Solar Panel Cost Guide in Edgemere, MD (2023 Update)
- Edgemere Solar Installation Cost: $10,839
- 25-Year Savings: $10,055
- Payback Period: 13.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Edgemere
Find out what the average cost of a solar system is in Edgemere.
The average cost of solar panels in Edgemere is 2.77 per watt. Using this figure, a typical 5.6-kW system would cost about $10,839 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy use, the type of solar panels you choose, your solar contractor and more. For many homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $14,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in Edgemere for a quote for your home.
Solar savings over time in Edgemere
| Year | Return on Investment |
|---|---|
| 1 years | $-10,003 |
| 3 years | $-8,332 |
| 5 years | $-6,660 |
| 7 years | $-4,989 |
| 9 years | $-3,317 |
| 11 years | $-1,646 |
| 13 years | $26 |
| 15 years | $1,697 |
| 17 years | $3,369 |
| 19 years | $5,040 |
| 21 years | $6,712 |
| 23 years | $8,383 |
| 25 years | $10,055 |
Top Solar Installers in Edgemere
Although it's possible to install solar panels on your own, it takes extra labor and know-how. For that reason, almost all homeowners choose to hire a solar panel installer. Plus, if you're unsure what brand of solar panels and equipment you may need, a solar installer can help you figure that out after a site survey and consultation.
If you're searching for a solar installer in Edgemere, we've organized 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 Edgemere
Factors that Affect Solar Panel Costs in Edgemere
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that will push your cost above or below the average in Edgemere: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Edgemere, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Edgemere to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar installer in the area offers financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Edgemere is the company you get to install your solar system. Similar to choosing a company to build a deck or pool, for example, there are plenty of solar installers that offer a range of services at different price points. Additionally, some companies in Edgemere know more about local solar incentives and can help you take advantage 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 | $10,331 | 13.5 years |
| 8 kW | $2.83 | $15,822 | $14,085 | 13.2 years |
| 10 kW | $2.77 | $19,390 | $17,995 | 13.0 years |
| 12 kW | $2.71 | $22,803 | $22,059 | 12.7 years |
| 14 kW | $2.66 | $26,060 | $26,278 | 12.4 years |
| 16 kW | $2.60 | $29,163 | $30,653 | 12.2 years |
| 18 kW | $2.55 | $32,110 | $35,182 | 11.9 years |
| 20 kW | $2.49 | $34,902 | $39,867 | 11.7 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be difficult, we have some tips to help you, such as:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can check your installer's reputation is by reading reviews.
- Contract: Read the contract terms carefully to make sure you understand the cost breakdown, completion timeline incentives and warranties.
- Solar Panel Brands: Different companies will carry various brands and types of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
- Warranty: If you're worried about the endurance of your solar panels, verifying that your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
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 Edgemere, MD Solar Cost FAQs
What is the average cost of installing solar panels in Edgemere?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally 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 consumption. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Edgemere?
Leasing solar panels can be an appealing choice, as it commonly 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
How will solar panels impact my home value?
Solar panels can increase your property's value considerably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in Edgemere?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.