Solar Panel Cost Guide in Lanham, MD (2024 Update)
- Lanham Solar Installation Cost: $13,517
- 25-Year Savings: $11,317
- Payback Period: 15.4 Years
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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 average cost of a solar panel system in Lanham is 4 per watt.To account for the typical energy usage 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 $13,517, or $19,329 before the federal solar tax credit of 0 is applied.
The true cost of your system can be above or below the average in Lanham depending on a variety of factors, such as the brand of solar panels you choose and the solar contractor you hire.But, once you've paid the upfront cost of installation, the return on investment for most homeowners is quite fruitful, with a net average savings of about $15,000 over 20 years on power bills.
Click the button below to get connected to a top solar installer in your area for a customized quote.
Solar savings over time in Lanham
| Year | Return on Investment |
|---|---|
| 1 years | $-12,103 |
| 3 years | $-9,274 |
| 5 years | $-6,445 |
| 7 years | $-3,616 |
| 9 years | $-788 |
| 11 years | $2,041 |
| 13 years | $4,870 |
| 15 years | $7,698 |
| 17 years | $10,527 |
| 19 years | $13,356 |
| 21 years | $16,185 |
| 23 years | $19,013 |
| 25 years | $21,842 |
Top Solar Installers in Lanham
When switching to solar energy, many homeowners opt to use a solar installation company since putting up a solar system yourself can be a difficult project. The expertise that solar companies offer can be invaluable as well, especially if you don’t quite know what brand of solar equipment you need.
If you’d like to switch to solar energy but still aren’t certain which solar company to go with, here are our suggestions for providers nearby:
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Lanham
Factors that Affect Solar Panel Costs in Lanham
For many Lanham homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Lanham, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production need 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 $3,540.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. On the other hand, higher efficiency could save you more in the long run on your electric bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Lanham average.
Solar Financing Terms
Most solar installers in Lanham offer solar loans, which reduce your upfront costs of installing a solar system.It’s wise to add the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Lanham is the company you choose to install your solar system. As with choosing a company to renovate your kitchen, for instance, you’ll have no shortage of solar installers that offer a range of services at different price points.You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials 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 | $3.68 | $15,463 | $8,619 | 16.1 years |
| 8 kW | $3.61 | $20,220 | $11,889 | 15.7 years |
| 10 kW | $3.54 | $24,780 | $15,356 | 15.4 years |
| 12 kW | $3.47 | $29,141 | $19,022 | 15.1 years |
| 14 kW | $3.40 | $33,304 | $22,887 | 14.8 years |
| 16 kW | $3.33 | $37,269 | $26,949 | 14.5 years |
| 18 kW | $3.26 | $41,036 | $31,210 | 14.2 years |
| 20 kW | $3.19 | $44,604 | $35,669 | 13.9 years |
How to Save on Solar Panels
The solar installer you go with 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 take into account, such as:
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years likely provide high-quality solar panel installation and expertise.
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: When going solar, it’s crucial to maintain an open line of communication with your solar panel company. Make sure you understand how the installation process works and the project timeline.
- Contract: Review the contract terms closely to make sure you understand how much it will cost, project timeline incentives and warranties.
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Lanham, MD Solar Cost FAQs
What is the average cost of installing solar panels in Lanham?
The average cost of solar panels in Lanham is about $17,700 for a 5-kW system and $35,400 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the model of solar panels you want, what size system you need and how much energy you consume.
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 feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Can solar panels eliminate my power bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $802.73 per year.
How long do solar panels last in Lanham?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.