Installing a solar panel system costs an average of $23,597 and dropping. Most homeowners pay between $16,532 and $30,820. Expect to pay $2.50 to $3.50 per watt with most systems in the 3kW to 10kW range. Until the end of 2020, you can deduct 26% of the installation costs with the federal investment tax credit (ITC)
Monocrystalline
In Florida, on average, monocrystalline solar panels cost $1.18 to $1.72 per watt for the module. This technology will get you the most energy efficiency while taking up the least amount of space. Their solar cells are made up of high-purity silicon which is very efficient at converting the sun's light into electricity. A sheet of silicon is cut to form solar cells, which are arranged to create panels. These have the longest life expectancy and often come with a 20 to 25-year warranty.
Polycrystalline
Polycrystalline solar panels cost between $0.90 and $1 per watt for the panel alone. These have a lower efficiency than Monocrystalline, but they fit better into smaller budgets without taking up a lot more space. In the manufacturing process, multiple crystals of silicon are melted and poured into molds to form the solar cells. This makes the silicon less pure and less efficient, but it cuts down on waste and production cost. The resulting modules are blue in tint.
| Size | Florida estimated pricing |
|---|---|
| 2kW | $5,900-$6,800 |
| 3kW | $9,000-$10,200 |
| 4kW | $12,000-$13,500 |
| 5kW | $15,000-$17,000 |
| 6.2kW | $18,500-$21,000 |
| 10kW | $30,000-$36,000 |
Solar panel installation costs per kW
Considering that the average price of labor per watt is $0.50, the following chart reflects the average cost of labor for the various system sizes.
| Size | Labor |
|---|---|
| 2kW | $1,000 |
| 3kW | $1,500 |
| 4kW | $2,000 |
| 5kW | $2,500 |
| 6.2kW | $3,100 |
| 10kW | $5,000 |
You’ll pay anywhere from $0.70 to $1.50 per watt to purchase a solar panel. With labor and other factors, solar panel installation costs a total of $2.50 to $3.50 per watt. There are three types common in the residential market. Each one has its own pros and cons, from price to efficiency. It is important to understand their differences when deciding which will work best for your home and energy needs.
*Material price only. Does not include labor or any other overhead for installation.
**Solar panels still function past this time but have a significantly reduced rate of energy production.