Solar Panel Cost Guide in Palmetto, FL (2024 Update)
- Palmetto Solar Installation Cost: $12,301
- 25-Year Savings: $19,380
- Payback Period: 10.6 Years
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Average Cost of Solar Panels in Palmetto
Let’s have a look at the average cost of solar in Palmetto.
The average cost of a solar panel system in Palmetto is 3 per watt.Since a 5.5-kW system is needed to cover the energy consumption of a typical home in Palmetto, the average price of going solar will be about $12,301 after claiming the federal solar tax credit of 0.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy use, the type of equipment you want to get, your solar contractor and more.But, once you've paid the initial cost of installation, the ROI for most homeowners is quite fruitful, with a net average savings of about $20,000 over 20 years on energy bills.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Palmetto
| Year | Return on Investment |
|---|---|
| 1 years | $-10,927 |
| 3 years | $-8,180 |
| 5 years | $-5,432 |
| 7 years | $-2,685 |
| 9 years | $62 |
| 11 years | $2,809 |
| 13 years | $5,556 |
| 15 years | $8,304 |
| 17 years | $11,051 |
| 19 years | $13,798 |
| 21 years | $16,545 |
| 23 years | $19,293 |
| 25 years | $22,040 |
Top Solar Installers in Palmetto
Many homeowners opt for a solar panel installer since trying to install solar panels by yourself can be hard. Another perk of using a solar company is that they can help you optimize your investment by cutting back on future costs of repairs and replacements because of warranties and helping you learn about local incentives you can take advantage of.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Palmetto
Factors that Affect Solar Panel Costs in Palmetto
The cost of installing a solar system in Palmetto can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is the size of the system you need, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,210. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Palmetto, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are offered by most installers in Palmetto, which can reduce, or in some cases eliminate, your upfront costs to make solar more affordable.Although solar loans make going solar more accessible for Palmetto homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Palmetto is the company you choose to install your PV system. Similar to choosing a company to install new cabinets, for example, there’s no shortage of solar installers that provide a range of services for different budgets.Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and find a company that provides the products, warranties and services you want and also is within 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 | $17,846 | 11.0 years |
| 8 kW | $3.27 | $18,336 | $24,154 | 10.8 years |
| 10 kW | $3.21 | $22,470 | $30,642 | 10.6 years |
| 12 kW | $3.15 | $26,425 | $37,310 | 10.4 years |
| 14 kW | $3.08 | $30,200 | $44,158 | 10.2 years |
| 16 kW | $3.02 | $33,795 | $51,185 | 9.9 years |
| 18 kW | $2.95 | $37,210 | $58,392 | 9.7 years |
| 20 kW | $2.89 | $40,446 | $65,779 | 9.5 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose significantly influences your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: When making the switch to solar energy, it’s crucial to maintain an open line of communication with your solar company. Make sure you understand how the installation process works and the project timeline.
- Solar Panel Brands: Different companies will offer different brands and kinds of panels. If you prefer a specific brand, make sure the solar panel company you’re considering has it.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for a long time and save you money on repairs and maintenance.
- Contract: Review the contract terms carefully to make sure you understand how much it will cost, completion timeline rebates and warranties.
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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Palmetto, FL Solar Cost FAQs
What is the average cost of installing solar panels in Palmetto?
This is a difficult 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 additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Palmetto?
Leasing solar panels can be an appealing 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 option if you want to get the most savings.
How much can I save on electricity bills after installing solar panels?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Palmetto, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Palmetto?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.