Solar Panel Cost Guide in Naval Academy, MD (2023 Update)
- Naval Academy 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 Naval Academy
Let's have a look at the average cost of solar in Naval Academy.
The average cost of a solar panel system in Naval Academy is 2.77 per watt. The average Naval Academy 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 the cost of a solar panel system. The exact cost of making the switch to solar can vary depending on a few factors, such as how many panels you need, your energy usage and what installation company you go with. But, after you've paid the initial 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 calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Naval Academy
| 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 Naval Academy
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Hiring a solar panel installer can make your switch to solar power much easier. The payback period on an investment in solar panels will vary based on factors like your location and energy usage, but going with a solar company can shorten that period. Your provider will be able to help you get the most out of incentives available in your area.
Working with a professional solar company can make going solar easier. Here are our recommendations:
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 Naval Academy
Factors that Affect Solar Panel Costs in Naval Academy
There are a number of criteria that can influence your 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 price of a solar panel system in Naval Academy, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can gauge by looking at past power bills. Your overall cost can increase by about $2,770 for each additional kilowatt you need. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive 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 will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are offered by most installers in Naval Academy, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar installer you choose to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Naval Academy, and each can charge varying amounts for labor and equipment. The company's size sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices 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 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 | $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 solar installer you go with will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should take into account, including:
- Contract: When reading 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 such as a system component breaking or if the company goes out of business.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Companies that have been operating for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: Different companies will carry various brands and kinds of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
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 Naval Academy, MD Solar Cost FAQs
What is the average cost of installing solar panels in Naval Academy?
This is a tough question to answer precisely, because the cost depends on a few different factors. Broadly 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 cost more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Naval Academy?
Leasing solar panels can be an attractive choice, as 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 option if you want to get the most savings.
Does Naval Academy have a net metering program?
Each state has some form 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 give you credit toward your future power bills.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the amount of 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 get 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.