Solar Panel Cost Guide in Greenbelt, MD (2023 Update)
- Greenbelt Solar Installation Cost: $10,577
- 25-Year Savings: $11,650
- Payback Period: 11.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Greenbelt
Find out how much it might cost to install solar panels in Greenbelt.
In Greenbelt, solar panels cost about 2.77 per watt on average. The average solar panel system size in Greenbelt is around 5.5 kilowatts, meaning a cost of about $10,568 for a solar installation, or $15,112 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Greenbelt homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. Many homeowners find going solar is a solid investment. The average homeowner in Greenbelt can save about $15,000 on their electricity bills over 20 years.
To get a free estimate from a vetted solar installation company in Greenbelt, you can click the button below.
Solar savings over time in Greenbelt
| Year | Return on Investment |
|---|---|
| 1 years | $-9,017 |
| 3 years | $-5,896 |
| 5 years | $-2,776 |
| 7 years | $345 |
| 9 years | $3,465 |
| 11 years | $6,585 |
| 13 years | $9,706 |
| 15 years | $12,826 |
| 17 years | $15,947 |
| 19 years | $19,067 |
| 21 years | $22,188 |
| 23 years | $25,308 |
| 25 years | $28,428 |
Top Solar Installers in Greenbelt
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Taking advantage of a solar company can make your switch to solar power much easier. Local solar installation companies can also help you optimize your return on investment by walking you through any local incentives you can take advantage of and by providing warranties and repairs.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Greenbelt
Factors that Affect Solar Panel Costs in Greenbelt
The cost of installing a solar system in Greenbelt 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 you need, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the cost of solar panels in Greenbelt, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can gauge by looking at past electricity bills. Your overall cost can increase by around $2,770 for each additional kilowatt you need. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your energy bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Greenbelt average.
Solar Financing Terms
Many homeowners find the average cost of solar in Greenbelt to be too costly, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to paying more over time due to interest. You'll have to consider the long-term cost of financing options, including the total 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 above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to solar energy can play a part in your total costs. There are about 3 solar installation companies operating throughout Greenbelt, and each can charge different amounts for labor and equipment. You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, 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 | $12,349 | 12.4 years |
| 8 kW | $2.83 | $15,822 | $16,776 | 12.1 years |
| 10 kW | $2.77 | $19,390 | $21,357 | 11.9 years |
| 12 kW | $2.71 | $22,803 | $26,094 | 11.7 years |
| 14 kW | $2.66 | $26,060 | $30,986 | 11.4 years |
| 16 kW | $2.60 | $29,163 | $36,033 | 11.2 years |
| 18 kW | $2.55 | $32,110 | $41,235 | 10.9 years |
| 20 kW | $2.49 | $34,902 | $46,593 | 10.7 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Warranty: Warranties that provide coverage for replacement parts and repairs over around 25 years are the gold standard in the business, and offering such a warranty is one sign of a good company.
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
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 Greenbelt, MD Solar Cost FAQs
What is the average cost of installing solar panels in Greenbelt?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally 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 cost more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Greenbelt?
Leasing solar panels can be an attractive choice, as it often comes with low or $0 upfront payments. The drawback 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Is making the switch to solar worth it?
Solar panels can be a fruitful investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already fairly low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.