Solar Panel Cost Guide in Woodmore, MD (Mar 2023)
- Woodmore Solar Installation Cost: $10,568
- 25-Year Savings: $11,326
- Payback Period: 12.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Woodmore
Find out what the average cost of a solar system is in Woodmore.
The average cost of a solar panel system in Woodmore is 2.77 per watt. Since a 5.5-kW system is needed to cover the energy costs of a typical home in Woodmore, the average price of going solar will be about $10,568 after claiming the federal solar tax credit of 30%.
How much you pay can be above or below the average in Woodmore based on a variety of factors, such as the type of solar panels you choose and the solar contractor you hire. Despite the high upfront cost, the average Woodmore homeowner can save around $15,000 on their electricity bills over 20 years, which is one of the advantages of solar.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Woodmore
| Year | Return on Investment |
|---|---|
| 1 years | $-9,692 |
| 3 years | $-7,940 |
| 5 years | $-6,189 |
| 7 years | $-4,437 |
| 9 years | $-2,686 |
| 11 years | $-934 |
| 13 years | $817 |
| 15 years | $2,569 |
| 17 years | $4,320 |
| 19 years | $6,072 |
| 21 years | $7,823 |
| 23 years | $9,575 |
| 25 years | $11,326 |
Top Solar Installers in Woodmore
Trying to put up solar panels by yourself can be a challenging task, which is why using a solar installer is a good option for many homeowners. Local solar installation companies can also help you maximize your return on investment by walking you through any local incentives you can take advantage of and by offering warranties and repairs.
If you're on the hunt for a solar installer in Woodmore, the EcoWatch team has 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 Woodmore
Factors that Affect Solar Panel Costs in Woodmore
There are several criteria that can influence your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, 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 around $2,770. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Woodmore, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are a popular option because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also increases your overall costs, so it's crucial to take that into consideration as well. You can always bring down the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can affect how much it costs. Woodmore's solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials 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 | $11,982 | 12.6 years |
| 8 kW | $2.83 | $15,822 | $16,287 | 12.3 years |
| 10 kW | $2.77 | $19,390 | $20,746 | 12.1 years |
| 12 kW | $2.71 | $22,803 | $25,361 | 11.8 years |
| 14 kW | $2.66 | $26,060 | $30,131 | 11.6 years |
| 16 kW | $2.60 | $29,163 | $35,056 | 11.4 years |
| 18 kW | $2.55 | $32,110 | $40,136 | 11.1 years |
| 20 kW | $2.49 | $34,902 | $45,371 | 10.9 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. Since picking a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Different companies will have various brands and types of panels. If you prefer a specific brand, make sure the solar installer you're considering has it.
- Contract: Before you sign a contract with a solar company, make sure you look it over completely so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
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 Woodmore, MD Solar Cost FAQs
How much does it cost to install solar panels in Woodmore?
This is a tough question to answer precisely, because the cost depends on many 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 be more expensive if you want extra 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 choose a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Woodmore?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The downside 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 option if you want to maximize your savings.
How will solar panels impact my property value?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in Woodmore?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.