Solar Panel Cost Guide in Cheverly, MD (Mar 2023)
- Cheverly Solar Installation Cost: $10,568
- 25-Year Savings: $11,660
- Payback Period: 11.9 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Cheverly
Let's take a look at the average cost of solar in Cheverly.
Although the national average of solar panels is $2.66 per watt, solar panels in Cheverly typically cost about 2.77. To account for the typical energy needs of the average home in Cheverly, most homeowners require a 5.5-kilowatt system. Using the per-watt figure above, a solar installation costs around $10,568, or $15,112 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of installing solar panels can vary based on several factors, such as what size system you need, your energy usage and what solar installer you go with. Many homeowners find installing a solar system is a rewarding investment. The average homeowner in Cheverly can save about $15,000 on their energy bills over 20 years.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Cheverly
| Year | Return on Investment |
|---|---|
| 1 years | $-9,678 |
| 3 years | $-7,900 |
| 5 years | $-6,122 |
| 7 years | $-4,344 |
| 9 years | $-2,566 |
| 11 years | $-788 |
| 13 years | $991 |
| 15 years | $2,769 |
| 17 years | $4,547 |
| 19 years | $6,325 |
| 21 years | $8,103 |
| 23 years | $9,882 |
| 25 years | $11,660 |
Top Solar Installers in Cheverly
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Using a solar panel installer can make your swap to solar power much easier. Companies can also offer access to various kinds of the best solar panels and help you decide which one will be right for you.
If you'd like to go solar but still aren't sure which solar panel installer to go with, here are our suggestions for providers in Cheverly:
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Cheverly
Factors that Affect Solar Panel Costs in Cheverly
Although the average cost of a solar system in Cheverly is $10,568, your final cost may be higher or lower than that. There are quite a few factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
When it comes to estimating the price of a solar panel system in Cheverly, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can figure out by looking at past electricity bills. Your total cost can increase by about $2,770 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you choose also affects the cost. Generally speaking, the brands that offer higher efficiency tend to also cost more. In addition, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are available from most installers in Cheverly, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar company you select will affect your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $12,349 | 12.4 years |
| 8 kW | $2.83 | $15,822 | $16,776 | 12.1 years |
| 10 kW | $2.77 | $19,390 | $21,357 | 11.9 years |
| 12 kW | $2.71 | $22,803 | $26,094 | 11.7 years |
| 14 kW | $2.66 | $26,060 | $30,986 | 11.4 years |
| 16 kW | $2.60 | $29,163 | $36,033 | 11.2 years |
| 18 kW | $2.55 | $32,110 | $41,235 | 10.9 years |
| 20 kW | $2.49 | $34,902 | $46,593 | 10.7 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose has an impact on your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: It's important to read through your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Warranty: Warranties that provide coverage for defective panels and repairs over a long period of time such as 25 years are the best you can get in the business, and offering that kind of warranty is one mark of a quality company.
- Solar Panel Brands: The kind of solar panel you want to get plays a part in which company you should opt for, since different companies have different panels.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Cheverly, MD Solar Cost FAQs
What is the average cost of installing solar panels in Cheverly?
The average cost of solar panels in Cheverly is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the real cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to think about when buying solar panels?
The initial cost is a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Can solar panels significantly reduce my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location 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 $814.95 per year.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.