Solar Panel Cost Guide in East Riverdale, MD (2024 Update)
- East Riverdale Solar Installation Cost: $13,517
- 25-Year Savings: $12,317
- Payback Period: 14.8 Years
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Average Cost of Solar Panels in East Riverdale
Let’s take a look at the average cost of solar in East Riverdale.
The national average cost of solar panels is $2.66 per watt, but in East Riverdale it’s 4 per watt.Using this figure, a typical 5.5-kW system would cost about $13,517 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average East Riverdale homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.But, once you've paid the initial cost of installation, the savings for most homeowners is usually rewarding, with a net average savings of about $16,000 over 20 years on utility bills.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in East Riverdale
Year | Return on Investment |
---|---|
1 years | $-11,811 |
3 years | $-8,399 |
5 years | $-4,987 |
7 years | $-1,575 |
9 years | $1,837 |
11 years | $5,250 |
13 years | $8,662 |
15 years | $12,074 |
17 years | $15,486 |
19 years | $18,898 |
21 years | $22,310 |
23 years | $25,722 |
25 years | $29,135 |
Top Solar Installers in East Riverdale
Many homeowners choose to use a solar installation company since figuring out how to install solar panels on your own can be hard. Another advantage of working with a solar company is that they can help you make the most of your return of investment by cutting back on future costs of repairs and replacements due to warranties and giving you information on local incentives you can take advantage of.
If you're looking for a solar installer in East Riverdale, we've 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 East Riverdale
Factors that Affect Solar Panel Costs in East Riverdale
There are a number of factors that can play into your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The size of the solar system you need for your home, 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 about $3,540. The type of solar panels and equipment you get is another factor that will substantially impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That’s why many East Riverdale homeowners choose to finance their solar panel systems to make paying for solar more affordable.When figuring out your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you choose will impact your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor.Additionally, some companies in East Riverdale have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $9,719 | 15.4 years |
8 kW | $3.61 | $20,220 | $13,355 | 15.1 years |
10 kW | $3.54 | $24,780 | $17,189 | 14.8 years |
12 kW | $3.47 | $29,141 | $21,222 | 14.5 years |
14 kW | $3.40 | $33,304 | $25,453 | 14.2 years |
16 kW | $3.33 | $37,269 | $29,882 | 13.9 years |
18 kW | $3.26 | $41,036 | $34,509 | 13.6 years |
20 kW | $3.19 | $44,604 | $39,335 | 13.3 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose greatly impacts your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you go with.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panels running for years to come and save you money on repairs and maintenance.
- Contract: Although reading through a contract can take a lot of time, 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.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
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 East Riverdale, MD Solar Cost FAQs
What is the average cost of installing solar panels in East Riverdale?
This is a tough question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $17,700 for a 5-kW system and $35,400 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.
What other factors should I consider in addition to cost 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.
Is making the switch to solar worth it?
Solar panels can be a great investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
How long do solar panels last in East Riverdale?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount 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.