Solar Panel Cost Guide in Colesville, MD (2024 Update)
- Colesville Solar Installation Cost: $13,851
- 25-Year Savings: $11,056
- Payback Period: 15.8 Years
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Average Cost of Solar Panels in Colesville
Let’s have a look at the average cost of solar in Colesville.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Colesville, the typical cost of solar panels is 4 per watt.Since a 5.6-kW system is needed to cover the energy usage of a typical home in Colesville, the average price of going solar will be about $13,851 after claiming the federal solar tax credit of 0.
Bear in mind that the figures above are only estimates based on the average Colesville homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.Despite the high upfront cost, the average Colesville homeowner can save around $15,000 on their energy bills over 20 years, which is one of the positives of solar.
Click the button below to get connected to a vetted solar panel company in your area for a customized quote.
Solar savings over time in Colesville
| Year | Return on Investment |
|---|---|
| 1 years | $-12,437 |
| 3 years | $-9,608 |
| 5 years | $-6,779 |
| 7 years | $-3,950 |
| 9 years | $-1,122 |
| 11 years | $1,707 |
| 13 years | $4,536 |
| 15 years | $7,364 |
| 17 years | $10,193 |
| 19 years | $13,022 |
| 21 years | $15,851 |
| 23 years | $18,679 |
| 25 years | $21,508 |
Top Solar Installers in Colesville
Trying to install solar panels on your own can be a stressful undertaking, which is why using a solar installer is a good option for many homeowners. Also, companies with a high reputation that cost more upfront could actually save you money in the long term due to their warranties, repair services and expert design.
If you're on the hunt for a solar company in Colesville, the EcoWatch team has compiled a list of our top suggestions here:
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Colesville
Factors that Affect Solar Panel Costs in Colesville
Even though the average cost of a solar system in Colesville is $13,851, your final cost may be higher or lower than that. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
When it comes to estimating the cost of a solar system in Colesville, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy usage, which you can gauge by looking at past power bills. Your overall cost can increase by around $3,540 for each additional kilowatt you need.There are a lot of different solar panel brands and the one you pick also affects the cost. Generally, the brands that offer higher efficiency tend to also cost more. In addition, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are an affordable 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.Even though solar loans make going solar more accessible for Colesville homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Colesville is the company you choose to install your solar system. Similar to choosing a company to install new cabinets, for example, you’ll have many options for solar installers that offer a range of services at different costs.Additionally, some companies in Colesville have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 | $8,038 | 16.4 years |
| 8 kW | $3.61 | $20,220 | $11,114 | 16.1 years |
| 10 kW | $3.54 | $24,780 | $14,388 | 15.8 years |
| 12 kW | $3.47 | $29,141 | $17,861 | 15.5 years |
| 14 kW | $3.40 | $33,304 | $21,532 | 15.2 years |
| 16 kW | $3.33 | $37,269 | $25,400 | 14.9 years |
| 18 kW | $3.26 | $41,036 | $29,468 | 14.6 years |
| 20 kW | $3.19 | $44,604 | $33,733 | 14.2 years |
How to Save on Solar Panels
The solar company you opt for will be a major factor in determining not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should take into account, such as:
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Contract: It’s important to read through your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Warranty: If you care about the durability of your solar system, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Colesville, MD Solar Cost FAQs
How much does it cost to install solar panels in Colesville?
This is a hard question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $17,700 for a 5-kW system and $35,400 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Does Colesville have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future energy bills.
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 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.