Solar Panel Cost Guide in Lake Arbor, MD (2023 Update)
- Lake Arbor Solar Installation Cost: $10,568
- 25-Year Savings: $11,326
- Payback Period: 12.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lake Arbor
Let's take a look at the average cost of solar panels in Lake Arbor.
The national average cost of solar panels is $2.66 per watt, but in Lake Arbor it's 2.77 per watt. The average Lake Arbor homeowner needs a 5.5-kilowatt system, which would cost about $10,568 with the federal tax credit, or $15,112 before the 30% tax credit is applied.
The true price you pay can go above or below the average in Lake Arbor based on a variety of factors, such as the type of solar panels you choose and the solar contractor you hire. For most homeowners, the upfront cost of solar is worth paying. On average Lake Arbor homeowners see about $15,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a top solar company in Lake Arbor for a quote for your home.
Solar savings over time in Lake Arbor
| Year | Return on Investment |
|---|---|
| 1 years | $-9,692 |
| 3 years | $-7,940 |
| 5 years | $-6,189 |
| 7 years | $-4,437 |
| 9 years | $-2,686 |
| 11 years | $-934 |
| 13 years | $817 |
| 15 years | $2,569 |
| 17 years | $4,320 |
| 19 years | $6,072 |
| 21 years | $7,823 |
| 23 years | $9,575 |
| 25 years | $11,326 |
Top Solar Installers in Lake Arbor
Putting up solar panels on your own can be a stressful undertaking, which is why hiring a solar installation company is a good option for many homeowners. Also, companies with a good reputation that cost more upfront could actually save you money in the long run because of their warranties, repair services and expert design.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some in Lake Arbor:
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Lake Arbor
Factors that Affect Solar Panel Costs in Lake Arbor
For many Lake Arbor homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Lake Arbor, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar system in Lake Arbor, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can determine by looking at past power bills. Your overall cost can increase by around $2,770 for each additional kilowatt you need. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Lake Arbor, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of 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
Most solar installers in Lake Arbor provide solar loans, which reduce the initial cost of installing solar. 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 off the loan.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Lake Arbor is the company you choose to install your PV system. Similar to choosing a company to build a deck or pool, for instance, there are plenty of solar installers that offer a range of services for different budgets. Additionally, some companies in Lake Arbor know more about local solar incentives and can help you take advantage 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 | $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
Since the brand of solar panels and the installer you choose has an impact on your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Even though there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of options before making your decision.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
- Contract: Even though reading through a contract can be tedious, it's important to do it thoroughly so you can make sure you understand what services your solar company will provide and the terms of the warranty.
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Lake Arbor, MD Solar Cost FAQs
What is the average cost of installing solar panels in Lake Arbor?
This is a hard question to answer precisely, because the cost depends on many 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 cost more if you want other solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to consider when buying solar panels?
Cost is a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Does Lake Arbor have a net metering program?
The majority of states have net metering programs of some kind. Through these, you can get paid for the extra power your system produces 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 often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.