Solar Panel Cost Guide in Palmetto Bay, FL (2024 Update)
- Palmetto Bay Solar Installation Cost: $11,997
- 25-Year Savings: $19,577
- Payback Period: 10.3 Years
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Average Cost of Solar Panels in Palmetto Bay
We break down average solar pricing in Palmetto Bay.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Palmetto Bay, the average cost of a solar system is 3 per watt.The average Palmetto Bay homeowner needs a 5.3-kilowatt system, which would cost about $11,997 with the federal tax credit, or $17,156 before the 0 tax credit 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 based on several factors, such as how many panels you need, your energy consumption and what installation company you go with.But, after you've paid the initial cost of installation, the ROI for most homeowners is quite good, with a net average savings of about $21,000 over 20 years on energy bills.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Palmetto Bay
| Year | Return on Investment |
|---|---|
| 1 years | $-10,623 |
| 3 years | $-7,876 |
| 5 years | $-5,129 |
| 7 years | $-2,381 |
| 9 years | $366 |
| 11 years | $3,113 |
| 13 years | $5,860 |
| 15 years | $8,608 |
| 17 years | $11,355 |
| 19 years | $14,102 |
| 21 years | $16,849 |
| 23 years | $19,597 |
| 25 years | $22,344 |
Top Solar Installers in Palmetto Bay
Many homeowners decide to hire a solar panel company since figuring out how to install solar panels yourself can be hard. Local solar companies can also help you maximize your return on investment by assisting with any local incentives you can benefit from and by offering warranties and repairs.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some in Palmetto Bay:
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 Palmetto Bay
Factors that Affect Solar Panel Costs in Palmetto Bay
There are a number of criteria that can determine your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to spend around $3,210 per kilowatt in Palmetto Bay.Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Palmetto Bay, where sunlight is abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don’t have a lot of 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 energy bills over time, but they can also be a big investment. That’s why many Palmetto Bay homeowners opt to finance their solar panel systems to make paying for solar more affordable.However, the interest on solar loans also increases your total costs, so it’s important to consider that as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The last major cost factor you should keep in mind is the installer you choose. Given the massive popularity of sustainable energy solutions in Palmetto Bay, you’ll have lots of options to choose from, but each comes at different price points for labor and equipment.You may see national solar installers that have lower prices because of their larger brand name and access to bulk 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 | $18,606 | 10.7 years |
| 8 kW | $3.27 | $18,336 | $25,167 | 10.5 years |
| 10 kW | $3.21 | $22,470 | $31,908 | 10.3 years |
| 12 kW | $3.15 | $26,425 | $38,829 | 10.1 years |
| 14 kW | $3.08 | $30,200 | $45,930 | 9.9 years |
| 16 kW | $3.02 | $33,795 | $53,210 | 9.7 years |
| 18 kW | $2.95 | $37,210 | $60,671 | 9.5 years |
| 20 kW | $2.89 | $40,446 | $68,311 | 9.3 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose significantly influences your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: Warranties that cover defective panels and repairs over a long period of time such as 25 years are the best you can get in the business, and offering that kind of warranty is one sign of a good company.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to do the job well. Another way you can check your installer’s reputation is by reading reviews.
- Contract: Review the contract terms closely to make sure you understand how much it will cost, project timeline rebates and warranties.
- Installation Process: When going solar, it’s important to maintain an open line of communication with your solar panel company. Make sure you understand how the installation process will go and the project timeline.
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 Palmetto Bay, FL Solar Cost FAQs
How much does it cost to install solar panels in Palmetto Bay?
This is a tough question to answer precisely, because the cost depends on many 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 higher quality panels, or if you have above-average energy consumption. Conversely, 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 Bay?
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 can’t take advantage of 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 savings 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 $1,087.57 per year.
What solar power system size is right for 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 household 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.