Solar Panel Cost Guide in Laurel, MD (2024 Update)
- Laurel Solar Installation Cost: $13,517
- 25-Year Savings: $10,984
- Payback Period: 15.7 Years
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Average Cost of Solar Panels in Laurel
We go over average solar pricing in Laurel.
The average cost of solar panels in Laurel is 4 per watt.Since a 5.5-kW system is needed to cover the energy consumption of a typical home in Laurel, the average price of going solar will be about $13,517 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of going solar can vary quite a bit depending on several factors, such as how many panels you need, your energy consumption and what company you go with.For many homeowners, the upfront cost of solar power is worth paying. On average homeowners in Laurel see about $15,000 in savings on electricity bills over 20 years.
To get a free estimate from a highly rated solar installation company in Laurel, you can click the button below.
Solar savings over time in Laurel
| 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 Laurel
Although you can install solar panels on your own, it involves extra time and knowledge. That's why the majority of homeowners choose a solar panel installer. Companies can also offer access to a large variety of the best solar panels and help you pick which one will be right for you.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some near you:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 Laurel
Factors that Affect Solar Panel Costs in Laurel
While the average cost of a solar system in Laurel is $13,517, your final cost may be higher or lower than that. There are quite a few factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater 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.There are a lot of different solar panel brands and the one you pick also affects the cost. Generally, the brands that have better efficiency tend to also cost more. Plus, the type of equipment you choose can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are a solid choice because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar company you select will affect your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor.The size of the company sometimes plays the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger names.
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 | $8,252 | 16.3 years |
| 8 kW | $3.61 | $20,220 | $11,400 | 16.0 years |
| 10 kW | $3.54 | $24,780 | $14,745 | 15.7 years |
| 12 kW | $3.47 | $29,141 | $18,289 | 15.4 years |
| 14 kW | $3.40 | $33,304 | $22,031 | 15.0 years |
| 16 kW | $3.33 | $37,269 | $25,971 | 14.7 years |
| 18 kW | $3.26 | $41,036 | $30,110 | 14.4 years |
| 20 kW | $3.19 | $44,604 | $34,447 | 14.1 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should secure and what the project timeline is.
- Solar Panel Brands: Different companies carry various brands and models of panels. If you want a specific brand, make sure the solar installer you’re considering has it.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Warranty: If you’re concerned about the durability of your solar panel system, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 Laurel, MD Solar Cost FAQs
How much does it cost to install solar panels in Laurel?
The average cost of solar panels in Laurel is about $17,700 for a 5-kW system and $35,400 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider other than cost when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Laurel?
The majority of states offer net metering programs of some kind. Through these, you can be compensated for the extra power your system produces or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.