Solar Panel Cost Guide in Lake Arbor, MD (2023 Update)
- Lake Arbor Solar Installation Cost: $10,577
- 25-Year Savings: $11,317
- Payback Period: 12.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lake Arbor
Find out what the average cost of a solar system is in Lake Arbor.
In Lake Arbor, solar panels cost about 2.77 per watt on average. To cover the typical energy needs of the average home in Lake Arbor, most homeowners require a 5.5-kilowatt system. Using the figure above, a solar installation costs around $10,568, or $15,112 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 needs, the type of solar system you want, your solar contractor and more. Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Lake Arbor can save about $15,000 on their power bills over 20 years.
Click the button below to get connected to a highly rated solar installer in your area for a personalized quote.
Solar savings over time in Lake Arbor
| Year | Return on Investment |
|---|---|
| 1 years | $-9,163 |
| 3 years | $-6,334 |
| 5 years | $-3,505 |
| 7 years | $-676 |
| 9 years | $2,152 |
| 11 years | $4,981 |
| 13 years | $7,810 |
| 15 years | $10,639 |
| 17 years | $13,467 |
| 19 years | $16,296 |
| 21 years | $19,125 |
| 23 years | $21,954 |
| 25 years | $24,782 |
Top Solar Installers in Lake Arbor
When going solar, many homeowners choose to hire a solar company since installing a solar system yourself can be a time-consuming project. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and part replacements.
There are a number of 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 Lake Arbor
Factors that Affect Solar Panel Costs in Lake Arbor
There are several factors 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
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,770. The kind of solar equipment you choose can bring your price up or down 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. However, more efficient panels could save you more over time on your electric bills. In addition, extra products, like solar batteries, can bring your total well above the Lake Arbor average.
Solar Financing Terms
Most solar installers in Lake Arbor provide solar loans, which reduce your upfront costs of installing a solar system. It's a good idea 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 the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The solar company you select will play a role in your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor. You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, 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 | $11,982 | 12.6 years |
| 8 kW | $2.83 | $15,822 | $16,287 | 12.3 years |
| 10 kW | $2.77 | $19,390 | $20,746 | 12.1 years |
| 12 kW | $2.71 | $22,803 | $25,361 | 11.8 years |
| 14 kW | $2.66 | $26,060 | $30,131 | 11.6 years |
| 16 kW | $2.60 | $29,163 | $35,056 | 11.4 years |
| 18 kW | $2.55 | $32,110 | $40,136 | 11.1 years |
| 20 kW | $2.49 | $34,902 | $45,371 | 10.9 years |
How to Save on Solar Panels
The solar company you choose will affect not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, including:
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you go with.
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
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 Lake Arbor, MD Solar Cost FAQs
How much does it cost to install solar panels in Lake Arbor?
This is a tough question to answer exactly, 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 be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Lake Arbor?
Solar panels can be a good investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already reasonably 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 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.