Solar Panel Cost Guide in Spring Ridge, MD (2023 Update)
- Spring Ridge Solar Installation Cost: $10,990
- 25-Year Savings: $5,334
- Payback Period: 16.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Spring Ridge
Let's take a look at the average cost of solar panels in Spring Ridge.
The national average cost of solar panels is $2.66 per watt, but in Spring Ridge it's 2.77 per watt. The average Spring Ridge homeowner needs a 5.7-kilowatt system, which would cost about $10,994 with the federal tax credit, or $15,721 before the 30% tax credit is applied.
These figures are only averages, and how much solar costs for you will most likely differ based on your specific situation and what company you choose to go with. With average savings of about $11,000 on power bills over 20 years, many homeowners in Spring Ridge find installing solar panels has a decent ROI.
Click the button below to get connected to a reputable solar company in your area for a customized quote.
Solar savings over time in Spring Ridge
| Year | Return on Investment |
|---|---|
| 1 years | $-9,737 |
| 3 years | $-7,232 |
| 5 years | $-4,727 |
| 7 years | $-2,222 |
| 9 years | $283 |
| 11 years | $2,789 |
| 13 years | $5,294 |
| 15 years | $7,799 |
| 17 years | $10,304 |
| 19 years | $12,809 |
| 21 years | $15,314 |
| 23 years | $17,819 |
| 25 years | $20,324 |
Top Solar Installers in Spring Ridge
Putting up solar panels yourself can be a challenging task, which is why using a solar installation company is a good option for many homeowners. Plus, if you'd like to maximize your investment in solar, opting for a solar installer can help with that too. Different providers can offer repairs, expertise on how to install solar panels and sometimes even information on local incentives and net metering programs.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Spring Ridge
Factors that Affect Solar Panel Costs in Spring Ridge
For many Spring Ridge homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Spring Ridge, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,770. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Spring Ridge to be too expensive, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar panel installation company you choose will impact your total cost to go solar. Different companies will charge different amounts for the equipment and labor. Larger national companies typically have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra 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 | $5,181 | 17.5 years |
| 8 kW | $2.83 | $15,822 | $7,218 | 17.2 years |
| 10 kW | $2.77 | $19,390 | $9,410 | 16.8 years |
| 12 kW | $2.71 | $22,803 | $11,758 | 16.5 years |
| 14 kW | $2.66 | $26,060 | $14,260 | 16.2 years |
| 16 kW | $2.60 | $29,163 | $16,918 | 15.8 years |
| 18 kW | $2.55 | $32,110 | $19,730 | 15.5 years |
| 20 kW | $2.49 | $34,902 | $22,698 | 15.1 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Contract: Before signing a contract with a solar installer, make sure you look it over fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years most likely offer high-quality solar panel installation and expertise.
- 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 large role in the company you go with.
- Warranty: A comprehensive, long-term warranty can help keep your solar panels running for a long time and save you money on repairs and maintenance.
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 Spring Ridge, MD Solar Cost FAQs
What is the average cost of installing solar panels in Spring Ridge?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly 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 needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
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 trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
How much can I save on power bills after switching to solar?
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 $576.00 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.