Solar Panel Cost Guide in Overlea, MD (Mar 2023)
- Overlea Solar Installation Cost: $10,839
- 25-Year Savings: $10,055
- Payback Period: 13.0 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated March 14, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Overlea
Let's take a look at the average cost of solar in Overlea.
While the national average of solar panels is $2.66 per watt, solar panels in Overlea generally cost about 2.77. Using this figure, a typical 5.6-kW system would cost about $10,839 before the 30% federal solar tax credit is applied.
The true cost of your system can be higher or lower than the average in Overlea based on several factors, such as the brand of solar panels you choose and the solar company you hire. Many homeowners find adopting solar power is a solid investment. The average homeowner in Overlea can save about $14,000 on their energy bills over 20 years.
Click the button below to get connected to a highly rated solar panel company in Overlea for a personalized estimate.
Solar savings over time in Overlea
| Year | Return on Investment |
|---|---|
| 1 years | $-10,003 |
| 3 years | $-8,332 |
| 5 years | $-6,660 |
| 7 years | $-4,989 |
| 9 years | $-3,317 |
| 11 years | $-1,646 |
| 13 years | $26 |
| 15 years | $1,697 |
| 17 years | $3,369 |
| 19 years | $5,040 |
| 21 years | $6,712 |
| 23 years | $8,383 |
| 25 years | $10,055 |
Top Solar Installers in Overlea
When going solar, many homeowners prefer to go with a solar company since handling can be a time-consuming project. The expertise that solar installers provide can be valuable as well, especially 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 installer in Overlea, the EcoWatch team has compiled a list of our top suggestions here:
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Overlea
Factors that Affect Solar Panel Costs in Overlea
There are a number of factors that can play into your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the most significant 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 raise costs. For each additional kilowatt you need, your cost can go up by about $2,770. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your power bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Overlea average.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are provided by most installers in Overlea, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more accessible. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor 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 panel installation company you pick will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and find a company that offers the products, warranties and services you're looking for and also fits within your budget.
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 | $10,331 | 13.5 years |
| 8 kW | $2.83 | $15,822 | $14,085 | 13.2 years |
| 10 kW | $2.77 | $19,390 | $17,995 | 13.0 years |
| 12 kW | $2.71 | $22,803 | $22,059 | 12.7 years |
| 14 kW | $2.66 | $26,060 | $26,278 | 12.4 years |
| 16 kW | $2.60 | $29,163 | $30,653 | 12.2 years |
| 18 kW | $2.55 | $32,110 | $35,182 | 11.9 years |
| 20 kW | $2.49 | $34,902 | $39,867 | 11.7 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose greatly affects your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Before signing a contract with a solar company, make sure to read it through fully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Installation Process: When going solar, it's important to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process works and the completion timeline.
- Solar Panel Brands: Different companies will carry various brands and kinds of panels. If you prefer a specific brand, make sure the solar company you're considering has it.
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Overlea, MD Solar Cost FAQs
What is the average cost of installing solar panels in Overlea?
This is a difficult question to answer exactly, 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 be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Overlea?
Leasing solar panels can be an option if you can't afford to 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 going solar worth it?
Solar panels can be a beneficial investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of 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 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.