Solar Panel Cost Guide in Silver Spring, PA (Mar 2023)
- Silver Spring Solar Installation Cost: $11,888
- 25-Year Savings: $13,884
- Payback Period: 11.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Silver Spring
See how much it might cost to make the switch to solar in Silver Spring.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Silver Spring, the average cost of a solar system is 2.55 per watt. The average solar panel system size in Silver Spring is around 6.7 kilowatts, meaning a cost of about $11,888 for a solar installation, or $17,000 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy use, the type of solar system you want, your solar contractor and more. With typical savings of about $15,000 on utility bills over 20 years, many homeowners in Silver Spring find going solar has a decent ROI.
Click the button below to get connected to a reputable solar company in your area for a custom estimate.
Solar savings over time in Silver Spring
| Year | Return on Investment |
|---|---|
| 1 years | $-10,857 |
| 3 years | $-8,795 |
| 5 years | $-6,734 |
| 7 years | $-4,672 |
| 9 years | $-2,610 |
| 11 years | $-548 |
| 13 years | $1,513 |
| 15 years | $3,575 |
| 17 years | $5,637 |
| 19 years | $7,699 |
| 21 years | $9,761 |
| 23 years | $11,822 |
| 25 years | $13,884 |
Top Solar Installers in Silver Spring
When making the switch to solar, many homeowners opt to hire a solar installation company since installing solar panels yourself can be a challenging project. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you're searching for a solar company in Silver Spring, the EcoWatch team has organized a list of our top suggestions here:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 Silver Spring
Factors that Affect Solar Panel Costs in Silver Spring
Even though the average cost of a solar system in Silver Spring is $11,888, your actual cost may be above or below the average. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
One of the most significant 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 energy your household uses, the larger your system will likely need to be. You can expect to spend about $2,550 per kilowatt in Silver Spring. The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect 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 increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are available from most installers in Silver Spring, which can lower, or in some cases eliminate, your upfront costs to make solar more accessible. When estimating your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installation company you select will impact your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor. The company's size can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.65 | $11,138 | $12,071 | 12.0 years |
| 8 kW | $2.60 | $14,566 | $16,380 | 11.8 years |
| 10 kW | $2.55 | $17,850 | $20,833 | 11.5 years |
| 12 kW | $2.50 | $20,992 | $25,427 | 11.3 years |
| 14 kW | $2.45 | $23,990 | $30,165 | 11.1 years |
| 16 kW | $2.40 | $26,846 | $35,046 | 10.8 years |
| 18 kW | $2.35 | $29,560 | $40,069 | 10.6 years |
| 20 kW | $2.29 | $32,130 | $45,235 | 10.4 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. Since choosing a company can be difficult, we have some tips to help you, such as:
- Contract: When looking over your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to install your solar system. Another way you can research your installer's reputation is by reading reviews.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
- Solar Panel Brands: Different companies will have various brands and kinds of panels. If you want a specific brand, make sure the solar installer you're considering has it.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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 Silver Spring, PA Solar Cost FAQs
How much does it cost to install solar panels in Silver Spring?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $12,750 for a 5-kW system and $25,500 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 consumption. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Silver Spring?
Leasing solar panels can be an appealing choice, as it typically 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 get the most savings.
How will installing solar panels impact my home value?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don't choose 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 often do you have to replace solar panels?
Although 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 their energy production will have decreased significantly after that point. You can decide to replace them after having 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.