Solar Panel Cost Guide in Halfway, MD (2024 Update)
- Halfway Solar Installation Cost: $14,149
- 25-Year Savings: $5,282
- Payback Period: 21.6 Years
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Average Cost of Solar Panels in Halfway
See how much it might cost to go solar in Halfway.
The national average cost of solar panels is $2.66 per watt, but in Halfway it’s 4 per watt.The average Halfway homeowner needs a 5.7-kilowatt system, which would cost about $14,149 with the federal tax credit, or $20,233 before the 0 tax credit is applied.
How much you pay can go higher or lower than the average in Halfway depending on several factors, such as the kind of solar panels you choose and the solar company you hire.Despite the high upfront cost, the average Halfway homeowner can save around $11,000 on their power bills over 20 years, which is one of the perks of solar.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Halfway
Year | Return on Investment |
---|---|
1 years | $-12,897 |
3 years | $-10,392 |
5 years | $-7,886 |
7 years | $-5,381 |
9 years | $-2,876 |
11 years | $-371 |
13 years | $2,134 |
15 years | $4,639 |
17 years | $7,144 |
19 years | $9,649 |
21 years | $12,155 |
23 years | $14,660 |
25 years | $17,165 |
Top Solar Installers in Halfway
Although you can install solar panels by yourself, it takes extra time and knowledge. That's why most people choose to hire a solar panel installer. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and component replacements.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Halfway
Factors that Affect Solar Panel Costs in Halfway
There are a number of criteria that can affect your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. Because of that, it’s a priority to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use.The type of solar panels and equipment you choose is another factor that will substantially impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment goes beyond just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are provided by most installers in Halfway, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more affordable.Although solar loans make adopting solar energy more accessible for Halfway homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Halfway, and each can charge different amounts for labor and equipment.Additionally, some companies in Halfway have more knowledge about local solar incentives and can help you learn about 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 | $3.68 | $15,463 | $1,722 | 22.5 years |
8 kW | $3.61 | $20,220 | $2,692 | 22.1 years |
10 kW | $3.54 | $24,780 | $3,860 | 21.6 years |
12 kW | $3.47 | $29,141 | $5,227 | 21.2 years |
14 kW | $3.40 | $33,304 | $6,792 | 20.8 years |
16 kW | $3.33 | $37,269 | $8,556 | 20.3 years |
18 kW | $3.26 | $41,036 | $10,517 | 19.9 years |
20 kW | $3.19 | $44,604 | $12,677 | 19.5 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 select the right company for you, here are some tips to keep in mind:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can check your installer’s reputation is by reading reviews.
- Solar Panel Brands: Different companies will offer different brands and types of panels. If you know you want a specific brand, make sure the solar company you’re considering has it.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panels running for years to come and save you money on repairs and maintenance.
- Contract: It’s important to read through your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Halfway, MD Solar Cost FAQs
How much does it cost to install solar panels in Halfway?
The average cost of solar panels in Halfway 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 stuff such as the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on electricity bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $572.81 per year.
How long do solar panels last in Halfway?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can opt 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.