Solar Panel Cost Guide in Midway, FL (2024 Update)
- Midway Solar Installation Cost: $13,049
- 25-Year Savings: $30,933
- Payback Period: 9.1 Years
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Average Cost of Solar Panels in Midway
Let’s take a look at the average cost of solar panels in Midway.
The national average cost of solar panels is $2.66 per watt, but in Midway it’s 3 per watt.The average Midway homeowner needs a 5.8-kilowatt system, which would cost about $13,049 with the federal tax credit, or $18,660 before the 0 tax credit is applied.
The true price you pay can be higher or lower than the average in Midway depending on a variety of factors, such as the kind of solar panels you choose and the solar contractor you hire.Even with the large initial cost, the average Midway homeowner can save about $23,000 on their power bills over 20 years, which is one of the benefits of solar.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Midway
| Year | Return on Investment |
|---|---|
| 1 years | $-11,290 |
| 3 years | $-7,771 |
| 5 years | $-4,253 |
| 7 years | $-734 |
| 9 years | $2,784 |
| 11 years | $6,303 |
| 13 years | $9,821 |
| 15 years | $13,340 |
| 17 years | $16,858 |
| 19 years | $20,377 |
| 21 years | $23,895 |
| 23 years | $27,414 |
| 25 years | $30,933 |
Top Solar Installers in Midway
Installing solar panels yourself can be a stressful undertaking, which is why using a solar installer is a good option for many homeowners. Some solar installers, especially local ones, can help you take advantage of incentives in Midway, thereby optimizing your ROI.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Midway
Factors that Affect Solar Panel Costs in Midway
For many Midway homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Midway, with typical prices between $20,000 to $40,000. There are numerous 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 installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend around $3,210 per kilowatt in Midway.The kind of solar panels and equipment you want is another factor that will significantly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That’s why many Midway homeowners opt to finance their solar panel systems to offset upfront costs.Though solar loans make going solar more accessible for Midway homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The last major cost factor you should keep in mind is the installer you choose. Given the massive popularity of clean energy solutions in Midway, you’ll have many options to choose from, but each comes at various price points for labor and equipment.Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and find a company that has the products, warranties and services you’re looking for and also fit into your budget.
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 | $23,006 | 9.5 years |
| 8 kW | $3.27 | $18,336 | $31,034 | 9.3 years |
| 10 kW | $3.21 | $22,470 | $39,242 | 9.1 years |
| 12 kW | $3.15 | $26,425 | $47,630 | 8.9 years |
| 14 kW | $3.08 | $30,200 | $56,197 | 8.7 years |
| 16 kW | $3.02 | $33,795 | $64,944 | 8.6 years |
| 18 kW | $2.95 | $37,210 | $73,871 | 8.4 years |
| 20 kW | $2.89 | $40,446 | $82,978 | 8.2 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Contract: Review the contract terms carefully to make sure you understand the total cost, project timeline rebates and warranties.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for years to come and save you money on part replacement and repairs.
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 Midway, FL Solar Cost FAQs
How much does it cost to install solar panels in Midway?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Generally 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 more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Midway?
Most states offer net metering programs of some kind. Through these, you can be compensated for the extra power your system produces or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
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 the amount of 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 install 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.