The companies providing quotes may differ from those described in our independent reviews. Glen Richard/Getty Images Miami residents are dealing with an intense combination this year: record-breaking temperatures and skyrocketing electricity prices. Energy costs in Florida have seen double-digit increases in recent years, at a time when residents are using more electricity to keep their homes cool. Investing in rooftop solar could help. While there's a hefty initial investment involved, solar panels can greatly reduce your monthly electricity bill and help you take advantage of that intense Florida sunlight. In fact, Florida has some of the cheapest solar costs in the country and the federal solar tax credit can help ease some of the financial burden. This large tax credit, created by the Inflation Reduction Act, allows you to recoup up to 30% of the total cost of your solar panel system. Miami residents can benefit from local incentives too, as Florida has a very favorable net metering policy, helping you to pay back your panels quicker. Can solar panels save you money? Interested in understanding the impact solar can have on your home? Enter some basic information below, and we’ll instantly provide a free estimate of your energy savings. Best national solar panel companies in Miami The first (and most important) step in your solar journey is to find a reputable installer. The following installers operate in Miami and earned some of the highest scores in CNET's ranking of the best national solar companies. Palmetto Solar Solar panels are typically low maintenance equipment, but they're also unfamiliar. If you want to reap the benefits of solar but will have a bit more peace of mind if someone else is making sure it's working, Palmetto might be a good fit for you. Just remember to add the cost of Palmetto's monitoring service in to your payback period calculations. Equipment Property tax exemption Homeowners in Florida are protected from property tax increases due to a solar installation. The state exempts 80% of the value of the solar array from property tax calculations. Solar installation factors to keep in mind Before you jump right into a solar installation, there are some factors you should consider to make sure you're making the right move for your home. Here are a few things to consider. Roof condition: How old is your roof? If it's near the end of its life, you'll want to replace it before installing solar. The location and pitch of your roof matters too, and will determine how much energy your panels can produce. Ask potential solar installers if your roof is a good fit for solar panels. Peak sun hours: Miami has around 250 sunny days per year, which bodes well for solar panels. Florida as a whole gets about 4.8 to 5.4 peak sun hours per day, which is better than average (experts recommend at least 4 peak sun hours for best performance). HOA regulations: If you live in an HOA, you'll want to check if they have any rules about solar panels. In Florida, HOAs aren't allowed to ban solar systems entirely. But Massaad said they can sometimes dictate which part of the roof they can be installed on. Homeowners insurance: Take a look at your homeowners insurance policy to make sure it covers a solar array — don't just assume that it does. And even if the policy covers solar, make sure your coverage limit can accommodate a $20,000 or more increase to your home value after installation. Renting versus owning: If you rent your home, you probably don't have the option to make an improvement like rooftop solar. But that doesn't count you out entirely: You can also sign up for community solar to enjoy many of the benefits that come with switching to solar energy. How to pay for solar panels in Miami There are a lot of different ways to finance solar panels, depending on your situation and risk tolerance. Here's a breakdown of your options. Cash This is the simplest, most cost-effective way to pay for solar. Covering the entire cost upfront allows you to avoid paying interest. And it gives you a shorter payback period. But it does require you to have thousands of dollars on-hand for your initial purchase. Solar loan A solar loan from the installer (or from a bank) is a common financing option. This allows you to give a small down payment and spread out the rest of the cost over monthly installments, just like any other loan. The downside is that you will be paying interest, and won't fully own the panels until the loan is paid off. Solar lease Many solar installers will allow you to lease the solar panels from them, almost like renting a solar system. This often means you put little or no money down, but instead pay a monthly fee to lease the panels from the solar company. You don't own the solar panel system — you're paying the solar company to use them. Keep in mind that this can get complicated if you decide to sell your home during the lease period. Personal loan A personal loan from your bank can be used for just about anything, including solar systems. It can be a quick, easy source of money, but the interest rates are often extremely high compared to other loan products. SELF or PACE loans Florida residents can access two special loan programs designed for solar. The SELF program offers low interest rates and favorable terms to state residents, while the PACE program allows homeowners to pay back the solar loan through their property tax bills. HELOC or home equity loan If you've got a lot of equity in your home, you could also tap into that to pay for your panels by taking out a home equity line of credit or home equity loan. This can be a bit risky, as you're using your home as collateral for the loan in the event you can't keep up with payments. This means you could lose your home. And some home equity loans have adjustable interest rates, which can spike unexpectedly. How we found the best solar panel companies Our methodology The companies we listed above as "the best" are curated from CNET's best solar companies list. Companies making the best list are scored on the equipment, warranties and customer service they offer. Then, we make sure these recommendations are available in your state. You can read a full breakdown of how we review solar companies here. Companies listed under the local installers were chosen in a less rigorous way. We chose them because they offered something unique or notable to customers in the state, they seemed well-regarded by internet reviewers or because they were one of the few installers we could find information on in the state. Whether we've completed a full review on a company or not, it's always a good idea to get multiple quotes from different installers before choosing a company. Frequently asked questions