Solar Panel Cost Guide in Lake Shore, MD (2023 Update)
- Lake Shore Solar Installation Cost: $10,363
- 25-Year Savings: $10,531
- Payback Period: 12.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lake Shore
Here's how much it might cost to make the switch to solar in Lake Shore.
While the national average of solar panels is $2.66 per watt, solar panels in Lake Shore generally cost around 2.77. The average solar panel system size in Lake Shore is around 5.3 kilowatts, meaning a cost of about $10,354 for a solar installation, or $14,806 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Lake Shore homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. But, once you've paid the initial cost of installation, the savings for most homeowners is typically rewarding, with a net average savings of about $15,000 over 20 years on utility bills.
Click the button below to get connected to a highly rated solar panel company in Lake Shore for a customized estimate.
Solar savings over time in Lake Shore
| Year | Return on Investment |
|---|---|
| 1 years | $-8,949 |
| 3 years | $-6,120 |
| 5 years | $-3,291 |
| 7 years | $-462 |
| 9 years | $2,366 |
| 11 years | $5,195 |
| 13 years | $8,024 |
| 15 years | $10,852 |
| 17 years | $13,681 |
| 19 years | $16,510 |
| 21 years | $19,339 |
| 23 years | $22,167 |
| 25 years | $24,996 |
Top Solar Installers in Lake Shore
Although you can install solar panels by yourself, it requires extra labor and handiness. Because of that, the majority of homeowners choose to go with a solar panel installer. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run because of their warranties, repair services and expert design.
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 Lake Shore
Factors that Affect Solar Panel Costs in Lake Shore
For many Lake Shore homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Lake Shore, with typical prices between $20,000 to $40,000. There are various factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend about $2,770 per kilowatt in Lake Shore. 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 get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your power bills. In addition, extra products, like solar batteries, can bring your total well above the Lake Shore average.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That's why many Lake Shore homeowners choose to finance their solar panel systems to make going solar more affordable. However, the interest on solar loans also adds to your total costs, so it's vital to keep that in mind as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar panel installer you choose will affect your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle 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 | $11,357 | 12.9 years |
| 8 kW | $2.83 | $15,822 | $15,453 | 12.6 years |
| 10 kW | $2.77 | $19,390 | $19,704 | 12.4 years |
| 12 kW | $2.71 | $22,803 | $24,110 | 12.2 years |
| 14 kW | $2.66 | $26,060 | $28,671 | 11.9 years |
| 16 kW | $2.60 | $29,163 | $33,387 | 11.7 years |
| 18 kW | $2.55 | $32,110 | $38,259 | 11.4 years |
| 20 kW | $2.49 | $34,902 | $43,285 | 11.2 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
- Contract: Look through the contract terms carefully to make sure you understand the overall cost, completion timeline rebates and warranties.
- Solar Panel Brands: Not all solar companies 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 choose.
- Installation Process: Make sure you're aligned with the company in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as repairing your electrical system or roof.
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 Shore, MD Solar Cost FAQs
How much does it cost to install solar panels in Lake Shore?
This is a difficult question to answer exactly, because the cost depends on a few different 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 additional solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Lake Shore?
You can't get solar panels for free in Lake Shore. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Is going solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average home 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.