Solar Panel Cost Guide in Chestertown, MD (2023 Update)
- Chestertown Solar Installation Cost: $10,684
- 25-Year Savings: $14,598
- Payback Period: 10.6 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Chestertown
Find out what the average cost of installing solar panels is in Chestertown.
The national average cost of solar panels is $2.66 per watt, but in Chestertown it's 2.77 per watt. The average Chestertown homeowner needs a 5.5-kilowatt system, which would cost about $10,684 with the federal tax credit, or $15,278 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. But, after you've paid the initial cost of installation, the ROI for most homeowners is usually good, with a net average savings of about $17,000 over 20 years on energy bills.
Click the button below to get connected to a top solar panel company in Chestertown for a custom quote.
Solar savings over time in Chestertown
| Year | Return on Investment |
|---|---|
| 1 years | $-9,673 |
| 3 years | $-7,650 |
| 5 years | $-5,628 |
| 7 years | $-3,605 |
| 9 years | $-1,582 |
| 11 years | $440 |
| 13 years | $2,463 |
| 15 years | $4,485 |
| 17 years | $6,508 |
| 19 years | $8,530 |
| 21 years | $10,553 |
| 23 years | $12,575 |
| 25 years | $14,598 |
Top Solar Installers in Chestertown
When making the switch to solar, many homeowners decide to hire a solar installer since DIY solar panel installation can be a challenging project. Another benefit of utilizing a solar company is that they can help you optimize your return of investment by reducing your future costs of repairs and replacements due to warranties and helping you learn about local incentives you can take advantage of.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Chestertown
Factors that Affect Solar Panel Costs in Chestertown
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that will push your cost above or below the average in Chestertown: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the cost of solar panels in Chestertown, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy usage, which you can figure out by looking at past electricity bills. Your overall cost can increase by around $2,770 for each additional kilowatt you need. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your electric bills. In addition, extra products, like solar batteries, can bring your total well above the Chestertown average.
Solar Financing Terms
Many homeowners find the average cost of solar in Chestertown to be too costly, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in higher prices over time because of interest. When estimating your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you choose to handle your switch to solar energy can play a part in your total costs. There are about 3 solar panel companies operating in Chestertown, and each can charge different amounts for labor and equipment. Additionally, some companies in Chestertown know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
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 | $15,413 | 11.0 years |
| 8 kW | $2.83 | $15,822 | $20,861 | 10.8 years |
| 10 kW | $2.77 | $19,390 | $26,464 | 10.6 years |
| 12 kW | $2.71 | $22,803 | $32,222 | 10.4 years |
| 14 kW | $2.66 | $26,060 | $38,135 | 10.1 years |
| 16 kW | $2.60 | $29,163 | $44,204 | 9.9 years |
| 18 kW | $2.55 | $32,110 | $50,427 | 9.7 years |
| 20 kW | $2.49 | $34,902 | $56,806 | 9.5 years |
How to Save on Solar Panels
The solar panel company you opt for will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should take into account, including:
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
- Solar Panel Brands: The brand of solar panel you need to install plays a role in which installer you should choose, since different companies have access to different panels.
- Contract: Although reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: Warranties that cover defective panels and repairs over around 25 years are the best you can get in the business, and offering such a warranty is one mark of a good company.
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 Chestertown, MD Solar Cost FAQs
How much does it cost to install solar panels in Chestertown?
This is a tough question to answer precisely, because the cost depends on a few different 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 extra solar equipment or more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Are solar panels free in Chestertown?
You can't get solar panels for free in Chestertown. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
How much can I save on energy bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $917.08 per year.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.