Solar Panel Cost Guide in Lanham, MD (Mar 2023)
- Lanham 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 Lanham
Find out what the average cost of a solar system is in Lanham.
While the national average of solar panels is $2.66 per watt, solar panels in Lanham generally cost around 2.77. Using this figure, a typical 5.5-kW system would cost about $10,568 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy use, the type of solar panels you want to get, your solar contractor and more. Even with the high initial cost, the average Lanham homeowner can save around $15,000 on their energy bills over 20 years, which is one of the perks of solar.
To receive a free estimate from a pre-vetted solar installation company in Lanham, you can click the button below.
Solar savings over time in Lanham
| 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 Lanham
When making the switch to solar, many homeowners prefer to hire a solar installation company since DIY solar panel installation can be a difficult project. Companies can also have access to quality options of the best solar panels and help you choose which one will be right for your family.
If you're on the hunt for a solar installer in Lanham, we've compiled a list of our top suggestions here:
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 Lanham
Factors that Affect Solar Panel Costs in Lanham
The cost of installing a solar system in Lanham can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Lanham, one of the most important 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 determine by looking at past power bills. Your total cost can increase by about $2,770 for each additional kilowatt you need. The brand of solar panels and equipment you want is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are a popular choice because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also increases your all-in costs, so it's important to keep that in mind as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar company you go with to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar panel companies in Lanham, and each can charge varying amounts for labor and equipment. Additionally, some companies in Lanham know more about local solar incentives and can help you learn about 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
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Contract: Although reading through a contract can be tedious, it's important to do it fully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- 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 likely has a good reputation and is qualified to get the job done well. Another way you can research your installer's reputation is by reading reviews.
- Installation Process: Make sure you're aligned with the company with regard to how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.
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 Lanham, MD Solar Cost FAQs
What is the average cost of installing solar panels in Lanham?
This is a difficult question to answer precisely, because the cost depends on a few different 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 other solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Lanham?
A solar panel system isn't free in Lanham, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Can solar panels eliminate my power bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Lanham, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Lanham?
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 higher level 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.