margate, FL (2024 Update)

  • Margate Solar Installation Cost: $12,084
  • 25-Year Savings: $19,635
  • Payback Period: 10.4 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Margate

Find out what the average cost of solar panel installation is in Margate.

While the national average of solar panels is $2.66 per watt, solar panels in Margate typically cost around 3.To account for the typical energy usage of the average home in Margate, most homeowners require a 5.4-kilowatt system. Using the per-watt figure above, a solar installation costs around $12,084, or $17,280 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 solar panels. The true cost of going solar can vary quite a bit based on several factors, such as how many panels you need, your energy usage and what solar installer you go with.With typical savings of about $21,000 on electricity bills over 20 years, many homeowners in Margate find installing solar panels can pay off big.

To get a free estimate from a highly rated solar installer in Margate, you can click the button below.

Solar savings over time in Margate

Year Return on Investment
1 years $-10,710
3 years $-7,963
5 years $-5,216
7 years $-2,469
9 years $279
11 years $3,026
13 years $5,773
15 years $8,520
17 years $11,268
19 years $14,015
21 years $16,762
23 years $19,509
25 years $22,257

Top Solar Installers in Margate

Many homeowners opt for a solar installation company since trying to install solar panels yourself can be hard. Companies can also have access to various kinds of the best solar panels and help you decide which one will be best for your home.

If you’d like to switch to solar energy but still aren’t certain which solar panel installer to go with, here are our suggestions for providers nearby:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • 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 Margate

Factors that Affect Solar Panel Costs in Margate

While the average cost of a solar system in Margate is $12,084, your actual cost may be higher or lower than that. There are many factors that can have a major impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.

Solar Equipment

The cost of solar panels varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production require 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.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 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 can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.

Solar Financing Terms

If paying for solar panels out of pocket is too expensive, solar loans are a popular option because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years.Although solar loans make adopting solar energy more accessible for Margate homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.

Solar Panel Installation Company

Finally, the company you get to install your solar system can influence the cost. Margate’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 total costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of greater 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 down to compete with bigger 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 $18,511 10.8 years
8 kW $3.27 $18,336 $25,041 10.6 years
10 kW $3.21 $22,470 $31,750 10.4 years
12 kW $3.15 $26,425 $38,640 10.2 years
14 kW $3.08 $30,200 $45,709 9.9 years
16 kW $3.02 $33,795 $52,957 9.7 years
18 kW $2.95 $37,210 $60,386 9.5 years
20 kW $2.89 $40,446 $67,994 9.3 years

How to Save on Solar Panels

There are a large number of companies available in Margate, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:

  • Contract: Review the contract terms carefully to make sure you understand the cost breakdown, project timeline rebates and warranties.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to install your solar system. Another way you can verify your installer’s reputation is by reading reviews.
  • Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
  • Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

EcoWatch's Margate, FL Solar Cost FAQs

How much does it cost to install solar panels in Margate?

This is a tough question to answer precisely, because the cost depends on many 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. You can expect to pay more 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 opt for a smaller solar panel system or less expensive solar panels.

Are solar panels free in Margate?

A solar panel system isn’t free in Margate, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.

Can solar panels completely eradicate my energy bills?

Solar panels can potentially eliminate your electricity bills depending on where you’re located and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,084.40 per year.

How many solar panels should I get to power my home?

The exact number of solar panels you need depends on your household energy consumption and the amount of 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 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.

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