Solar Panel Cost Guide in Lutherville, MD (Mar 2023)
- Lutherville Solar Installation Cost: $10,839
- 25-Year Savings: $10,055
- Payback Period: 13.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lutherville
Find out what the average cost of a solar system is in Lutherville.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lutherville, the typical cost of solar panels is 2.77 per watt. Using this figure, a typical 5.6-kW system would cost about $10,839 before the 30% federal solar tax credit is applied.
The true price you pay can be higher or lower than the average in Lutherville depending on a variety of factors, such as the type of solar panels you choose and the solar company you hire. But, after you've paid the upfront cost of installation, the ROI for most homeowners is typically good, with a net average savings of about $14,000 over 20 years on energy bills.
You can click the button below to get connected with a top solar company in Lutherville that can help you get a more accurate cost estimate for your home.
Solar savings over time in Lutherville
| Year | Return on Investment |
|---|---|
| 1 years | $-10,003 |
| 3 years | $-8,332 |
| 5 years | $-6,660 |
| 7 years | $-4,989 |
| 9 years | $-3,317 |
| 11 years | $-1,646 |
| 13 years | $26 |
| 15 years | $1,697 |
| 17 years | $3,369 |
| 19 years | $5,040 |
| 21 years | $6,712 |
| 23 years | $8,383 |
| 25 years | $10,055 |
Top Solar Installers in Lutherville
When going solar, many homeowners prefer to go with a solar installer since handling can be a time-consuming project. Solar companies provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
If you'd like to start using solar energy but still aren't certain which solar installer to go with, here are our suggestions for providers near you:
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 Lutherville
Factors that Affect Solar Panel Costs in Lutherville
Though the average cost of a solar system in Lutherville is $10,839, your actual cost may be above or below the average. There are quite a few factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production use 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 $2,770. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Lutherville, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited 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
Most solar installers in Lutherville have solar loans, which reduce the initial cost of installing solar panels. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Lutherville is the company you choose to install your solar system. Similar to choosing a company to build a deck or pool, for example, there are plenty of solar installers that offer a range of services for different budgets. The company's size can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because of more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger companies.
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 | $10,331 | 13.5 years |
| 8 kW | $2.83 | $15,822 | $14,085 | 13.2 years |
| 10 kW | $2.77 | $19,390 | $17,995 | 13.0 years |
| 12 kW | $2.71 | $22,803 | $22,059 | 12.7 years |
| 14 kW | $2.66 | $26,060 | $26,278 | 12.4 years |
| 16 kW | $2.60 | $29,163 | $30,653 | 12.2 years |
| 18 kW | $2.55 | $32,110 | $35,182 | 11.9 years |
| 20 kW | $2.49 | $34,902 | $39,867 | 11.7 years |
How to Save on Solar Panels
The solar installer you choose will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, such as:
- Contract: Before signing a contract with a solar installer, make sure you look it over carefully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and what services you can expect from them.
- Solar Panel Brands: The type of solar panel you'd like to get plays a role in which company you should choose, since different companies have access to different panels.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely provide good-quality solar panel installation and expertise.
- Installation Process: Make sure you're on the same page with the company in regard to how the installation process will go and what needs to be done before your solar system is installed, such as repairing your electrical system or roof.
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 Lutherville, MD Solar Cost FAQs
How much does it cost to install solar panels in Lutherville?
The average cost of solar panels in Lutherville is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the real cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Lutherville?
Leasing solar panels can be an option if you can't pay upfront or secure 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 financial benefits from going solar.
Does Lutherville have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future electricity bills.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.