Florida’s average solar panel cost will remain competitive in 2024, providing homes with an ecologically beneficial and cost-effective energy source amidst the state’s abundant sunshine.

Cost Per System Size in Florida

Your home’s energy consumption dictates the size of your solar panel system. In Florida, each kilowatt of solar capacity produces around 1,500 kWh of clean energy yearly. You can consult a solar contractor to establish how many solar panels are required to provide enough electricity for your home.

Generally, a home that uses 15,000 kWh of energy per year requires a 10 kW system, whereas a residence that uses 7,500 kWh per year requires a 5 kW system. The most efficient solar panels have a typical wattage of 370W to 440W. Translated, a 10 kW system would require approximately 23 to 27 panels and 12 to 14 solar panels for a 5 kW system.

The average solar panel cost of a home solar system in Florida is $3.31 per watt. The table below shows the expected costs of solar installations with system sizes ranging from 5 kW to 10 kW, both before and after the 30% federal tax credit.

How Much Can You Save With Solar in Florida?

Given Florida’s namesake, the Sunshine State, it should be no surprise that the local solar power potential is enormous. According to SEIA most recent Solar Market Insight Report, Florida is the second-largest solar state, with 2,764 megawatts (MW) installed capacity in just the first three quarters of 2023. For comparison, California ranked first with 3,216 MW of installed solar, while Texas ranked third with 2,517 MW.

Is Solar Panels Worth it in Florida?

Solar panels are worthwhile in Florida because residents can benefit from the state’s abundant sunshine, favourable net metering regulations, and other solar incentives, resulting in a payback period of only about ten years.

To illustrate the payback period, the average solar panel cost of installing a 6 kW solar system in a sunny city like Miami or Tampa would result in annual savings ranging from $1,348 to $1,468. After subtracting the 30% federal tax credit, the net price for a 6 kW solar system in Florida is $13,902. Given the expected savings, you can anticipate a payback period of 9.5 to 10.3 years.

A 10-year payback period may appear long, but the lifespan of high-quality solar panels is much longer. Several solar manufacturers currently offer product warranties of 25 years or more. SunPower Maxeon panels, for example, come with a 40-year warranty, ensuring 30 years of guaranteed electricity output after the 10-year payback period. Even with a shorter 25-year warranty, you will receive 15 years of free electricity after the payback period in Florida.

In conclusion, a solar panel system’s average solar panel cost in Florida is $3.31 per watt, or $16,550 for a 5-kilowatt (kW) system before subsidies. This is significantly more expensive than the US average of $2.85 per watt, or $14,250 for a 5 kW system. Following the 30% federal tax credit, the net cost of a 5 kW solar system in Florida is $11,585. Florida also offers a sales tax and property tax exemption for household solar systems, providing even more savings.

Also Read: Best Practices For Mounting Solar Panel on Roof