Solar Panel Cost Guide in College Park, MD (2023 Update)
- College Park Solar Installation Cost: $10,577
- 25-Year Savings: $12,317
- Payback Period: 11.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in College Park
Let's take a look at the average cost of solar panels in College Park.
Currently, the national average cost of solar panels is $2.66 per watt. However, in College Park, the average cost of a solar system is 2.77 per watt. The average College Park homeowner needs a 5.5-kilowatt system, which would cost about $10,568 with the federal tax credit, or $15,112 before the 30% tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy needs, the type of equipment you want to get, your solar contractor and more. With average savings of about $16,000 on electricity bills over 20 years, many homeowners in College Park find installing solar panels can be quite rewarding.
To receive a free estimate from a top solar installer in College Park, you can click the button below.
Solar savings over time in College Park
| Year | Return on Investment |
|---|---|
| 1 years | $-8,871 |
| 3 years | $-5,459 |
| 5 years | $-2,047 |
| 7 years | $1,366 |
| 9 years | $4,778 |
| 11 years | $8,190 |
| 13 years | $11,602 |
| 15 years | $15,014 |
| 17 years | $18,426 |
| 19 years | $21,838 |
| 21 years | $25,250 |
| 23 years | $28,663 |
| 25 years | $32,075 |
Top Solar Installers in College Park
Installing solar panels by yourself can be a time-consuming task, which is why using a solar installer is a good option for many homeowners. Some solar installers, especially local ones, can help you take advantage of incentives in College Park, optimizing your ROI.
There are various licensed solar professionals that can help you install your solar panels. 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 College Park
Factors that Affect Solar Panel Costs in College Park
There are many factors that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,770. There are a lot of different solar panel brands and the one you choose also changes the cost. Generally, the brands that are more efficient tend to also cost more. Additionally, the type of equipment you want to install can affect your total cost. If you just 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 a solar system out of pocket can be challenging. Solar loans are offered by most installers in College Park, which can reduce, or in some cases eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also increases your overall costs, so it's crucial to consider that as well. You can always lower the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar panel installation company you select will affect your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and decide on the company that provides the products, warranties and services you're looking for and also fit into your budget.
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 | $13,082 | 12.0 years |
| 8 kW | $2.83 | $15,822 | $17,753 | 11.8 years |
| 10 kW | $2.77 | $19,390 | $22,579 | 11.6 years |
| 12 kW | $2.71 | $22,803 | $27,561 | 11.3 years |
| 14 kW | $2.66 | $26,060 | $32,697 | 11.1 years |
| 16 kW | $2.60 | $29,163 | $37,989 | 10.9 years |
| 18 kW | $2.55 | $32,110 | $43,435 | 10.6 years |
| 20 kW | $2.49 | $34,902 | $49,037 | 10.4 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Different companies will offer various brands and models of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years in most cases provide high-quality solar panel installation and expertise.
- Contract: When looking over your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Warranty: Warranties that cover panel repairs and maintenance over a long period of time such as 25 years are the best you can get in the business, and offering such a warranty is one sign of a quality 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 College Park, MD Solar Cost FAQs
How much does it cost to install solar panels in College Park?
The average cost of solar panels in College Park 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 things like the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in College Park?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is it worth going solar in College Park?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide 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.