Solar Panel Cost Guide in Mayo, MD (2023 Update)
- Mayo Solar Installation Cost: $10,354
- 25-Year Savings: $10,540
- Payback Period: 12.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Mayo
Find out what the average cost of a solar system is in Mayo.
In Mayo, solar panels cost about 2.77 per watt on average. The average Mayo homeowner needs a 5.3-kilowatt system, which would cost about $10,354 with the federal tax credit, or $14,806 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of installing solar panels can vary quite a bit based on several factors, such as what size system you need, your energy consumption and what solar installer you go with. But, after you've paid the upfront cost of installation, the payback for most homeowners is quite good, with a net average savings of about $15,000 over 20 years on electricity bills.
To get a free quote from a vetted solar company in Mayo, you can click the button below.
Solar savings over time in Mayo
| Year | Return on Investment |
|---|---|
| 1 years | $-9,518 |
| 3 years | $-7,847 |
| 5 years | $-6,175 |
| 7 years | $-4,504 |
| 9 years | $-2,832 |
| 11 years | $-1,161 |
| 13 years | $511 |
| 15 years | $2,182 |
| 17 years | $3,854 |
| 19 years | $5,525 |
| 21 years | $7,197 |
| 23 years | $8,868 |
| 25 years | $10,540 |
Top Solar Installers in Mayo
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Taking advantage of a solar company can make converting to solar power much easier. Plus, if you aren't sure what type of solar panels and equipment you need, a solar expert can help you figure that out after a site survey and consultation.
If you're looking for a solar company in Mayo, the EcoWatch team has put together a list of our top suggestions here:
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 Mayo
Factors that Affect Solar Panel Costs in Mayo
Even though the average cost of a solar system in Mayo is $10,354, your final cost may be above or below the average. There are many factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,770. There are many different solar panel brands and the one you pick also changes the cost. In many cases, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are provided by most installers in Mayo, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar company you go with to handle your switch to solar energy can play a role in your total costs. There are about 3 solar panel companies in Mayo, and each can charge different amounts for labor and equipment. The size of the company sometimes plays the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
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 | $11,357 | 12.9 years |
| 8 kW | $2.83 | $15,822 | $15,453 | 12.6 years |
| 10 kW | $2.77 | $19,390 | $19,704 | 12.4 years |
| 12 kW | $2.71 | $22,803 | $24,110 | 12.2 years |
| 14 kW | $2.66 | $26,060 | $28,671 | 11.9 years |
| 16 kW | $2.60 | $29,163 | $33,387 | 11.7 years |
| 18 kW | $2.55 | $32,110 | $38,259 | 11.4 years |
| 20 kW | $2.49 | $34,902 | $43,285 | 11.2 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Different companies will offer various brands and models of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: When looking through your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- 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 adequate aftercare and customer service, such as part repairs and replacements.
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 Mayo, MD Solar Cost FAQs
How much does it cost to install solar panels in Mayo?
The average cost of solar panels in Mayo is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the actual cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you use.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase how much your home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Mayo is currently $413,900, which means you could be looking at a value of about $16,970 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Mayo is a worthwhile investment.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily 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 install between 20 and 35 panels to account for 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.