environmental

Cost to Install Solar Panel System

Use the calculator below to determine the approximate cost and potential energy savings of a solar panel system (also referred to as a photovoltaic or "PV" system).

The Florida Solar Energy Center offers tips on solar water heater installations on its Web site along with an online calculator that will help you determine if the installation of a solar water heater would be beneficial to your family.

Solar Calculator

Select options below to configure the PV installation. Additionally, indicate if utility rebate dollars and federal tax credits should be deducted from the final cost of the system.

Type of usage?: Residential
Small
Commercial

Installed cost per kilowatt (kW):

Size of solar panel installation?: kW

Utility rebate funds
available?: Yes
No

Eligible for federal tax credit?: Yes
No

Assumptions*
Cost to install PV system per kW	$5,250 - $9,250
Estimated monthly generation per kW of PV installed	131.40 kWh
Estimated electricity savings per kWh	$0.120 $0.106
Roof space required for system per kW of PV installed	100 sq. ft.

* Additional Information:

Navigant Consulting, Inc. was hired by the Florida Public Service Commission to determine renewable potential in the state of Florida.
Dependent on several factors, including accessibility, type and system size, the cost for solar panels can range from $6500 to $8000 per kW in Tampa Electric's service territory. This calculator allows values within the $5,250 to $9,250 range to be chosen in $250 dollar increments. The default amount is $7,250, a typical cost per kW.
Utility rebate funds of $2,000 per kW are available annually on a first come - first serve basis.
In 2009, the maximum tax credit of $2,000 was eliminated. Starting January 1, 2009, 30 percent tax credit is available if eligible (without limit).
Does not include ongoing operating and maintenance costs or finance charges.
Does not take into account accelerated depreciation.
Unshaded south facing roof is recommended for maximum sun exposure.
Check your electric bill to find out how many kWh your home or business uses in a month.

** Years to recover investment

This calculation is intended as a simple payback analysis. Factors such as depreciation, loss of efficiency, maintenance cost, increased electricity cost, etc. are not included.