Solar Panel Cost Guide in Miami, FL (2024 Update)
- Miami Solar Installation Cost: $12,050
- 25-Year Savings: $19,627
- Payback Period: 10.3 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Miami
See how much it might cost to install solar panels in Miami.
While the national average of solar panels is $2.66 per watt, solar panels in Miami typically cost around 3.The average solar panel system size in Miami is around 5.4 kilowatts, meaning a cost of about $12,050 for a solar installation, or $17,232 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The true cost of making the switch to solar can vary based on several factors, such as what size system you need, your energy usage and what solar installer you go with.Even with the significant upfront cost, the average Miami homeowner can save around $21,000 on their energy bills over 20 years, which is one of the advantages of solar.
To get a free quote from a top solar installation company in Miami, you can click the button below.
Solar savings over time in Miami
| Year | Return on Investment |
|---|---|
| 1 years | $-10,677 |
| 3 years | $-7,929 |
| 5 years | $-5,182 |
| 7 years | $-2,435 |
| 9 years | $312 |
| 11 years | $3,060 |
| 13 years | $5,807 |
| 15 years | $8,554 |
| 17 years | $11,301 |
| 19 years | $14,049 |
| 21 years | $16,796 |
| 23 years | $19,543 |
| 25 years | $22,290 |
Top Solar Installers in Miami
When making the switch to solar, many homeowners prefer to use a solar installation company since putting up solar panels yourself can be a time-consuming project. Another advantage of going with a solar company is that they can help you make the most of your ROI by reducing your future costs of repairs and replacements because of warranties and helping you learn about local incentives you can take advantage of.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in Miami:
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 Miami
Factors that Affect Solar Panel Costs in Miami
For many Miami homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Miami, with typical prices between $20,000 to $40,000. There are a few factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,210. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your electric bills. In addition, add-on products, such as solar batteries, can bring your total well above the Miami average.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a big investment. That’s why many Miami 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 can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar panel companies in Miami, and each can charge varying amounts for labor and equipment.You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $18,564 | 10.8 years |
| 8 kW | $3.27 | $18,336 | $25,111 | 10.6 years |
| 10 kW | $3.21 | $22,470 | $31,839 | 10.3 years |
| 12 kW | $3.15 | $26,425 | $38,746 | 10.1 years |
| 14 kW | $3.08 | $30,200 | $45,832 | 9.9 years |
| 16 kW | $3.02 | $33,795 | $53,099 | 9.7 years |
| 18 kW | $2.95 | $37,210 | $60,545 | 9.5 years |
| 20 kW | $2.89 | $40,446 | $68,171 | 9.3 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you choose.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and how long it will take.
- Contract: When reading through your solar installer’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
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 Miami, FL Solar Cost FAQs
What is the average cost of installing solar panels in Miami?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $16,050 for a 5-kW system and $32,100 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Miami?
Leasing solar panels can be an attractive choice, as it usually 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.
Can you sell solar power back to the grid in Miami?
The majority of states have net metering programs of some kind. Through these, you can receive compensation for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can 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.