Solar Panel Cost Guide in Eldersburg, MD (2023 Update)
- Eldersburg Solar Installation Cost: $10,989
- 25-Year Savings: $8,381
- Payback Period: 14.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Eldersburg
We go over average solar pricing in Eldersburg.
The average cost of a solar panel system in Eldersburg is 2.77 per watt. The average solar panel system size in Eldersburg is around 5.7 kilowatts, meaning a cost of about $10,994 for a solar installation, or $15,721 before the 30% federal solar tax credit is applied.
These figures are only estimates, and the cost of going solar for you will vary based on factors unique to your home and what company you go with. Despite the large initial cost, the average Eldersburg homeowner can save around $13,000 on their energy bills over 20 years, which is one of the benefits of solar.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Eldersburg
| Year | Return on Investment |
|---|---|
| 1 years | $-9,575 |
| 3 years | $-6,746 |
| 5 years | $-3,917 |
| 7 years | $-1,089 |
| 9 years | $1,740 |
| 11 years | $4,569 |
| 13 years | $7,398 |
| 15 years | $10,226 |
| 17 years | $13,055 |
| 19 years | $15,884 |
| 21 years | $18,713 |
| 23 years | $21,541 |
| 25 years | $24,370 |
Top Solar Installers in Eldersburg
When switching to solar energy, many homeowners choose to hire a solar company since putting up a solar system yourself can be a difficult project. A solar installer can also help save you money in the long run by offering warranties, repairs and component replacements.
If you're looking for a solar installer in Eldersburg, we've put together 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 Eldersburg
Factors that Affect Solar Panel Costs in Eldersburg
There are many criteria that can play into your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,770. The type of solar panels and equipment you get is another factor that will considerably affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That's why many Eldersburg homeowners decide to finance their solar panel systems to offset upfront costs. However, the interest on solar loans also increases your all-in costs, so it's crucial to include that in your estimate as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installation company you choose will play a role in your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor. Additionally, some companies in Eldersburg are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $8,408 | 14.8 years |
| 8 kW | $2.83 | $15,822 | $11,520 | 14.5 years |
| 10 kW | $2.77 | $19,390 | $14,788 | 14.2 years |
| 12 kW | $2.71 | $22,803 | $18,211 | 13.9 years |
| 14 kW | $2.66 | $26,060 | $21,789 | 13.6 years |
| 16 kW | $2.60 | $29,163 | $25,523 | 13.3 years |
| 18 kW | $2.55 | $32,110 | $29,411 | 13.0 years |
| 20 kW | $2.49 | $34,902 | $33,455 | 12.8 years |
How to Save on Solar Panels
Since the model of solar panels and the installation company you choose considerably impacts your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Different companies will offer different brands and types of panels. If you want a specific brand, make sure the solar panel installer you're considering has it.
- Contract: It's important to look over your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- 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 that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Eldersburg, MD Solar Cost FAQs
What is the average cost of installing solar panels in Eldersburg?
This is a hard question to answer precisely, because the cost depends on a few different 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 flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Eldersburg?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The downside 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 way to go if you want to get the most savings.
How much can I save on energy bills after installing solar panels?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Eldersburg, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher 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.