Solar Panel Cost Guide in Lochearn, MD (2024 Update)
- Lochearn Solar Installation Cost: $13,849
- 25-Year Savings: $10,057
- Payback Period: 16.6 Years
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Average Cost of Solar Panels in Lochearn
Find out what the average cost of solar panels are in Lochearn.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lochearn, the typical cost of solar panels is 4 per watt.To cover the typical energy usage of the average home in Lochearn, most homeowners require a 5.6-kilowatt system. Using the per-watt figure above, a solar installation costs about $13,849, or $19,804 before the federal solar tax credit of 0 is applied.
Keep in mind that the figures above are only estimates based on the average Lochearn homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.Even with the high initial cost, the average Lochearn homeowner can save about $14,000 on their electricity bills over 20 years, which is one of the perks of solar.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Lochearn
Year | Return on Investment |
---|---|
1 years | $-12,435 |
3 years | $-9,606 |
5 years | $-6,777 |
7 years | $-3,949 |
9 years | $-1,120 |
11 years | $1,709 |
13 years | $4,538 |
15 years | $7,366 |
17 years | $10,195 |
19 years | $13,024 |
21 years | $15,853 |
23 years | $18,681 |
25 years | $21,510 |
Top Solar Installers in Lochearn
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Hiring a solar panel installer can make converting to solar power much easier. Local solar installers can also help you optimize your return on investment by assisting with any local incentives you can take advantage of and by offering warranties and repairs.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some near you:
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
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 Lochearn
Factors that Affect Solar Panel Costs in Lochearn
The cost of installing a solar system in Lochearn can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation require 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.Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Lochearn, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That’s why many Lochearn homeowners choose to finance their solar panel systems to make going solar more affordable.While solar loans make going solar more accessible for Lochearn 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 cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar panel installer you select will affect your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor.Larger national companies generally have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
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 | $6,968 | 17.2 years |
8 kW | $3.61 | $20,220 | $9,687 | 16.9 years |
10 kW | $3.54 | $24,780 | $12,605 | 16.6 years |
12 kW | $3.47 | $29,141 | $15,720 | 16.2 years |
14 kW | $3.40 | $33,304 | $19,034 | 15.9 years |
16 kW | $3.33 | $37,269 | $22,546 | 15.6 years |
18 kW | $3.26 | $41,036 | $26,257 | 15.2 years |
20 kW | $3.19 | $44,604 | $30,165 | 14.9 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose significantly impacts your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: When going solar, it’s necessary to maintain an open line of communication with your solar company. Confirm that you understand how the installation process works and the project completion timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations 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 peruse their list of offerings before deciding.
- Reputation: Companies that have been in business for many years likely have a high 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 service, such as part repairs and replacements.
- Contract: Before signing a contract with a solar company, 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 to do if a part breaks or malfunctions and what services you can expect from them.
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
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 Lochearn, MD Solar Cost FAQs
What is the average cost of installing solar panels in Lochearn?
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 be more expensive if you want extra 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 choose a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Lochearn?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Is it worth going solar in Lochearn?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and how much 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 buy 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.