Solar Panel Cost Guide in Riva, MD (2023 Update)
- Riva Solar Installation Cost: $10,363
- 25-Year Savings: $10,531
- Payback Period: 12.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Riva
Let's take a look at the average cost of solar in Riva.
In Riva, solar panels cost about 2.77 per watt on average. To cover the typical energy needs of the average home in Riva, most homeowners require a 5.3-kilowatt system. Using the figure above, a solar installation costs around $10,354, or $14,806 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy needs, the type of equipment you choose, your solar contractor and more. Despite the significant upfront cost, the average Riva homeowner can save around $15,000 on their energy bills over 20 years, which is one of the benefits of solar.
To receive a free estimate from a pre-vetted solar installation company in Riva, you can click the button below.
Solar savings over time in Riva
| Year | Return on Investment |
|---|---|
| 1 years | $-10,293 |
| 3 years | $-10,154 |
| 5 years | $-10,015 |
| 7 years | $-9,875 |
| 9 years | $-9,736 |
| 11 years | $-9,597 |
| 13 years | $-9,458 |
| 15 years | $-9,318 |
| 17 years | $-9,179 |
| 19 years | $-9,040 |
| 21 years | $-8,900 |
| 23 years | $-8,761 |
| 25 years | $-8,622 |
Top Solar Installers in Riva
When switching to solar energy, many homeowners prefer to hire a solar installation company since installing a solar system yourself can be a challenging project. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
Working with a licensed solar installer can help you make the most of your investment in solar. 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 Riva
Factors that Affect Solar Panel Costs in Riva
There are many criteria that can play into your solar system 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
When it comes to estimating the price of a solar panel system in Riva, 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 consumption, which you can gauge by looking at past energy bills. Your total cost can increase by about $2,770 for each additional kilowatt you need. The model of solar panels and equipment you want is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are a popular option because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years. When considering your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The remaining significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in Riva, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. Larger national companies generally 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 | $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
There are a large number of companies to choose from in Riva, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Contract: Although reading through a contract can be tedious, it's important to do it carefully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: If you're concerned about the endurance of your solar system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. While 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 make sure you ask for their list of options before making your decision.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can look into your installer's reputation is by reading reviews.
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 Riva, MD Solar Cost FAQs
How much does it cost to install solar panels in Riva?
The average cost of solar panels in Riva is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
Cost is a crucial factor to consider, but whether it's the most important for you depends on why you decided to go solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.
How will installing solar panels impact my property value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Riva is currently $479,019, so you can look forward to a value of about $19,640 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Riva is a worthwhile investment.
How long do solar panels last in Riva?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.