Solar Panel Cost Guide in Urbana, MD (2024 Update)
- Urbana Solar Installation Cost: $14,045
- 25-Year Savings: $5,334
- Payback Period: 21.5 Years
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Average Cost of Solar Panels in Urbana
Find out what the average cost of solar panels are in Urbana.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Urbana, the average cost of a solar system is 4 per watt.The average Urbana homeowner needs a 5.7-kilowatt system, which would cost about $14,045 with the federal tax credit, or $20,084 before the 0 tax credit is applied.
These figures are just estimates, and how much solar costs for you may vary based on the amount of energy your home requires and what company you go with.But, once you've paid the initial cost of installation, the ROI for most homeowners is typically good, with a net average savings of about $11,000 over 20 years on electricity bills.
Click the button below to get connected to a vetted solar installer in your area for a custom quote.
Solar savings over time in Urbana
| Year | Return on Investment |
|---|---|
| 1 years | $-12,792 |
| 3 years | $-10,287 |
| 5 years | $-7,782 |
| 7 years | $-5,277 |
| 9 years | $-2,772 |
| 11 years | $-266 |
| 13 years | $2,239 |
| 15 years | $4,744 |
| 17 years | $7,249 |
| 19 years | $9,754 |
| 21 years | $12,259 |
| 23 years | $14,764 |
| 25 years | $17,270 |
Top Solar Installers in Urbana
Many homeowners opt for a solar installer since trying to install solar panels yourself can be hard. The expertise that solar installers provide can be valuable as well, particularly if you don’t quite know what kind of solar equipment would be right for your home.
Working with a professional solar company can help your solar project go smoothly. Here are our recommendations:
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
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 Urbana
Factors that Affect Solar Panel Costs in Urbana
The cost of installing a solar system in Urbana can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $3,540. There are a lot of different solar panel brands and the one you choose also changes the cost. Generally speaking, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you choose can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are available from most installers in Urbana, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more affordable.However, the interest on solar loans also adds to your total costs, so it’s crucial to consider that as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Urbana is the company you choose to install your PV system. Similar to choosing a company to build a deck or pool, for example, you’ll have many options for solar installers that offer a range of services at different price points.Additionally, some companies in Urbana have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
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 | $1,817 | 22.4 years |
| 8 kW | $3.61 | $20,220 | $2,820 | 21.9 years |
| 10 kW | $3.54 | $24,780 | $4,020 | 21.5 years |
| 12 kW | $3.47 | $29,141 | $5,419 | 21.1 years |
| 14 kW | $3.40 | $33,304 | $7,016 | 20.6 years |
| 16 kW | $3.33 | $37,269 | $8,811 | 20.2 years |
| 18 kW | $3.26 | $41,036 | $10,805 | 19.8 years |
| 20 kW | $3.19 | $44,604 | $12,996 | 19.4 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be a tough decision, we have some tips to help you, such as:
- Installation Process: Make sure you’re on the same page with the company in regard to how the installation process will go and what you need to do before your solar system is installed, such as updating or replacing your electrical system or roof.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: When reading over your solar company’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Warranty: Companies typically offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
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 Urbana, MD Solar Cost FAQs
What is the average cost of installing solar panels in Urbana?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $17,700 for a 5-kW system and $35,400 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Urbana?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The drawback 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 way to go if you want to get the most savings.
Do solar panels increase the value of your home?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Urbana is currently $569,907, which means you can expect a value of about $23,366 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Urbana is a fruitful investment.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household 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.