Solar Panel Cost Guide in Elkridge, MD (2024 Update)
- Elkridge Solar Installation Cost: $13,837
- 25-Year Savings: $21,523
- Payback Period: 16.6 Years
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Average Cost of Solar Panels in Elkridge
Here’s how much it might cost to go solar in Elkridge.
The average cost of solar panels in Elkridge is 4 per watt.The average solar panel system size in Elkridge is around 5.6 kilowatts, meaning a cost of about $13,837 for a solar installation, or $19,787 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The true cost of making the switch to solar can vary depending on a few factors, such as what size system you need, your energy usage and what solar installer you go with.Many homeowners find installing solar panels is a rewarding investment. The average homeowner in Elkridge can save around $14,000 on their power bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Elkridge
| Year | Return on Investment |
|---|---|
| 1 years | $-12,422 |
| 3 years | $-9,594 |
| 5 years | $-6,765 |
| 7 years | $-3,936 |
| 9 years | $-1,107 |
| 11 years | $1,721 |
| 13 years | $4,550 |
| 15 years | $7,379 |
| 17 years | $10,208 |
| 19 years | $13,036 |
| 21 years | $15,865 |
| 23 years | $18,694 |
| 25 years | $21,523 |
Top Solar Installers in Elkridge
DIY solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Hiring a solar company can make your switch to solar power much easier. Another advantage of utilizing a solar company is that they can help you maximize your investment by cutting back on future costs of repairs and replacements with the help of warranties and giving you information on local incentives you can take advantage of.
If you're searching for a solar company in Elkridge, we've organized a list of our top suggestions here:
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
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 Elkridge
Factors that Affect Solar Panel Costs in Elkridge
Although the average cost of a solar system in Elkridge is $13,837, your final cost may differ. There are several factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $3,540. The type of solar panels and equipment you get is another factor that will largely impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. 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
If paying for solar panels in cash is out of reach, solar loans are an affordable choice because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it’ll take to pay back the loan.
Solar Panel Installation Company
The solar installer you hire to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies in Elkridge, and each can charge different amounts for labor and equipment.Additionally, some companies in Elkridge know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. 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 | $3.68 | $15,463 | $6,988 | 17.2 years |
| 8 kW | $3.61 | $20,220 | $9,714 | 16.9 years |
| 10 kW | $3.54 | $24,780 | $12,639 | 16.6 years |
| 12 kW | $3.47 | $29,141 | $15,761 | 16.2 years |
| 14 kW | $3.40 | $33,304 | $19,082 | 15.9 years |
| 16 kW | $3.33 | $37,269 | $22,601 | 15.6 years |
| 18 kW | $3.26 | $41,036 | $26,318 | 15.2 years |
| 20 kW | $3.19 | $44,604 | $30,233 | 14.9 years |
How to Save on Solar Panels
The solar installer you choose will impact not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should take into account, including:
- Warranty: If you care about the endurance of your solar panel system, ensuring your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: Even though reading through a contract can be tedious, it’s important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
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 Elkridge, MD Solar Cost FAQs
What is the average cost of installing solar panels in Elkridge?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $17,700 for a 5-kW system and $35,400 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is cost the most important consideration when buying solar panels?
Cost is a key factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In areas 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 eliminate my power bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located 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 $748.37 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to account for their typical energy usage.
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.