Solar Panel Cost Guide in Elkridge, MD (2023 Update)
- Elkridge Solar Installation Cost: $10,820
- 25-Year Savings: $10,074
- Payback Period: 13.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Elkridge
Find out how much it might cost to switch to solar power in Elkridge.
The national average cost of solar panels is $2.66 per watt, but in Elkridge it's 2.77 per watt. To cover the typical energy usage of the average home in Elkridge, most homeowners require a 5.6-kilowatt system. Using the per-watt figure above, a solar installation costs around $10,820, or $15,473 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy needs, the type of solar panels you want, your solar contractor and more. With typical savings of about $14,000 on electricity bills over 20 years, many homeowners in Elkridge find installing solar panels can pay off big.
To get a free estimate from a vetted solar company in Elkridge, you can click the button below.
Solar savings over time in Elkridge
| Year | Return on Investment |
|---|---|
| 1 years | $-9,984 |
| 3 years | $-8,312 |
| 5 years | $-6,641 |
| 7 years | $-4,969 |
| 9 years | $-3,298 |
| 11 years | $-1,626 |
| 13 years | $45 |
| 15 years | $1,717 |
| 17 years | $3,388 |
| 19 years | $5,060 |
| 21 years | $6,731 |
| 23 years | $8,403 |
| 25 years | $10,074 |
Top Solar Installers in Elkridge
DIY solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Hiring a solar panel installer can make converting to solar power much easier. Companies can also offer access to quality options of the best solar panels and help you decide which one will be best for your home.
Working with a vetted solar installer can make going solar easier. Here are our recommendations:
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 Elkridge
Factors that Affect Solar Panel Costs in Elkridge
There are many criteria that can affect your 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 cost of solar panels varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,770. There are several different solar panel brands and the one you choose also affects the cost. In many cases, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Elkridge provide solar loans, which reduce your upfront costs of installing a solar system. When considering your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you go with to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar installation 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 take advantage of 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 | $10,352 | 13.5 years |
| 8 kW | $2.83 | $15,822 | $14,113 | 13.2 years |
| 10 kW | $2.77 | $19,390 | $18,029 | 13.0 years |
| 12 kW | $2.71 | $22,803 | $22,100 | 12.7 years |
| 14 kW | $2.66 | $26,060 | $26,326 | 12.4 years |
| 16 kW | $2.60 | $29,163 | $30,707 | 12.2 years |
| 18 kW | $2.55 | $32,110 | $35,244 | 11.9 years |
| 20 kW | $2.49 | $34,902 | $39,935 | 11.7 years |
How to Save on Solar Panels
The solar company you opt for will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should take into account, including:
- Warranty: Warranties that provide coverage for defective panels and repairs over a couple decades are the gold standard in the business, and offering such a warranty is one sign of a good company.
- Contract: It's important to read your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: The type of solar panel you need to install plays a role in which installer you should choose, since different companies provide different panels.
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 Elkridge, MD Solar Cost FAQs
What is the average cost of installing solar panels in Elkridge?
This is a difficult question to answer exactly, because the cost depends on many factors. Broadly 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 higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Elkridge?
Leasing solar panels can be an appealing choice, as it typically 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 option if you want to get the most savings.
Can solar panels significantly reduce my energy bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Elkridge, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.