Solar Panel Cost Guide in Fairwood, MD (2023 Update)
- Fairwood Solar Installation Cost: $10,577
- 25-Year Savings: $10,317
- Payback Period: 12.7 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Fairwood
Let's take a look at the average cost of solar panels in Fairwood.
The national average cost of solar panels is $2.66 per watt, but in Fairwood it's 2.77 per watt. Using this figure, a typical 5.5-kW system would cost about $10,568 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 energy system. The exact cost of installing solar panels can vary quite a bit depending on multiple factors, such as what size system you need, your energy usage and what company you go with. Many homeowners find installing solar panels is a rewarding investment. The average homeowner in Fairwood can save around $15,000 on their energy bills over 20 years.
You can click the button below to get connected with a top solar company in Fairwood that can help you get a more accurate cost estimate for your home.
Solar savings over time in Fairwood
| Year | Return on Investment |
|---|---|
| 1 years | $-10,507 |
| 3 years | $-10,368 |
| 5 years | $-10,229 |
| 7 years | $-10,089 |
| 9 years | $-9,950 |
| 11 years | $-9,811 |
| 13 years | $-9,671 |
| 15 years | $-9,532 |
| 17 years | $-9,393 |
| 19 years | $-9,254 |
| 21 years | $-9,114 |
| 23 years | $-8,975 |
| 25 years | $-8,836 |
Top Solar Installers in Fairwood
When switching to solar energy, many homeowners choose to go with a solar installer since DIY solar panel installation can be a time-consuming project. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
Working with a vetted solar company can help you make the most of your investment in solar. 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 Fairwood
Factors that Affect Solar Panel Costs in Fairwood
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that will push your cost above or below the average in Fairwood: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation need 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. The model of solar panels and equipment you get is another factor that will considerably impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Moreover, solar equipment is more than 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 out of pocket is out of reach, solar loans are a popular route because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years. Although solar loans make adopting solar energy more accessible for Fairwood homeowners, they can also add to the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The remaining significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in Fairwood, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. You may see national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $10,883 | 13.2 years |
| 8 kW | $2.83 | $15,822 | $14,820 | 12.9 years |
| 10 kW | $2.77 | $19,390 | $18,913 | 12.7 years |
| 12 kW | $2.71 | $22,803 | $23,161 | 12.4 years |
| 14 kW | $2.66 | $26,060 | $27,564 | 12.1 years |
| 16 kW | $2.60 | $29,163 | $32,123 | 11.9 years |
| 18 kW | $2.55 | $32,110 | $36,836 | 11.6 years |
| 20 kW | $2.49 | $34,902 | $41,704 | 11.4 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 models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: Before you sign a contract with a solar company, make sure you read it through carefully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Warranty: If you're concerned about the durability of your solar system, checking if your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.
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 Fairwood, MD Solar Cost FAQs
What is the average cost of installing solar panels in Fairwood?
This is a tough question to answer precisely, 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. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Fairwood?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is it worth going solar in Fairwood?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and the amount of direct sunlight your roof gets.
What solar power system size is right for my home?
To figure out how many solar panels 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.