Solar Panel Cost Guide in Lexington Park, MD (2023 Update)
- Lexington Park Solar Installation Cost: $10,199
- 25-Year Savings: $9,765
- Payback Period: 12.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lexington Park
We break down average solar pricing in Lexington Park.
The average cost of a solar system in Lexington Park is 2.77 per watt. Using this figure, a typical 5.3-kW system would cost about $10,199 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy use, the type of equipment you want, your solar contractor and more. With average savings of about $14,000 on electricity bills over 20 years, many homeowners in Lexington Park find installing solar panels can pay off big.
To receive a free estimate from a highly rated solar company in Lexington Park, you can click the button below.
Solar savings over time in Lexington Park
| Year | Return on Investment |
|---|---|
| 1 years | $-9,401 |
| 3 years | $-7,803 |
| 5 years | $-6,206 |
| 7 years | $-4,609 |
| 9 years | $-3,012 |
| 11 years | $-1,415 |
| 13 years | $182 |
| 15 years | $1,779 |
| 17 years | $3,376 |
| 19 years | $4,974 |
| 21 years | $6,571 |
| 23 years | $8,168 |
| 25 years | $9,765 |
Top Solar Installers in Lexington Park
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a pain. Hiring a solar company can make your switch to solar power much easier. The expertise that solar companies provide can be invaluable as well, particularly if you don't quite know what kind of solar equipment you need.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that determine your overall cost in Lexington Park: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Lexington Park, 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 gauge by looking at past energy bills. Your total cost can increase by around $2,770 for each additional kilowatt you need. The model of solar panels and equipment you choose is another factor that will significantly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment is more than just the solar panels themselves. You'll also need to make decisions 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 looking for a solar system that's in your budget.
Solar Financing Terms
Most solar installers in Lexington Park provide solar loans, which reduce your upfront costs of installing solar panels. While solar loans make going solar more accessible for Lexington Park homeowners, they can also raise the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar panel installer you select will impact your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. Additionally, some companies in Lexington Park are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, 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 | $2.88 | $12,099 | $10,682 | 13.3 years |
| 8 kW | $2.83 | $15,822 | $14,553 | 13.0 years |
| 10 kW | $2.77 | $19,390 | $18,579 | 12.8 years |
| 12 kW | $2.71 | $22,803 | $22,760 | 12.5 years |
| 14 kW | $2.66 | $26,060 | $27,096 | 12.3 years |
| 16 kW | $2.60 | $29,163 | $31,587 | 12.0 years |
| 18 kW | $2.55 | $32,110 | $36,234 | 11.7 years |
| 20 kW | $2.49 | $34,902 | $41,035 | 11.5 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Although there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of options before making your decision.
- Reputation: Well-established companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Contract: Before signing a contract with a solar installer, make sure to look it over fully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and how long it will take.
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
How much does it cost to install solar panels in Lexington Park?
This is a tough question to answer exactly, because the cost depends on a variety of 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 higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
What other factors should I consider apart from cost when buying solar panels?
The upfront cost is a very important factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Can solar panels completely eradicate my electricity bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Lexington Park, that will require at least a 10-kW system. Not all homes 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 Lexington Park?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them once you've had them for that long or you can keep using 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.