Solar Panel Cost Guide in Palm Bay, FL (2024 Update)
- Palm Bay Solar Installation Cost: $11,321
- 25-Year Savings: $21,750
- Payback Period: 9.2 Years
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Average Cost of Solar Panels in Palm Bay
Here’s how much it might cost to go solar in Palm Bay.
Although the national average of solar panels is $2.66 per watt, solar panels in Palm Bay typically cost around 3.The average solar panel system size in Palm Bay is around 5.0 kilowatts, meaning a cost of about $11,321 for a solar installation, or $16,189 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Palm Bay homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.Many homeowners find going solar is a fruitful investment. The average homeowner in Palm Bay can save about $23,000 on their energy bills over 20 years.
You can click the button below to get connected with a top solar company in Palm Bay that can help you get a more accurate cost estimate for your home.
Solar savings over time in Palm Bay
| Year | Return on Investment |
|---|---|
| 1 years | $-9,948 |
| 3 years | $-7,200 |
| 5 years | $-4,453 |
| 7 years | $-1,706 |
| 9 years | $1,041 |
| 11 years | $3,789 |
| 13 years | $6,536 |
| 15 years | $9,283 |
| 17 years | $12,030 |
| 19 years | $14,778 |
| 21 years | $17,525 |
| 23 years | $20,272 |
| 25 years | $23,019 |
Top Solar Installers in Palm Bay
Although you can install solar panels on your own, it takes extra energy and handiness. Because of that, most people choose a solar panel installer. Some solar companies, especially local ones, can help you better understand incentives in Palm Bay, optimizing your ROI.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some in Palm Bay:
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 Palm Bay
Factors that Affect Solar Panel Costs in Palm Bay
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that affect your total cost in Palm Bay: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Palm Bay, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can gauge by looking at past electricity bills. Your overall cost can increase by about $3,210 for each additional kilowatt you need.There are many different solar panel brands and the one you pick also affects the cost. Typically, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you’re looking to get can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a popular choice because they reduce your upfront costs and let you pay for your system over five to seven years on average.Though solar loans make adopting solar energy more accessible for Palm Bay homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panels can affect the cost. Palm Bay’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
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 | $22,506 | 9.6 years |
| 8 kW | $3.27 | $18,336 | $30,368 | 9.4 years |
| 10 kW | $3.21 | $22,470 | $38,409 | 9.2 years |
| 12 kW | $3.15 | $26,425 | $46,630 | 9.0 years |
| 14 kW | $3.08 | $30,200 | $55,031 | 8.9 years |
| 16 kW | $3.02 | $33,795 | $63,611 | 8.7 years |
| 18 kW | $2.95 | $37,210 | $72,372 | 8.5 years |
| 20 kW | $2.89 | $40,446 | $81,312 | 8.3 years |
How to Save on Solar Panels
The solar installer you choose will impact not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, including:
- Solar Panel Brands: Different companies carry different brands and types of panels. If you want a specific brand, make sure the solar panel company you’re considering has it.
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one indication of a good company.
- Reputation: Companies that have been operating for many years likely have a good 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.
- Installation Process: When going solar, it’s crucial to maintain an open line of communication with your solar panel company. See to it that you understand how the installation process works and the project timeline.
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 Palm Bay, FL Solar Cost FAQs
What is the average cost of installing solar panels in Palm Bay?
The average cost of solar panels in Palm Bay 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 stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Palm Bay?
Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use them at a lower efficiency.
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.