Solar Panel Cost Guide in Laurel, MD (2023 Update)
- Laurel Solar Installation Cost: $10,568
- 25-Year Savings: $10,993
- Payback Period: 12.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Laurel
Let's take a look at the average cost of solar panels in Laurel.
In Laurel, solar panels cost about 2.77 per watt on average. Because a 5.5-kW system is needed to cover the energy needs of a typical home in Laurel, the average price of going solar will be about $10,568 after claiming the federal solar tax credit of 30%.
These figures are just averages, and your own solar costs will vary based on your energy needs and what company you choose to go with. For many homeowners, the upfront investment in solar is worth paying. On average Laurel homeowners see about $15,000 in savings on energy bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Laurel
| Year | Return on Investment |
|---|---|
| 1 years | $-9,705 |
| 3 years | $-7,980 |
| 5 years | $-6,255 |
| 7 years | $-4,531 |
| 9 years | $-2,806 |
| 11 years | $-1,081 |
| 13 years | $644 |
| 15 years | $2,369 |
| 17 years | $4,094 |
| 19 years | $5,818 |
| 21 years | $7,543 |
| 23 years | $9,268 |
| 25 years | $10,993 |
Top Solar Installers in Laurel
Trying to put up solar panels yourself can be a difficult task, which is why using a solar installation company is a good option for many homeowners. A solar company can also help save you money in the long run by offering warranties, repairs and component replacements.
If you'd like to go solar but still aren't certain which solar panel company to go with, here are our suggestions for providers in Laurel:
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 Laurel
Factors that Affect Solar Panel Costs in Laurel
There are several factors that can determine your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy 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 Laurel. The type 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, more efficient panels could save you more over time on your power bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Laurel average.
Solar Financing Terms
Most solar installers in Laurel have solar loans, which reduce the initial cost of installing solar. While solar loans make going solar more accessible for Laurel homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you choose to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies in Laurel, and each can charge different amounts for labor and equipment. The size of the company can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because they have more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger companies.
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 | $11,616 | 12.8 years |
| 8 kW | $2.83 | $15,822 | $15,798 | 12.5 years |
| 10 kW | $2.77 | $19,390 | $20,135 | 12.3 years |
| 12 kW | $2.71 | $22,803 | $24,628 | 12.0 years |
| 14 kW | $2.66 | $26,060 | $29,275 | 11.8 years |
| 16 kW | $2.60 | $29,163 | $34,078 | 11.5 years |
| 18 kW | $2.55 | $32,110 | $39,036 | 11.3 years |
| 20 kW | $2.49 | $34,902 | $44,149 | 11.0 years |
How to Save on Solar Panels
Since the model of solar panels and the installation company you choose significantly influences 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:
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Installation Process: When going solar, it's crucial to maintain an open line of communication with your solar panel installer. Make sure you understand how the installation process works and the project timeline.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you choose.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can check your installer's reputation is by reading reviews.
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 Laurel, MD Solar Cost FAQs
What is the average cost of installing solar panels in Laurel?
This is a difficult question to answer precisely, because the cost depends on many 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. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, 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 certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on power bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location 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 $790.51 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.