Solar Panel Cost Guide in Owings Mills, MD (2023 Update)
- Owings Mills Solar Installation Cost: $10,837
- 25-Year Savings: $10,057
- Payback Period: 13.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Owings Mills
See how much it might cost to install solar panels in Owings Mills.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Owings Mills, the typical cost of solar panels is 2.77 per watt. Using this figure, a typical 5.6-kW system would cost about $10,839 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of going solar can vary quite a bit based on a few factors, such as how many panels you need, your energy consumption and what solar installer you go with. Many homeowners find installing a solar panel system is a fruitful investment. The average homeowner in Owings Mills can save around $14,000 on their electricity bills over 20 years.
Click the button below to get connected to a highly rated solar company in your area for a personalized estimate.
Solar savings over time in Owings Mills
| Year | Return on Investment |
|---|---|
| 1 years | $-9,422 |
| 3 years | $-6,594 |
| 5 years | $-3,765 |
| 7 years | $-936 |
| 9 years | $1,893 |
| 11 years | $4,721 |
| 13 years | $7,550 |
| 15 years | $10,379 |
| 17 years | $13,207 |
| 19 years | $16,036 |
| 21 years | $18,865 |
| 23 years | $21,694 |
| 25 years | $24,522 |
Top Solar Installers in Owings Mills
Installing solar panels yourself can be a dangerous project, which is why hiring a solar installer is a good option for many homeowners. The expertise that solar companies provide can be helpful as well, particularly if you aren't sure what type of solar equipment would be right for your home.
If you'd like to make the switch to solar but still aren't certain which solar panel company to go with, here are our suggestions for providers nearby:
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 Owings Mills
Factors that Affect Solar Panel Costs in Owings Mills
Even though the average cost of a solar system in Owings Mills is $10,839, your final cost may differ. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it's important to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. The brand and kind 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 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 out of pocket can be a challenge. Solar loans are provided by most installers in Owings Mills, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable. When figuring out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you choose will impact your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor. Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
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 has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- 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 brand 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 peruse their list of offerings before making your decision.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years likely provide quality solar panel installation and expertise.
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
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 Owings Mills, MD Solar Cost FAQs
How much does it cost to install solar panels in Owings Mills?
The average cost of solar panels in Owings Mills is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider other than cost when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will solar panels impact how much my home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Owings Mills is currently $275,183, which means you can expect a value of about $11,283 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Owings Mills is a fruitful investment.
How long do solar panels last in Owings Mills?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.