Solar Panel Cost Guide in Fairwood, MD (2024 Update)
- Fairwood Solar Installation Cost: $13,517
- 25-Year Savings: $10,317
- Payback Period: 16.2 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated February 03, 2024
Why you can trust EcoWatch
Average Cost of Solar Panels in Fairwood
We go over average solar pricing in Fairwood.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Fairwood, the typical cost of solar panels is 4 per watt.The average solar panel system size in Fairwood is around 5.5 kilowatts, meaning a cost of about $13,517 for a solar installation, or $19,329 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of installing solar panels can vary depending on multiple factors, such as what size system you need, your energy usage and what company you go with.Many homeowners find installing a solar system is a rewarding investment. The average homeowner in Fairwood can save around $15,000 on their electricity bills over 20 years.
To get a free quote from a pre-vetted solar installation company in Fairwood, you can click the button below.
Solar savings over time in Fairwood
Year | Return on Investment |
---|---|
1 years | $-12,103 |
3 years | $-9,274 |
5 years | $-6,445 |
7 years | $-3,616 |
9 years | $-788 |
11 years | $2,041 |
13 years | $4,870 |
15 years | $7,698 |
17 years | $10,527 |
19 years | $13,356 |
21 years | $16,185 |
23 years | $19,013 |
25 years | $21,842 |
Top Solar Installers in Fairwood
When making the switch to solar, many homeowners choose to go with a solar installer since putting up a solar system yourself can be a challenging project. Local solar installation companies can also help you maximize your return on investment by walking you through any local incentives you can benefit from and by providing warranties and repairs.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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
The cost of installing a solar system in Fairwood can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to pay about $3,540 per kilowatt in Fairwood.There are many different solar panel brands and the one you choose also changes the cost. In many cases, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Fairwood have solar loans, which reduce the initial cost of installing a solar system.It’s a good idea to add 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 remaining significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Fairwood, you’ll have a great number of options to choose from, but each comes at different price points for labor and equipment.Additionally, some companies in Fairwood are more knowledgeable 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 help you save 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 | $7,519 | 16.8 years |
8 kW | $3.61 | $20,220 | $10,422 | 16.5 years |
10 kW | $3.54 | $24,780 | $13,523 | 16.2 years |
12 kW | $3.47 | $29,141 | $16,823 | 15.9 years |
14 kW | $3.40 | $33,304 | $20,320 | 15.5 years |
16 kW | $3.33 | $37,269 | $24,016 | 15.2 years |
18 kW | $3.26 | $41,036 | $27,910 | 14.9 years |
20 kW | $3.19 | $44,604 | $32,002 | 14.6 years |
How to Save on Solar Panels
There are many companies available in Fairwood, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Warranty: A comprehensive, 25-year warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
- Contract: Before you sign a contract with a solar company, be sure to read it through fully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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?
The average cost of solar panels in Fairwood is about $17,700 for a 5-kW system and $35,400 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Fairwood?
Solar panels aren’t free in Fairwood, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Do solar panels increase your property value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don’t opt 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 Fairwood?
On average, the lifespan of solar panels is 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 amount 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.