Solar Panel Cost Guide in Spring Ridge, MD (Mar 2023)
- Spring Ridge Solar Installation Cost: $10,994
- 25-Year Savings: $5,329
- Payback Period: 16.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Spring Ridge
Find out how much it might cost to switch to solar power 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 solar panel system size in Spring Ridge is around 5.7 kilowatts, meaning a cost of about $10,994 for a solar installation, or $15,721 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of making the switch to solar can vary depending on several factors, such as what size system you need, your energy usage and what solar installer you go with. Many homeowners find adopting solar power is a solid investment. The average homeowner in Spring Ridge can save around $11,000 on their energy bills over 20 years.
To get a free quote from a top solar installation company in Spring Ridge, you can click the button below.
Solar savings over time in Spring Ridge
| Year | Return on Investment |
|---|---|
| 1 years | $-10,341 |
| 3 years | $-9,035 |
| 5 years | $-7,729 |
| 7 years | $-6,424 |
| 9 years | $-5,118 |
| 11 years | $-3,812 |
| 13 years | $-2,506 |
| 15 years | $-1,200 |
| 17 years | $106 |
| 19 years | $1,412 |
| 21 years | $2,717 |
| 23 years | $4,023 |
| 25 years | $5,329 |
Top Solar Installers in Spring Ridge
Although it's possible to install solar panels by yourself, it requires extra time and knowledge. For that reason, most people choose a solar panel installer. Some solar installers, particularly local ones, can help you make the most of incentives in Spring Ridge, therefore optimizing your ROI.
If you're searching for a solar installer in Spring Ridge, we've organized a list of our top suggestions here:
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 Spring Ridge
Factors that Affect Solar Panel Costs in Spring Ridge
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few key factors that will push your cost above or below the average in Spring Ridge: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay around $2,770 per kilowatt in Spring Ridge. There are a lot of different solar panel brands and the one you pick also affects the cost. In general, the brands that offer higher efficiency tend to also be more expensive. Additionally, 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
Most solar installers in Spring Ridge have solar loans, which reduce the initial cost of installing solar. However, the interest on solar loans also adds to your all-in costs, so it's vital to include that in your estimate as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Spring Ridge is the company you get to install your solar system. Similar to choosing a company to build a deck or pool, for example, there are plenty of solar installers that offer a range of services at different costs. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Contract: Although reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Warranty: If you're concerned about the endurance of your solar panel system, verifying that your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
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 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.