Solar Panel Cost Guide in Lanham, MD (2023 Update)
- Lanham 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 Lanham
Find out what the average cost of installing solar panels is in Lanham.
The national average cost of solar panels is $2.66 per watt, but in Lanham it's 2.77 per watt. To cover the typical energy needs of the average home in Lanham, most homeowners require a 5.5-kilowatt system. Using the per-watt figure above, a solar installation costs about $10,568, or $15,112 before the federal solar tax credit of 30% is applied.
These figures are just estimates, and how much solar costs for you will most likely vary based on your energy needs and what company you choose to go with. Despite the high initial cost, the average Lanham homeowner can save around $15,000 on their electricity bills over 20 years, which is one of the positives of solar.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Lanham
| Year | Return on Investment |
|---|---|
| 1 years | $-10,504 |
| 3 years | $-10,358 |
| 5 years | $-10,212 |
| 7 years | $-10,066 |
| 9 years | $-9,920 |
| 11 years | $-9,774 |
| 13 years | $-9,628 |
| 15 years | $-9,482 |
| 17 years | $-9,336 |
| 19 years | $-9,190 |
| 21 years | $-9,044 |
| 23 years | $-8,898 |
| 25 years | $-8,752 |
Top Solar Installers in Lanham
Although you can install solar panels on your own, it takes extra energy and knowledge. Because of that, almost all homeowners choose a solar panel installer. Companies can also provide access to various kinds of the best solar panels and help you decide which one will be best for your family.
If you'd like to switch to solar energy but still aren't sure which solar panel company to go with, here are our suggestions for providers nearby:
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 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 most significant one is the size of the system you need, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Lanham, one of the most crucial 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 figure out by looking at past electricity bills. Your overall cost can increase by about $2,770 for each additional kilowatt you need. The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar companies in Lanham have solar loans, which reduce your upfront costs of installing solar. However, the interest on solar loans also adds to your total costs, so it's important to take that into consideration as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Lanham is the company you hire to install your PV system. Similar to choosing a company to renovate your kitchen, for example, you'll have no shortage of solar installers that provide a range of services for different budgets. Larger national companies typically have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car 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 | $11,982 | 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 opt for will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Contract: Before you sign a contract with a solar installer, make sure to read it through fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. Two 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 satisfied reviews from previous customers.
- Installation Process: When going solar, it's essential to keep an open line of communication with your solar company. Confirm that you understand how the installation process works and the project timeline.
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 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.