Solar Panel Cost Guide in Halfway, MD (2023 Update)
- Halfway Solar Installation Cost: $11,072
- 25-Year Savings: $5,282
- Payback Period: 16.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Halfway
We break down average solar pricing in Halfway.
The national average cost of solar panels is $2.66 per watt, but in Halfway it's 2.77 per watt. To account for the typical energy needs of the average home in Halfway, most homeowners require a 5.7-kilowatt system. Using the per-watt figure above, a solar installation costs around $11,072, or $15,833 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy use, the type of solar system you choose, your solar contractor and more. Even with the high upfront cost, the average Halfway homeowner can save about $11,000 on their power bills over 20 years, which is one of the positives of solar.
To receive a free estimate from a pre-vetted solar company in Halfway, you can click the button below.
Solar savings over time in Halfway
| Year | Return on Investment |
|---|---|
| 1 years | $-10,418 |
| 3 years | $-9,109 |
| 5 years | $-7,801 |
| 7 years | $-6,493 |
| 9 years | $-5,184 |
| 11 years | $-3,876 |
| 13 years | $-2,568 |
| 15 years | $-1,259 |
| 17 years | $49 |
| 19 years | $1,357 |
| 21 years | $2,665 |
| 23 years | $3,974 |
| 25 years | $5,282 |
Top Solar Installers in Halfway
Many homeowners decide to use a solar panel installer since trying to install solar panels yourself can be a labor-intensive endeavor. Companies can also provide access to quality options of the best solar panels and help you choose which one will be right for your home.
There are several licensed solar professionals that can install solar panels for you. 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 Halfway
Factors that Affect Solar Panel Costs in Halfway
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that affect your total cost in Halfway: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,770. There are many different solar panel brands and the one you choose also changes the cost. Generally speaking, the brands that have better efficiency tend to also cost more. Plus, the type of equipment you want to install can affect your total cost. If you just 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 companies in Halfway provide solar loans, which reduce the initial cost of installing solar panels. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
Finally, the company you choose to install your solar system can impact how much you pay. Halfway's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Halfway know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. 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 | $2.88 | $12,099 | $5,085 | 17.6 years |
| 8 kW | $2.83 | $15,822 | $7,090 | 17.3 years |
| 10 kW | $2.77 | $19,390 | $9,250 | 16.9 years |
| 12 kW | $2.71 | $22,803 | $11,566 | 16.6 years |
| 14 kW | $2.66 | $26,060 | $14,036 | 16.2 years |
| 16 kW | $2.60 | $29,163 | $16,662 | 15.9 years |
| 18 kW | $2.55 | $32,110 | $19,443 | 15.6 years |
| 20 kW | $2.49 | $34,902 | $22,379 | 15.2 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be difficult, we have some tips to help you, such as:
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the project timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. While there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to ask for their list of options before deciding.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years likely provide good-quality solar panel installation and expertise.
- Contract: It's important to look over your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
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 Halfway, MD Solar Cost FAQs
What is the average cost of installing solar panels in Halfway?
The average cost of solar panels in Halfway is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Halfway?
Leasing solar panels can be an attractive choice, as it typically comes with low or $0 upfront payments. The downside 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.
Can solar panels eliminate my power bills?
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.
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 typically produce about 250 to 400 watt-hours per hour, the average household 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.