Solar Panel Cost Guide in Elkton, MD (2023 Update)
- Elkton Solar Installation Cost: $10,781
- 25-Year Savings: $12,421
- Payback Period: 11.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Elkton
Find out what the average cost of solar panels are in Elkton.
The average cost of a solar panel system in Elkton is 2.77 per watt. The average solar panel system size in Elkton is around 5.6 kilowatts, meaning a cost of about $10,781 for a solar installation, or $15,417 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of making the switch to solar can vary based on multiple factors, such as how many panels you need, your energy usage and what installation company you go with. But, after you've paid the upfront cost of installation, the ROI for most homeowners is typically rewarding, with a net average savings of about $16,000 over 20 years on power bills.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Elkton
| Year | Return on Investment |
|---|---|
| 1 years | $-9,853 |
| 3 years | $-7,997 |
| 5 years | $-6,140 |
| 7 years | $-4,284 |
| 9 years | $-2,428 |
| 11 years | $-572 |
| 13 years | $1,284 |
| 15 years | $3,141 |
| 17 years | $4,997 |
| 19 years | $6,853 |
| 21 years | $8,709 |
| 23 years | $10,565 |
| 25 years | $12,421 |
Top Solar Installers in Elkton
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a headache. Going with a solar panel installer can make switching to solar power much easier. A solar installer can also help save you money over time by offering warranties, repairs and system component replacements.
If you're searching for a solar company in Elkton, the EcoWatch team has 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 Elkton
Factors that Affect Solar Panel Costs in Elkton
There are a number of criteria that can influence your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
When it comes to estimating the price of a solar system in Elkton, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can figure out by looking at past power bills. Your overall cost can increase by about $2,770 for each additional kilowatt you need. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are offered by most installers in Elkton, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible. 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 more than the original cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The last major cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Elkton, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $12,924 | 12.1 years |
| 8 kW | $2.83 | $15,822 | $17,543 | 11.9 years |
| 10 kW | $2.77 | $19,390 | $22,316 | 11.6 years |
| 12 kW | $2.71 | $22,803 | $27,245 | 11.4 years |
| 14 kW | $2.66 | $26,060 | $32,329 | 11.2 years |
| 16 kW | $2.60 | $29,163 | $37,568 | 10.9 years |
| 18 kW | $2.55 | $32,110 | $42,962 | 10.7 years |
| 20 kW | $2.49 | $34,902 | $48,511 | 10.5 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 brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Even though there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of offerings before deciding.
- Contract: Though reading through a contract can be tedious, it's important to do it fully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
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 Elkton, MD Solar Cost FAQs
What is the average cost of installing solar panels in Elkton?
This is a tough question to answer exactly, because the cost depends on a variety of 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 more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to think about when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase how much your home is worth?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in Elkton?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely 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 continue to use 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.