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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Average Cost of Solar Panels in Lexington Park
Let’s have a look at the average cost of solar in Lexington Park.
In Lexington Park, solar panels cost about 4 per watt on average.The average Lexington Park homeowner needs a 5.3-kilowatt system, which would cost about $13,029 with the federal tax credit, or $18,631 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of making the switch to solar can vary based on multiple factors, such as what size system you need, your energy usage and what installation company you go with.Many homeowners find installing a solar panel system is a rewarding investment. The average homeowner in Lexington Park can save about $14,000 on their power bills over 20 years.
Click the button below to get connected to a highly rated solar panel company in Lexington Park for a custom quote.
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 making the switch to solar, many homeowners opt to hire a solar installation company since handling can be a time-consuming project. Companies can also provide access to various kinds of the best solar panels and help you pick which one will be best for your family.
If you're on the hunt for a solar company in Lexington Park, we've compiled a list of our top suggestions here:
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
See all of the solar companies in Lexington Park
Factors that Affect Solar Panel Costs in Lexington Park
The cost of installing a solar system in Lexington Park can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That’s why it’s crucial to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use.The type of solar panels and equipment you choose is another factor that will substantially influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Plus, solar equipment consists of more than just the solar panels themselves. You’ll also need to decide on 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 into a solar system that’s in your budget.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a popular choice because they reduce your upfront costs and allow you to pay for your system over five to seven years on average.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay back the loan.
Solar Panel Installation Company
The solar installer you hire to handle your switch to sustainable energy can play a part in your total costs. There are about 3 solar panel companies in Lexington Park, and each can charge varying amounts for labor and equipment.Additionally, some companies in Lexington Park have more knowledge 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
There are a large number of companies to choose from in Lexington Park, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Contract: It’s important to read your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Installation Process: When making the switch to solar power, it’s crucial to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process will go and the project completion timeline.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely offer quality solar panel installation and expertise.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Even though there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of options before making your decision.
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
EcoWatch's Lexington Park, MD Solar Cost FAQs
What is the average cost of installing solar panels in Lexington Park?
The average cost of solar panels in Lexington Park 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 things like the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Lexington Park?
Leasing solar panels can be an appealing choice, because it often comes with low or $0 upfront payments. The drawback 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 get the most savings.
Do solar panels increase how much your home is worth?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
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 decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.