Solar Panel Cost Guide in Riverside, MD (Jan 2023)
- Riverside Solar Installation Cost: $10,820
- 25-Year Savings: $10,651
- Payback Period: 12.6 Years
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Updated January 20, 2023
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Average Cost of Solar Panels in Riverside
Let's have a look at the average cost of solar in Riverside.
The average cost of a solar panel system in Riverside is $3 per watt. Using this figure, a typical 5.6 would cost about $10,820 before the 30% federal solar tax credit is applied.
The true cost of your system can be above or below the average in Riverside depending on several factors, such as the brand of solar panels you choose and the solar company you hire. Many homeowners find installing a solar panel system is a rewarding investment. The average homeowner in Riverside can save around $15,000 on their energy bills over 20 years.
Click the button below to get connected to a reputable solar panel company in Riverside for a personalized estimate.
Solar savings over time in Riverside
| Year | Return on Investment |
|---|---|
| 1 years | $-9,961 |
| 3 years | $-8,243 |
| 5 years | $-6,525 |
| 7 years | $-4,808 |
| 9 years | $-3,090 |
| 11 years | $-1,372 |
| 13 years | $345 |
| 15 years | $2,063 |
| 17 years | $3,781 |
| 19 years | $5,498 |
| 21 years | $7,216 |
| 23 years | $8,934 |
| 25 years | $10,651 |
Top Solar Installers in Riverside
Although you can install solar panels on your own, it involves extra effort and know-how. That's why almost all homeowners choose to hire a solar panel installer. A solar installer can also help save you money over the lifespan of your system by offering warranties, repairs and component replacements.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some in Riverside:
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 Riverside
Factors that Affect Solar Panel Costs in Riverside
There are a number of factors that can influence your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. That's why it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. The brand of solar panels and equipment you get is another factor that will substantially impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment consists of more than 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 researching a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Riverside to be prohibitively costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to a higher cost over time because of interest. You'll have to consider the long-term cost of financing options, including the amount of 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 more than the original 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
Lastly, the company you choose to install your solar panels can influence the cost. Riverside's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle 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 | $10,978 | 13.1 years |
| 8 kW | $2.83 | $15,822 | $14,947 | 12.9 years |
| 10 kW | $2.77 | $19,390 | $19,072 | 12.6 years |
| 12 kW | $2.71 | $22,803 | $23,352 | 12.4 years |
| 14 kW | $2.66 | $26,060 | $27,786 | 12.1 years |
| 16 kW | $2.60 | $29,163 | $32,376 | 11.8 years |
| 18 kW | $2.55 | $32,110 | $37,121 | 11.6 years |
| 20 kW | $2.49 | $34,902 | $42,022 | 11.3 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose considerably affects 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:
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Contract: Before signing a contract with a solar company, make sure to read it through completely so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for a long time and save you money on repairs and maintenance.
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 Riverside, MD Solar Cost FAQs
What is the average cost of installing solar panels in Riverside?
The average cost of solar panels in Riverside 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 things such as the kind 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 Riverside?
Leasing solar panels can be an attractive choice, because it usually comes with low or $0 upfront payments. The downside 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Can solar panels completely eradicate my power bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $769.24 per year.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.