Solar Panel Cost Guide in Coral Hills, MD (2023 Update)
- Coral Hills Solar Installation Cost: $10,568
- 25-Year Savings: $12,326
- Payback Period: 11.6 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Coral Hills
We go over average solar pricing in Coral Hills.
The average cost of a solar panel system in Coral Hills is 2.77 per watt. To account for the typical energy usage of the average home in Coral Hills, most homeowners require a 5.5-kilowatt system. Using the figure above, a solar installation costs around $10,568, or $15,112 before the federal solar tax credit of 30% is applied.
These figures are just estimates, and how much solar costs for you may vary based on your energy needs and what company you choose to go with. For many homeowners, the upfront investment in solar power is worth paying. On average homeowners in Coral Hills see about $16,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a top solar installer in Coral Hills for a quote for your home.
Solar savings over time in Coral Hills
| Year | Return on Investment |
|---|---|
| 1 years | $-9,652 |
| 3 years | $-7,820 |
| 5 years | $-5,989 |
| 7 years | $-4,157 |
| 9 years | $-2,326 |
| 11 years | $-494 |
| 13 years | $1,337 |
| 15 years | $3,169 |
| 17 years | $5,000 |
| 19 years | $6,832 |
| 21 years | $8,663 |
| 23 years | $10,495 |
| 25 years | $12,326 |
Top Solar Installers in Coral Hills
Although you can install solar panels yourself, it takes extra energy and handiness. Because of that, the majority of homeowners choose a solar panel installer. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you'd like to switch to solar energy but still aren't sure which solar panel company to go with, here are our suggestions for providers in Coral Hills:
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 Coral Hills
Factors that Affect Solar Panel Costs in Coral Hills
The cost of installing a solar system in Coral Hills can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is the size of the system you need, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay around $2,770 per kilowatt in Coral Hills. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your energy bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Coral Hills average.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Coral Hills homeowners opt to finance their solar panel systems to make going solar more affordable. However, the interest on solar loans also increases your overall costs, so it's crucial to take that into consideration as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you choose to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Coral Hills, and each can charge different amounts for labor and equipment. The company's size sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Different companies carry various brands and models of panels. If you want a specific brand, make sure the solar company you're considering has it.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Contract: When looking through your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for a long time and save you money on repairs and maintenance.
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 Coral Hills, MD Solar Cost FAQs
What is the average cost of installing solar panels in Coral Hills?
The average cost of solar panels in Coral Hills 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 certain factors such as the model of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Coral Hills?
You can't get solar panels for free in Coral Hills. However, you may still be able to afford 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.
Is going solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity 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 choose to replace them once you've had 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.