Solar Panel Cost Guide in West Laurel, MD (2023 Update)
- West Laurel Solar Installation Cost: $10,577
- 25-Year Savings: $10,317
- Payback Period: 12.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in West Laurel
Find out what the average cost of solar panels are in West Laurel.
The average cost of a solar panel system in West Laurel is 2.77 per watt. To cover the typical energy needs of the average home in West Laurel, most homeowners require a 5.5-kilowatt system. Using the figure above, a solar installation costs about $10,568, or $15,112 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The true cost of making the switch to solar can vary quite a bit based on several factors, such as how many panels you need, your energy consumption and what company you go with. Even with the high initial cost, the average West Laurel homeowner can save around $15,000 on their energy bills over 20 years, which is one of the perks of solar.
To get a free estimate from a top solar installer in West Laurel, you can click the button below.
Solar savings over time in West Laurel
| Year | Return on Investment |
|---|---|
| 1 years | $-9,163 |
| 3 years | $-6,334 |
| 5 years | $-3,505 |
| 7 years | $-676 |
| 9 years | $2,152 |
| 11 years | $4,981 |
| 13 years | $7,810 |
| 15 years | $10,639 |
| 17 years | $13,467 |
| 19 years | $16,296 |
| 21 years | $19,125 |
| 23 years | $21,954 |
| 25 years | $24,782 |
Top Solar Installers in West Laurel
Many homeowners opt for a solar installation company since trying to put up solar panels on your own can be hard. The payback period on a solar system will vary based on factors like your location and energy consumption, but working with a solar installer can shorten it. Your provider will be able to help you identify incentives available in your area.
Working with a vetted solar installer can help you make the most of your investment in solar. Here are our recommendations:
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 West Laurel
Factors that Affect Solar Panel Costs in West Laurel
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that affect your total cost in West Laurel: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
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, your total will most likely increase by nearly $2,770. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your power bills. Additionally, extra products, like solar batteries, can bring your total well above the West Laurel average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are offered by most installers in West Laurel, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable. Even though solar loans make adopting solar energy more accessible for West Laurel 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
Finally, the company you get to install your solar panels can impact how much it costs. West Laurel's solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $10,883 | 13.2 years |
| 8 kW | $2.83 | $15,822 | $14,820 | 12.9 years |
| 10 kW | $2.77 | $19,390 | $18,913 | 12.7 years |
| 12 kW | $2.71 | $22,803 | $23,161 | 12.4 years |
| 14 kW | $2.66 | $26,060 | $27,564 | 12.1 years |
| 16 kW | $2.60 | $29,163 | $32,123 | 11.9 years |
| 18 kW | $2.55 | $32,110 | $36,836 | 11.6 years |
| 20 kW | $2.49 | $34,902 | $41,704 | 11.4 years |
How to Save on Solar Panels
There are many companies available in West Laurel, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Contract: Though reading through a contract can be tedious, it's important to do it thoroughly so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for a long time and save you money on part replacement and repairs.
- Solar Panel Brands: The kind of solar panel you need to get plays a role in which company you should opt for, since different companies offer different panels.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely offer high-quality solar panel installation and expertise.
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 West Laurel, MD Solar Cost FAQs
What is the average cost of installing solar panels in West Laurel?
The average cost of solar panels in West Laurel is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the actual cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in West Laurel?
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 bang for your buck from going solar.
Do solar panels increase your property value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in West Laurel is currently $308,000, which means you could be looking at a value of about $12,628 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in West Laurel is a fruitful investment.
How often do you have to replace solar panels?
On average, solar panels can last 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 larger level 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.