Solar Panel Cost Guide in Lutherville, MD (2024 Update)
- Lutherville 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 Lutherville
Find out what the average cost of solar panel installation is in Lutherville.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lutherville, the average cost of solar panels is 4 per watt.To account for the typical energy needs of the average home in Lutherville, most homeowners require a 5.6-kilowatt system. Using the figure above, a solar installation costs around $13,849, or $19,804 before the federal solar tax credit of 0 is applied.
How much you pay can be higher or lower than the average in Lutherville based on a variety of factors, such as the brand of solar panels you choose and the solar company you hire.With average savings of about $14,000 on energy bills over 20 years, many homeowners in Lutherville find installing solar panels can pay off big.
To get a free quote from a vetted solar installation company in Lutherville, you can click the button below.
Solar savings over time in Lutherville
| 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 Lutherville
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Taking advantage of a solar company can make converting to solar power much easier. Solar installers provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
Working with a licensed solar installer can make going solar easier. Here are our recommendations:
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 Lutherville
Factors that Affect Solar Panel Costs in Lutherville
The cost of installing a solar system in Lutherville can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,540.Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Lutherville, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are offered by most installers in Lutherville, which can reduce, or in some cases eliminate, your upfront costs to make solar more affordable.However, the interest on solar loans also adds to your overall costs, so it’s vital to keep that in mind as well. You can always lower the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the booming popularity of sustainable energy solutions in Lutherville, you’ll have a great number of options to choose from, but each comes at different price points for labor and equipment.You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should secure and what the project timeline is.
- 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 access to the exact one you may want or need, so make sure you ask for their list of offerings before making your decision.
- Contract: When looking over your solar company’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
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 Lutherville, MD Solar Cost FAQs
What is the average cost of installing solar panels in Lutherville?
The average cost of solar panels in Lutherville 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 stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Lutherville?
Leasing solar panels can be an appealing choice, because it typically 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 way to go if you want to maximize your savings.
Does Lutherville have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future energy bills.
How long do solar panels last in Lutherville?
On average, the lifespan of solar panels is 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 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.