Solar Panel Cost Guide in Riverside, MD (2023 Update)
- Riverside Solar Installation Cost: $10,824
- 25-Year Savings: $10,647
- Payback Period: 12.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Riverside
Let's take a look at the average cost of solar in Riverside.
In Riverside, solar panels cost about 2.77 per watt on average. To cover the typical energy usage of the average home in Riverside, most homeowners require a 5.6-kilowatt system. Using the figure above, a solar installation costs around $10,820, or $15,473 before the federal solar tax credit of 30% is applied.
These figures are only averages, and your own solar costs will most likely look different based on your specific situation and what company you want to go with. For many homeowners, the upfront investment in solar power is worth paying. On average you could be looking at about $15,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in Riverside for a quote for your home.
Solar savings over time in Riverside
| Year | Return on Investment |
|---|---|
| 1 years | $-9,410 |
| 3 years | $-6,581 |
| 5 years | $-3,752 |
| 7 years | $-924 |
| 9 years | $1,905 |
| 11 years | $4,734 |
| 13 years | $7,563 |
| 15 years | $10,391 |
| 17 years | $13,220 |
| 19 years | $16,049 |
| 21 years | $18,878 |
| 23 years | $21,706 |
| 25 years | $24,535 |
Top Solar Installers in Riverside
When making the switch to solar, many homeowners decide to use a solar installer since installing a solar system yourself can be a time-consuming project. Companies can also have access to a large variety of the best solar panels and help you pick which one will be best for your home.
If you're searching for a solar installer in Riverside, the EcoWatch team has compiled a list of our top suggestions here:
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 Riverside
Factors that Affect Solar Panel Costs in Riverside
The cost of installing a solar system in Riverside can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of a solar energy system in Riverside, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can determine by looking at past power bills. Your overall cost can increase by about $2,770 for each additional kilowatt you need. The brand and type of equipment you choose for your solar system can increase or decrease 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 limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a solid route because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. Although solar loans make switching to solar energy more accessible for Riverside homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The remaining key cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Riverside, you'll have a great number of options to choose from, but each comes at different price points for labor and equipment. 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 choose a company that provides the products, warranties and services you're looking for and also is 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 | $10,978 | 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 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 select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. While there are many options for which kind 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 ask for their list of options before deciding.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for a long time and save you money on part replacement and repairs.
- Contract: Look through the contract terms closely to make sure you understand how much it will cost, project completion timeline rebates and warranties.
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 Riverside, MD Solar Cost FAQs
What is the average cost of installing solar panels in Riverside?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally 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 cost more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
What other factors should I consider other than cost when buying solar panels?
The upfront cost is a key factor to consider, but whether it's the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
How much can I save on power bills after installing solar panels?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Riverside, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Riverside?
On average, the lifespan of solar panels is 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 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.