Solar Panel Cost Guide in Melwood, MD (2023 Update)
- Melwood Solar Installation Cost: $10,568
- 25-Year Savings: $10,683
- Payback Period: 12.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Melwood
Let's take a look at the average cost of solar in Melwood.
The national average cost of solar panels is $2.66 per watt, but in Melwood it's 2.77 per watt. Because a 5.5-kW system is needed to cover the energy usage of a typical home in Melwood, the average price of going solar will be about $10,568 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of making the switch to solar can vary quite a bit depending on several factors, such as what size system you need, your energy usage and what solar installer you go with. Despite the significant upfront cost, the average Melwood homeowner can save about $15,000 on their energy bills over 20 years, which is one of the positives of solar.
Click the button below to get connected to a highly rated solar company in your area for a custom quote.
Solar savings over time in Melwood
| Year | Return on Investment |
|---|---|
| 1 years | $-9,718 |
| 3 years | $-8,017 |
| 5 years | $-6,317 |
| 7 years | $-4,617 |
| 9 years | $-2,917 |
| 11 years | $-1,217 |
| 13 years | $483 |
| 15 years | $2,183 |
| 17 years | $3,883 |
| 19 years | $5,583 |
| 21 years | $7,283 |
| 23 years | $8,983 |
| 25 years | $10,683 |
Top Solar Installers in Melwood
When switching to solar energy, many homeowners prefer to go with a solar company since overseeing your solar installation yourself can be a challenging project. The expertise that solar companies offer can be useful as well, particularly if you don't quite know what kind of solar equipment would be right for your home.
If you're on the hunt for a solar company in Melwood, we've compiled 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 Melwood
Factors that Affect Solar Panel Costs in Melwood
Though the average cost of a solar system in Melwood is $10,568, your final 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 system installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation use 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 $2,770. The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are provided by most installers in Melwood, which can lower, or in some cases 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 put more money down upfront, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can affect your pricing. Melwood's solar companies all have different labor costs and add varying upcharges to equipment. The company's size can sometimes play the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to greater resources and bulk 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 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 | $11,275 | 12.9 years |
| 8 kW | $2.83 | $15,822 | $15,343 | 12.7 years |
| 10 kW | $2.77 | $19,390 | $19,567 | 12.4 years |
| 12 kW | $2.71 | $22,803 | $23,946 | 12.2 years |
| 14 kW | $2.66 | $26,060 | $28,480 | 11.9 years |
| 16 kW | $2.60 | $29,163 | $33,169 | 11.7 years |
| 18 kW | $2.55 | $32,110 | $38,013 | 11.4 years |
| 20 kW | $2.49 | $34,902 | $43,012 | 11.2 years |
How to Save on Solar Panels
There are numerous companies available in Melwood, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- 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 model of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to ask for their list of offerings before making your decision.
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: When reading through 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 part breaking or the company going out of business.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years in most cases provide good-quality solar panel installation and expertise.
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 difficult question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra 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 cheaper solar panels.
Can you get solar panels for free in Melwood?
You can't get solar panels for free in Melwood. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Melwood?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
How many solar panels should I get to power my home?
To figure out what solar panel system size 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 generally produce about 250 to 400 watt-hours per hour, the average home 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.