Solar Panel Cost Guide in Merritt Island, FL (2024 Update)
- Merritt Island Solar Installation Cost: $11,321
- 25-Year Savings: $20,236
- Payback Period: 9.7 Years
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Average Cost of Solar Panels in Merritt Island
We break down average solar pricing in Merritt Island.
Although the national average of solar panels is $2.66 per watt, solar panels in Merritt Island generally cost about 3.To account for the typical energy usage of the average home in Merritt Island, most homeowners require a 5.0-kilowatt system. Using the per-watt figure above, a solar installation costs around $11,321, or $16,189 before the federal solar tax credit of 0 is applied.
These figures are just estimates, and how much solar costs for you will look different based on the amount of energy your home requires and what company you choose to go with.But, once you've paid the initial cost of installation, the savings for most homeowners is quite fruitful, with a net average savings of about $22,000 over 20 years on power bills.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Merritt Island
| Year | Return on Investment |
|---|---|
| 1 years | $-9,948 |
| 3 years | $-7,200 |
| 5 years | $-4,453 |
| 7 years | $-1,706 |
| 9 years | $1,041 |
| 11 years | $3,789 |
| 13 years | $6,536 |
| 15 years | $9,283 |
| 17 years | $12,030 |
| 19 years | $14,778 |
| 21 years | $17,525 |
| 23 years | $20,272 |
| 25 years | $23,019 |
Top Solar Installers in Merritt Island
Although you can install solar panels on your own, it takes extra energy and expertise. That's why almost all homeowners choose to hire a solar panel installer. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and system component replacements.
If you’d like to go solar but still aren’t certain which solar system installer to go with, here are our recommendations for providers nearby:
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 Merritt Island
Factors that Affect Solar Panel Costs in Merritt Island
Though the average cost of a solar system in Merritt Island is $11,321, 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 residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production require 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.Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Merritt Island, where sunlight is abundant, efficiency can quickly pay off. In addition, 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
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That’s why many Merritt Island homeowners choose to finance their solar panel systems to make paying for solar more affordable.You’ll have to consider the long-term cost of financing options, including the total 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 APR could reduce your costs considerably.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Merritt Island is the company you hire to install your solar panel system. Similar to choosing a company to renovate your kitchen, for instance, you’ll have many options for solar installers that provide a range of services for different budgets.You may notice national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, 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 | $20,702 | 10.1 years |
| 8 kW | $3.27 | $18,336 | $27,963 | 9.9 years |
| 10 kW | $3.21 | $22,470 | $35,403 | 9.7 years |
| 12 kW | $3.15 | $26,425 | $43,023 | 9.5 years |
| 14 kW | $3.08 | $30,200 | $50,822 | 9.3 years |
| 16 kW | $3.02 | $33,795 | $58,802 | 9.1 years |
| 18 kW | $2.95 | $37,210 | $66,961 | 8.9 years |
| 20 kW | $2.89 | $40,446 | $75,300 | 8.7 years |
How to Save on Solar Panels
There are many companies available in Merritt Island, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: The brand of solar panel you need to install plays a part in which installer you should go with, since different companies have access to different panels.
- Contract: Look through the contract terms closely to make sure you understand the cost breakdown, completion timeline incentives and warranties.
- Installation Process: When making the switch to solar power, it’s essential 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 project completion timeline.
- Warranty: Warranties that cover 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 mark of a quality company.
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 Merritt Island, FL Solar Cost FAQs
What is the average cost of installing solar panels in Merritt Island?
The average cost of solar panels in Merritt Island 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 stuff such as the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Merritt Island?
Leasing solar panels can be an option if you can’t afford to pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Can solar panels significantly reduce 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 $1,157.46 per year.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily 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 buy 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.