Solar Panel Cost Guide in Laurel, VA (2024 Update)
- Laurel Solar Installation Cost: $19,553
- 25-Year Savings: $21,226
- Payback Period: 13.5 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Laurel
We go over average solar pricing in Laurel.
The average cost of a solar system in Laurel is 4 per watt.The average solar panel system size in Laurel is around 7.8 kilowatts, meaning a cost of about $19,553 for a solar installation, or $27,961 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy use, the type of equipment you choose, your solar contractor and more.But, after you've paid the upfront cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $18,000 over 20 years on energy bills.
You can click the button below to get connected with a vetted solar company in Laurel that can help you get a more accurate cost estimate for your home.
Solar savings over time in Laurel
| Year | Return on Investment |
|---|---|
| 1 years | $-17,954 |
| 3 years | $-14,756 |
| 5 years | $-11,558 |
| 7 years | $-8,361 |
| 9 years | $-5,163 |
| 11 years | $-1,965 |
| 13 years | $1,233 |
| 15 years | $4,431 |
| 17 years | $7,629 |
| 19 years | $10,827 |
| 21 years | $14,025 |
| 23 years | $17,223 |
| 25 years | $20,420 |
Top Solar Installers in Laurel
Installing solar panels yourself can be a stressful task, which is why using a solar installation company is a good option for many homeowners. A solar installer can also help save you money over time by offering warranties, repairs and component replacements.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some in Laurel:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Laurel
Factors that Affect Solar Panel Costs in Laurel
For many Laurel homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Laurel, with typical prices between $20,000 to $40,000. There are various factors that greatly influence the price you’ll pay, which we'll go over below.
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 consumes, the larger your system will likely need to be. You can expect to pay about $3,590 per kilowatt in Laurel.The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price 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 will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Laurel to be prohibitively costly, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest.It’s a good idea to factor the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
The solar installer you choose to handle your switch to clean energy can play a part in your total costs. There are about 3 solar installation companies operating in Laurel, and each can charge varying amounts for labor and equipment.Larger national companies generally have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.73 | $15,681 | $12,236 | 14.0 years |
| 8 kW | $3.66 | $20,506 | $16,717 | 13.8 years |
| 10 kW | $3.59 | $25,130 | $21,399 | 13.5 years |
| 12 kW | $3.52 | $29,553 | $26,282 | 13.2 years |
| 14 kW | $3.45 | $33,775 | $31,366 | 13.0 years |
| 16 kW | $3.37 | $37,796 | $36,651 | 12.7 years |
| 18 kW | $3.30 | $41,615 | $42,137 | 12.4 years |
| 20 kW | $3.23 | $45,234 | $47,825 | 12.2 years |
How to Save on Solar Panels
There are many companies to choose from in Laurel, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Contract: Although reading through a contract can be tedious, it’s important to do it fully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Warranty: If you’re worried about the endurance of your solar energy system, ensuring your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can research your installer’s reputation is by reading reviews.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Laurel, VA Solar Cost FAQs
How much does it cost to install solar panels in Laurel?
The average cost of solar panels in Laurel is about $17,950 for a 5-kW system and $35,900 for a 10-kW system before the ITC, but the real cost will depend on things like the model 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 Laurel?
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 tax rebates and credits 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?
Solar panels can increase your home value remarkably 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% after installing solar panels."
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable 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 keep using 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.