Solar Panel Cost Guide in Lexington Park, MD (2024 Update)
- Lexington Park Solar Installation Cost: $13,029
- 25-Year Savings: $9,769
- Payback Period: 16.3 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in Lexington Park
Let’s have a look at the average cost of solar in Lexington Park.
Although the national average of solar panels is $2.66 per watt, solar panels in Lexington Park generally cost about 4.Using this figure, a typical 5.3-kW system would cost about $13,029 before the 0 federal solar tax credit is applied.
How much you pay can be above or below the average in Lexington Park depending on a few factors, such as the model of solar panels you choose and the solar installer you hire.Even with the significant upfront cost, the average Lexington Park homeowner can save about $14,000 on their power bills over 20 years, which is one of the advantages of solar.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Lexington Park
Year | Return on Investment |
---|---|
1 years | $-11,695 |
3 years | $-9,026 |
5 years | $-6,357 |
7 years | $-3,688 |
9 years | $-1,019 |
11 years | $1,651 |
13 years | $4,320 |
15 years | $6,989 |
17 years | $9,658 |
19 years | $12,327 |
21 years | $14,996 |
23 years | $17,665 |
25 years | $20,334 |
Top Solar Installers in Lexington Park
When switching to solar energy, many homeowners prefer to use a solar company since putting up solar panels yourself can be a difficult project. Plus, if you aren’t sure what kind of solar panels and equipment you may need, a solar installer can help you find the right equipment for you after a site survey and consultation.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Lexington Park
Factors that Affect Solar Panel Costs in Lexington Park
For many Lexington Park homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Lexington Park, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to pay about $3,540 per kilowatt in Lexington Park.The brand of solar panels and equipment you choose is another factor that will considerably affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to think 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 researching a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Lexington Park to be too costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The solar company you opt for to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies in Lexington Park, and each can charge different amounts for labor and equipment.Additionally, some companies in Lexington Park are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. 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 | $3.68 | $15,463 | $7,318 | 17.0 years |
8 kW | $3.61 | $20,220 | $10,154 | 16.6 years |
10 kW | $3.54 | $24,780 | $13,189 | 16.3 years |
12 kW | $3.47 | $29,141 | $16,421 | 16.0 years |
14 kW | $3.40 | $33,304 | $19,852 | 15.7 years |
16 kW | $3.33 | $37,269 | $23,481 | 15.3 years |
18 kW | $3.26 | $41,036 | $27,308 | 15.0 years |
20 kW | $3.19 | $44,604 | $31,333 | 14.7 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be a challenge, we have some tips to help you, such as:
- Contract: When looking through your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Installation Process: Make sure you’re aligned with the company regarding how the installation process will go and what you need to do before your solar panels are installed, such as updating your electrical system or roof.
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
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 Lexington Park, MD Solar Cost FAQs
What is the average cost of installing solar panels in Lexington Park?
This is a difficult question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $17,700 for a 5-kW system and $35,400 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Lexington Park?
Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
How will solar panels impact how much my home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lexington Park is currently $345,543, so you could be looking at a value of about $14,167 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Lexington Park is a fruitful investment.
How long do solar panels last in Lexington Park?
On average, the lifespan of solar panels is 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.