Solar Panel Cost Guide in Hampstead, MD (2023 Update)
- Hampstead Solar Installation Cost: $10,994
- 25-Year Savings: $9,900
- Payback Period: 13.1 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Hampstead
Let's take a look at the average cost of solar in Hampstead.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hampstead, the typical cost of solar panels is 2.77 per watt. Using this figure, a typical 5.7-kW system would cost about $10,994 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy needs, the type of equipment you choose, your solar contractor and more. But, after you've paid the upfront cost of installation, the savings for most homeowners is typically good, with a net average savings of about $14,000 over 20 years on utility bills.
To receive a free estimate from a highly rated solar installation company in Hampstead, you can click the button below.
Solar savings over time in Hampstead
| Year | Return on Investment |
|---|---|
| 1 years | $-10,158 |
| 3 years | $-8,487 |
| 5 years | $-6,815 |
| 7 years | $-5,144 |
| 9 years | $-3,472 |
| 11 years | $-1,801 |
| 13 years | $-129 |
| 15 years | $1,542 |
| 17 years | $3,214 |
| 19 years | $4,885 |
| 21 years | $6,557 |
| 23 years | $8,228 |
| 25 years | $9,900 |
Top Solar Installers in Hampstead
Many homeowners opt for a solar installer since trying to put up solar panels on your own can be time-consuming. Local solar installation companies can also help you optimize your return on investment by assisting with any local incentives you can take advantage of and by offering warranties and repairs.
If you'd like to go solar but still aren't certain which solar installer to go with, here are our suggestions for providers near you:
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 Hampstead
Factors that Affect Solar Panel Costs in Hampstead
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that determine your overall cost in Hampstead: 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 size of the solar system you need, 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 about $2,770. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Hampstead, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a popular choice because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also adds to your total costs, so it's vital to consider that as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar panel installer you select will influence your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor. Larger national companies generally have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
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 | $10,021 | 13.7 years |
| 8 kW | $2.83 | $15,822 | $13,671 | 13.4 years |
| 10 kW | $2.77 | $19,390 | $17,477 | 13.1 years |
| 12 kW | $2.71 | $22,803 | $21,437 | 12.9 years |
| 14 kW | $2.66 | $26,060 | $25,553 | 12.6 years |
| 16 kW | $2.60 | $29,163 | $29,824 | 12.4 years |
| 18 kW | $2.55 | $32,110 | $34,250 | 12.1 years |
| 20 kW | $2.49 | $34,902 | $38,831 | 11.8 years |
How to Save on Solar Panels
There are many companies to choose from in Hampstead, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to install your solar system. Another way you can look into your installer's reputation is by reading reviews.
- Contract: Read the contract terms carefully to make sure you understand the total cost, completion timeline rebates and warranties.
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- 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 big 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 Hampstead, MD Solar Cost FAQs
How much does it cost to install solar panels in Hampstead?
This is a difficult question to answer exactly, because the cost depends on a variety of 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 additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Are solar panels free in Hampstead?
A solar panel system isn't free in Hampstead, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Can you sell solar power back to the grid in Hampstead?
Most states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.