Solar Panel Cost Guide in Miami, FL (2024 Update)
- Miami Solar Installation Cost: $12,050
- 25-Year Savings: $19,627
- Payback Period: 10.3 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in Miami
See how much it might cost to install solar panels in Miami.
Although the national average of solar panels is $2.66 per watt, solar panels in Miami generally cost around 3.To cover the typical energy needs of the average home in Miami, most homeowners require a 5.4-kilowatt system. Using the per-watt figure above, a solar installation costs around $12,050, or $17,232 before the federal solar tax credit of 0 is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Miami homeowners. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.For many homeowners, the upfront cost of solar power is worth paying. On average homeowners in Miami see about $21,000 in savings on utility bills over 20 years.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Miami
Year | Return on Investment |
---|---|
1 years | $-10,677 |
3 years | $-7,929 |
5 years | $-5,182 |
7 years | $-2,435 |
9 years | $312 |
11 years | $3,060 |
13 years | $5,807 |
15 years | $8,554 |
17 years | $11,301 |
19 years | $14,049 |
21 years | $16,796 |
23 years | $19,543 |
25 years | $22,290 |
Top Solar Installers in Miami
Although it's possible to install solar panels yourself, it requires extra time and handiness. Because of that, most people choose to go with a solar panel installer. The payback period on a solar system will vary depending on factors like your roof configuration and energy use, but going with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you get the most out of incentives available in your area.
If you’d like to switch to solar energy but still aren’t certain which solar panel company 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 Miami
Factors that Affect Solar Panel Costs in Miami
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few key factors that affect your total cost in Miami: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Miami, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can determine by looking at past power bills. Your total cost can increase by around $3,210 for each additional kilowatt you need.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your energy bills. In addition, add-on products, like solar batteries, can bring your total well above the Miami average.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are a solid option because they cut back your upfront costs and allow you to pay for your system over five to seven years on average.When figuring out your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you get to install your solar panels can play a role in determining your pricing. Miami’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Miami know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. 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 | $18,564 | 10.8 years |
8 kW | $3.27 | $18,336 | $25,111 | 10.6 years |
10 kW | $3.21 | $22,470 | $31,839 | 10.3 years |
12 kW | $3.15 | $26,425 | $38,746 | 10.1 years |
14 kW | $3.08 | $30,200 | $45,832 | 9.9 years |
16 kW | $3.02 | $33,795 | $53,099 | 9.7 years |
18 kW | $2.95 | $37,210 | $60,545 | 9.5 years |
20 kW | $2.89 | $40,446 | $68,171 | 9.3 years |
How to Save on Solar Panels
The solar installer you opt for will impact not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, including:
- Solar Panel Brands: The model of solar panel you’d like to install plays a part in which company you should go with, since different companies have access to different panels.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should acquire and how long the project will take.
- Contract: Look through the contract terms closely to make sure you understand the overall cost, project timeline rebates and warranties.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected 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 get the job done well. Another way you can check your installer’s reputation is by reading reviews.
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 Miami, FL Solar Cost FAQs
How much does it cost to install solar panels in Miami?
The average cost of solar panels in Miami is about $16,050 for a 5-kW system and $32,100 for a 10-kW system before the ITC, but the actual cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Miami?
Leasing solar panels can be an attractive choice, because it often comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
Can you sell solar power back to the grid in Miami?
Each state has some form 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 energy bills.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out 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 home 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.