Solar Panel Cost Guide in Hampstead, MD (2024 Update)
- Hampstead Solar Installation Cost: $14,044
- 25-Year Savings: $9,905
- Payback Period: 16.8 Years
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Average Cost of Solar Panels in Hampstead
We go over average solar pricing 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 4 per watt.The average Hampstead homeowner needs a 5.7-kilowatt system, which would cost about $14,044 with the federal tax credit, or $20,083 before the 0 tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Hampstead homeowners. 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.Despite the high initial cost, the average Hampstead homeowner can save about $14,000 on their energy bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a top solar company in your area for a custom estimate.
Solar savings over time in Hampstead
| Year | Return on Investment |
|---|---|
| 1 years | $-12,629 |
| 3 years | $-9,801 |
| 5 years | $-6,972 |
| 7 years | $-4,143 |
| 9 years | $-1,315 |
| 11 years | $1,514 |
| 13 years | $4,343 |
| 15 years | $7,172 |
| 17 years | $10,000 |
| 19 years | $12,829 |
| 21 years | $15,658 |
| 23 years | $18,487 |
| 25 years | $21,315 |
Top Solar Installers in Hampstead
Many homeowners opt for a solar panel installer since figuring out how to install solar panels yourself can be hard. A solar company can also help save you money in the long run by offering warranties, repairs and part replacements.
There are various licensed solar professionals that can take care of your solar installation project. 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 Hampstead
Factors that Affect Solar Panel Costs in Hampstead
There are several factors that can influence your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
When it comes to estimating the price of a solar panel system in Hampstead, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy usage, which you can gauge by looking at past energy bills. Your overall cost can increase by about $3,540 for each additional kilowatt you need.The type of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment consists of more than just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that’s in your budget.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That’s why many Hampstead homeowners choose to finance their solar panel systems to make paying for solar more affordable.When considering your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar panel installer you choose will affect your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor.The company’s size can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger companies.
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 | $6,657 | 17.5 years |
| 8 kW | $3.61 | $20,220 | $9,273 | 17.1 years |
| 10 kW | $3.54 | $24,780 | $12,087 | 16.8 years |
| 12 kW | $3.47 | $29,141 | $15,099 | 16.5 years |
| 14 kW | $3.40 | $33,304 | $18,309 | 16.1 years |
| 16 kW | $3.33 | $37,269 | $21,717 | 15.8 years |
| 18 kW | $3.26 | $41,036 | $25,324 | 15.5 years |
| 20 kW | $3.19 | $44,604 | $29,129 | 15.1 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose greatly affects your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
- Contract: It’s important to read your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should secure and what the project timeline is.
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 Hampstead, MD Solar Cost FAQs
How much does it cost to install solar panels in Hampstead?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $17,700 for a 5-kW system and $35,400 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is cost the most important consideration when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase the value of your home?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in Hampstead?
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 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.