Solar Panel Cost Guide in Riverdale Park, MD (2024 Update)
- Riverdale Park Solar Installation Cost: $13,517
- 25-Year Savings: $12,317
- Payback Period: 14.8 Years
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Average Cost of Solar Panels in Riverdale Park
Let’s have a look at the average cost of solar panels in Riverdale Park.
The national average cost of solar panels is $2.66 per watt, but in Riverdale Park it’s 4 per watt.The average Riverdale Park homeowner needs a 5.5-kilowatt system, which would cost about $13,517 with the federal tax credit, or $19,329 before the 0 tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Riverdale Park homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.Even with the high initial cost, the average Riverdale Park homeowner can save about $16,000 on their electricity bills over 20 years, which is one of the perks of solar.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Riverdale Park
| Year | Return on Investment |
|---|---|
| 1 years | $-11,811 |
| 3 years | $-8,399 |
| 5 years | $-4,987 |
| 7 years | $-1,575 |
| 9 years | $1,837 |
| 11 years | $5,250 |
| 13 years | $8,662 |
| 15 years | $12,074 |
| 17 years | $15,486 |
| 19 years | $18,898 |
| 21 years | $22,310 |
| 23 years | $25,722 |
| 25 years | $29,135 |
Top Solar Installers in Riverdale Park
When going solar, many homeowners opt to use a solar company since overseeing your solar installation yourself can be a difficult project. Plus, if you aren’t sure what brand of solar panels and equipment you want, a solar company can help you figure that out after a site survey and consultation.
Working with a vetted solar installer can make going solar easier. Here are our recommendations:
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Riverdale Park
Factors that Affect Solar Panel Costs in Riverdale Park
Even though the average cost of a solar system in Riverdale Park is $13,517, your actual cost may be above or below the average. There are quite a few factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to pay about $3,540 per kilowatt in Riverdale Park.The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for 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 in the long run on your electric bills. In addition, add-on products, like solar batteries, can bring your total well above the Riverdale Park average.
Solar Financing Terms
Many homeowners find the average cost of solar in Riverdale Park to be too costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest.Though solar loans make adopting solar energy more accessible for Riverdale Park homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Riverdale Park is the company you get to install your solar system. As with choosing a company to install new cabinets, for example, there are plenty of solar installers that provide a range of services for different budgets.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 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 | $3.68 | $15,463 | $9,719 | 15.4 years |
| 8 kW | $3.61 | $20,220 | $13,355 | 15.1 years |
| 10 kW | $3.54 | $24,780 | $17,189 | 14.8 years |
| 12 kW | $3.47 | $29,141 | $21,222 | 14.5 years |
| 14 kW | $3.40 | $33,304 | $25,453 | 14.2 years |
| 16 kW | $3.33 | $37,269 | $29,882 | 13.9 years |
| 18 kW | $3.26 | $41,036 | $34,509 | 13.6 years |
| 20 kW | $3.19 | $44,604 | $39,335 | 13.3 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:
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you go with.
- Installation Process: Make sure you’re on the same page with the company regarding how the installation process will go and what you need to do before your solar system is installed, such as updating or replacing your electrical system or roof.
- Warranty: If you’re worried about the longevity of your solar system, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Riverdale Park, MD Solar Cost FAQs
How much does it cost to install solar panels in Riverdale Park?
The average cost of solar panels in Riverdale Park 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 such as the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Riverdale Park?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of 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 savings from going solar.
How will having solar panels impact my home 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 Riverdale Park is currently $445,759, which means you can expect a value of about $18,276 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Riverdale Park is a fruitful investment.
How often do you have to replace solar panels?
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 level 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.