Solar Panel Cost Guide in Melwood, MD (2024 Update)
- Melwood Solar Installation Cost: $13,517
- 25-Year Savings: $10,674
- Payback Period: 15.9 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in Melwood
Let’s have a look at the average cost of solar in Melwood.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Melwood, the average cost of a solar system is 4 per watt.Since a 5.5-kW system is needed to cover the energy consumption of a typical home in Melwood, the average price of going solar will be about $13,517 after claiming the federal solar tax credit of 0.
How much you pay can go above or below the average in Melwood depending on several factors, such as the type of solar panels you choose and the solar contractor you hire.For most homeowners, the upfront investment in solar is worth paying. On average homeowners in Melwood see about $15,000 in savings on utility bills over 20 years.
To get a free estimate from a pre-vetted solar installation company in Melwood, you can click the button below.
Solar savings over time in Melwood
Year | Return on Investment |
---|---|
1 years | $-12,103 |
3 years | $-9,274 |
5 years | $-6,445 |
7 years | $-3,616 |
9 years | $-788 |
11 years | $2,041 |
13 years | $4,870 |
15 years | $7,698 |
17 years | $10,527 |
19 years | $13,356 |
21 years | $16,185 |
23 years | $19,013 |
25 years | $21,842 |
Top Solar Installers in Melwood
Many homeowners decide to use a solar panel company since trying to put up solar panels yourself can be a labor-intensive endeavor. Some solar installers, particularly local ones, can help you better understand incentives in Melwood, thereby optimizing your ROI.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Melwood
Factors that Affect Solar Panel Costs in Melwood
There are many factors that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
When it comes to estimating the cost of solar panels in Melwood, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can determine by looking at past energy bills. Your overall cost can increase by about $3,540 for each additional kilowatt you need.Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Melwood, 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 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 utility bills over time, but they can also be a big investment. That’s why many Melwood homeowners opt to finance their solar panel systems to offset upfront costs.However, the interest on solar loans also adds to your all-in costs, so it’s vital to include that in your estimate as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to clean energy can play a role in your total costs. There are about 3 solar panel companies in Melwood, and each can charge different amounts for labor and equipment.You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions 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 | $7,911 | 16.5 years |
8 kW | $3.61 | $20,220 | $10,945 | 16.2 years |
10 kW | $3.54 | $24,780 | $14,177 | 15.9 years |
12 kW | $3.47 | $29,141 | $17,607 | 15.6 years |
14 kW | $3.40 | $33,304 | $21,236 | 15.3 years |
16 kW | $3.33 | $37,269 | $25,062 | 14.9 years |
18 kW | $3.26 | $41,036 | $29,087 | 14.6 years |
20 kW | $3.19 | $44,604 | $33,310 | 14.3 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for years to come and save you money on repairs and maintenance.
- Solar Panel Brands: Different companies will carry various brands and types of panels. If you know you want a specific brand, make sure the solar panel installer you’re considering has it.
- Contract: Although reading through a contract can be tedious, it’s important to do it fully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can verify your installer’s reputation is by reading reviews.
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 Melwood, MD Solar Cost FAQs
What is the average cost of installing solar panels in Melwood?
This is a tough question to answer precisely, because the cost depends on a few different 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 cost more if you want additional solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Melwood?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property 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 Melwood?
Solar panels can be a fruitful investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.
How long do solar panels last in Melwood?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher 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.