Solar Panel Cost Guide in Cambridge, MD (2023 Update)
- Cambridge Solar Installation Cost: $10,420
- 25-Year Savings: $14,862
- Payback Period: 10.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Cambridge
We break down average solar pricing in Cambridge.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Cambridge, the average cost of solar panels is 2.77 per watt. The average Cambridge homeowner needs a 5.4-kilowatt system, which would cost about $10,412 with the federal tax credit, or $14,889 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy needs, the type of equipment you choose, your solar contractor and more. For most homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Cambridge see about $18,000 in savings on utility bills over 20 years.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Cambridge
| Year | Return on Investment |
|---|---|
| 1 years | $-8,707 |
| 3 years | $-5,281 |
| 5 years | $-1,856 |
| 7 years | $1,570 |
| 9 years | $4,996 |
| 11 years | $8,422 |
| 13 years | $11,848 |
| 15 years | $15,274 |
| 17 years | $18,700 |
| 19 years | $22,126 |
| 21 years | $25,552 |
| 23 years | $28,977 |
| 25 years | $32,403 |
Top Solar Installers in Cambridge
Many homeowners decide to hire a solar installation company since trying to install solar panels on your own can be time-consuming. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and component replacements.
If you're looking for a solar installer in Cambridge, the EcoWatch team has put together a list of our top suggestions here:
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Cambridge
Factors that Affect Solar Panel Costs in Cambridge
The cost of installing a solar system in Cambridge can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That's why it's important to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Cambridge, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That's why many Cambridge homeowners decide to finance their solar panel systems to make paying for solar more affordable. Though solar loans make adopting solar energy more accessible for Cambridge homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar company you go with to handle your switch to green energy can play a part in your total costs. There are about 3 solar panel companies in Cambridge, and each can charge varying amounts for labor and equipment. Larger national companies generally have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.88 | $12,099 | $16,127 | 10.7 years |
| 8 kW | $2.83 | $15,822 | $21,813 | 10.5 years |
| 10 kW | $2.77 | $19,390 | $27,654 | 10.3 years |
| 12 kW | $2.71 | $22,803 | $33,650 | 10.1 years |
| 14 kW | $2.66 | $26,060 | $39,801 | 9.9 years |
| 16 kW | $2.60 | $29,163 | $46,108 | 9.7 years |
| 18 kW | $2.55 | $32,110 | $52,569 | 9.5 years |
| 20 kW | $2.49 | $34,902 | $59,186 | 9.3 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be a tough decision, we have some tips to help you, such as:
- Contract: Look through the contract terms carefully to make sure you understand the cost breakdown, project timeline incentives and warranties.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like EcoWatch.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and energy efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should acquire and what the project timeline is.
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Cambridge, MD Solar Cost FAQs
How much does it cost to install solar panels in Cambridge?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Cambridge?
Leasing solar panels can be an attractive choice, as it typically 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
How will solar panels impact the value of my home?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Cambridge is currently $203,200, which means you can expect a value of about $8,331 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Cambridge is a fruitful investment.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them after having them for that long or you can keep using them at a lower efficiency.
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.