Solar Panel Cost Guide in Panama City, FL (2024 Update)
- Panama City Solar Installation Cost: $12,844
- 25-Year Savings: $25,014
- Payback Period: 9.1 Years
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Average Cost of Solar Panels in Panama City
Let’s have a look at the average cost of solar in Panama City.
While the national average of solar panels is $2.66 per watt, solar panels in Panama City typically cost around 3.The average Panama City homeowner needs a 5.7-kilowatt system, which would cost about $12,844 with the federal tax credit, or $18,367 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of installing solar panels can vary quite a bit based on several factors, such as how many panels you need, your energy consumption and what company you go with.With average savings of about $23,000 on energy bills over 20 years, many homeowners in Panama City find installing solar panels has a decent ROI.
To receive a free estimate from a pre-vetted solar company in Panama City, you can click the button below.
Solar savings over time in Panama City
| Year | Return on Investment |
|---|---|
| 1 years | $-11,063 |
| 3 years | $-7,502 |
| 5 years | $-3,940 |
| 7 years | $-379 |
| 9 years | $3,182 |
| 11 years | $6,744 |
| 13 years | $10,305 |
| 15 years | $13,867 |
| 17 years | $17,428 |
| 19 years | $20,990 |
| 21 years | $24,551 |
| 23 years | $28,113 |
| 25 years | $31,674 |
Top Solar Installers in Panama City
When making the switch to solar, many homeowners prefer to hire a solar company since installing solar panels yourself can be a challenging project. Some solar installers, especially local ones, can help you better understand incentives in Panama City, therefore optimizing your ROI.
If you’d like to start using solar energy but still aren’t sure which solar system installer to go with, here are our suggestions 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 Panama City
Factors that Affect Solar Panel Costs in Panama City
There are several factors that can affect 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 significant factors to consider when it comes to the cost of going solar 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 pay around $3,210 per kilowatt in Panama City.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Panama City, where sunlight is abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited 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
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That’s why many Panama City homeowners decide to finance their solar panel systems to make paying for solar more affordable.You’ll have to consider the long-term cost of loans, 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 finding a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
Finally, the company you choose to install your solar panel system can play a part in determining how much it costs. Panama City’s solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell products with high efficiency and therefore a higher price point — 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 choose a company that has the products, warranties and services you want 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 | $22,861 | 9.5 years |
| 8 kW | $3.27 | $18,336 | $30,841 | 9.3 years |
| 10 kW | $3.21 | $22,470 | $39,001 | 9.1 years |
| 12 kW | $3.15 | $26,425 | $47,340 | 9.0 years |
| 14 kW | $3.08 | $30,200 | $55,860 | 8.8 years |
| 16 kW | $3.02 | $33,795 | $64,559 | 8.6 years |
| 18 kW | $2.95 | $37,210 | $73,437 | 8.4 years |
| 20 kW | $2.89 | $40,446 | $82,496 | 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 brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Warranty: Warranties that provide coverage for panel repairs and maintenance over around 25 years are the best you can get in the business, and offering such a warranty is one indication of a quality company.
- Solar Panel Brands: The kind of solar panel you’d like plays a role in which company you should choose, since different companies have access to different panels.
- Reputation: Long-standing companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Contract: It’s important to read your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what you can expect about your solar system’s energy production.
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 Panama City, FL Solar Cost FAQs
What is the average cost of installing solar panels in Panama City?
The average cost of solar panels in Panama City 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 things such as the kind of solar panels you want, what size system you need and how much energy you use.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will having solar panels impact my property value?
Solar panels can increase your property’s value considerably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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.