Solar Panel Cost Guide in Severn, MD (2023 Update)
- Severn Solar Installation Cost: $13,244
- 25-Year Savings: $10,531
- Payback Period: 15.8 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Severn
Find out what the average cost of solar panel installation is in Severn.
The average cost of a solar system in Severn is 4 per watt.To cover the typical energy needs of the average home in Severn, most homeowners require a 5.3-kilowatt system. Using the figure above, a solar installation costs about $13,244, or $18,939 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of making the switch to solar can vary depending on several factors, such as how many panels you need, your energy consumption and what solar installer you go with.But, once you've paid the upfront cost of installation, the savings for most homeowners is usually fruitful, with a net average savings of about $15,000 over 20 years on utility bills.
To receive a free estimate from a pre-vetted solar installation company in Severn, you can click the button below.
Solar savings over time in Severn
| Year | Return on Investment |
|---|---|
| 1 years | $-11,829 |
| 3 years | $-9,001 |
| 5 years | $-6,172 |
| 7 years | $-3,343 |
| 9 years | $-514 |
| 11 years | $2,314 |
| 13 years | $5,143 |
| 15 years | $7,972 |
| 17 years | $10,801 |
| 19 years | $13,629 |
| 21 years | $16,458 |
| 23 years | $19,287 |
| 25 years | $22,115 |
Top Solar Installers in Severn
Trying to install solar panels yourself can be a challenging task, which is why using a solar installation company is a good option for many homeowners. The payback period on a solar system will vary depending on factors like your roof configuration and energy needs, but working with a solar company can shorten it. Your provider will be able to help you get the most out of incentives available in your area.
You can work with a local solar installer to get a free quote on how much solar panels could cost for your home. Here are some in Severn:
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 Severn
Factors that Affect Solar Panel Costs in Severn
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that affect your total cost in Severn: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences 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 energy needs.There are several different solar panel brands and the one you choose also changes the cost. Generally, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you’re looking to get can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are provided by most installers in Severn, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible.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 can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar company you go with to handle your switch to sustainable energy can play a part in your total costs. There are about 3 solar installation companies operating throughout Severn, and each can charge different amounts 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 come at a higher cost. It’s best to do some research and go with the company that provides the products, warranties and services you’re looking for and also fits 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 | $3.68 | $15,463 | $7,994 | 16.5 years |
| 8 kW | $3.61 | $20,220 | $11,055 | 16.2 years |
| 10 kW | $3.54 | $24,780 | $14,314 | 15.8 years |
| 12 kW | $3.47 | $29,141 | $17,771 | 15.5 years |
| 14 kW | $3.40 | $33,304 | $21,427 | 15.2 years |
| 16 kW | $3.33 | $37,269 | $25,281 | 14.9 years |
| 18 kW | $3.26 | $41,036 | $29,333 | 14.6 years |
| 20 kW | $3.19 | $44,604 | $33,583 | 14.3 years |
How to Save on Solar Panels
There are many companies to choose from in Severn, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Contract: Look through the contract terms carefully to make sure you understand the overall cost, project completion timeline incentives and warranties.
- Installation Process: When going solar, it’s important to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process works and the project timeline.
- Solar Panel Brands: The model of solar panel you need plays a role in which company you should go with, since different companies provide different panels.
- Reputation: Long-standing companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
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 Severn, MD Solar Cost FAQs
What is the average cost of installing solar panels in Severn?
The average cost of solar panels in Severn is about $17,700 for a 5-kW system and $35,400 for a 10-kW system before the ITC, but the real 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 it better to lease or buy solar panels in Severn?
Leasing solar panels can be an option if you are unable to pay upfront or get 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 financial benefits from going solar.
Can solar panels eliminate my energy bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Severn, that will require at least a 10-kW system. Not all homes 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 many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.