Solar Panel Cost Guide in Olney, MD (2024 Update)
- Olney Solar Installation Cost: $13,851
- 25-Year Savings: $11,612
- Payback Period: 15.4 Years
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Average Cost of Solar Panels in Olney
We break down average solar pricing in Olney.
The national average cost of solar panels is $2.66 per watt, but in Olney it’s 4 per watt.The average solar panel system size in Olney is around 5.6 kilowatts, meaning a cost of about $13,851 for a solar installation, or $19,807 before the 0 federal solar tax credit is applied.
These figures are just estimates, and your own solar costs will most likely differ based on the amount of energy your home requires and what company you want to go with.Many homeowners find installing a solar panel system is a fruitful investment. The average homeowner in Olney can save about $16,000 on their energy bills over 20 years.
To get a free quote from a top solar company in Olney, you can click the button below.
Solar savings over time in Olney
| Year | Return on Investment |
|---|---|
| 1 years | $-12,242 |
| 3 years | $-9,025 |
| 5 years | $-5,807 |
| 7 years | $-2,589 |
| 9 years | $628 |
| 11 years | $3,846 |
| 13 years | $7,064 |
| 15 years | $10,281 |
| 17 years | $13,499 |
| 19 years | $16,717 |
| 21 years | $19,934 |
| 23 years | $23,152 |
| 25 years | $26,370 |
Top Solar Installers in Olney
Many homeowners opt for a solar panel installer since installing solar panels on your own can be hard. Plus, if you’re unsure what kind of solar panels and equipment you want, a solar company can help you find the right equipment for you after a site survey and consultation.
There are a number of licensed solar professionals that can help you install your solar system. 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 Olney
Factors that Affect Solar Panel Costs in Olney
There are many criteria that can determine your solar panel 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 a solar panel system in Olney, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy consumption, which you can figure out by looking at past energy bills. Your total cost can increase by around $3,540 for each additional kilowatt you need.Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Olney, 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 more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That’s why many Olney homeowners choose to finance their solar panel systems to offset upfront costs.However, the interest on solar loans also increases your total costs, so it’s important to consider that as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The solar company you choose will impact your total cost to go solar. Different companies will charge different amounts for the equipment and labor.You may come across national solar installers that have lower prices due to their larger brand name and access to bulk pricing, 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 | $8,636 | 16.0 years |
| 8 kW | $3.61 | $20,220 | $11,911 | 15.7 years |
| 10 kW | $3.54 | $24,780 | $15,385 | 15.4 years |
| 12 kW | $3.47 | $29,141 | $19,056 | 15.1 years |
| 14 kW | $3.40 | $33,304 | $22,926 | 14.8 years |
| 16 kW | $3.33 | $37,269 | $26,994 | 14.5 years |
| 18 kW | $3.26 | $41,036 | $31,261 | 14.2 years |
| 20 kW | $3.19 | $44,604 | $35,725 | 13.9 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Warranty: If you care about the endurance of your solar panels, checking if your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: Even though reading through a contract can be tedious, it’s important to do it fully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Installation Process: Make sure you’re on the same page with the installer with 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.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years in most cases provide good-quality solar panel installation and expertise.
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 Olney, MD Solar Cost FAQs
How much does it cost to install solar panels in Olney?
The average cost of solar panels in Olney is about $17,700 for a 5-kW system and $35,400 for a 10-kW system before the ITC, but the actual cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Olney?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The drawback 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 way to go if you want to get the most savings.
Is it worth going solar in Olney?
Solar panels can be a great investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
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 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 buy 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.