Solar Panel Cost Guide in Hampstead, MD (2024 Update)
- Hampstead Solar Installation Cost: $14,044
- 25-Year Savings: $9,905
- Payback Period: 16.8 Years
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Average Cost of Solar Panels in Hampstead
We go over average solar pricing in Hampstead.
The national average cost of solar panels is $2.66 per watt, but in Hampstead it’s 4 per watt.The average solar panel system size in Hampstead is around 5.7 kilowatts, meaning a cost of about $14,044 for a solar installation, or $20,083 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy use, the type of solar system you choose, your solar contractor and more.With average savings of about $14,000 on electricity bills over 20 years, many homeowners in Hampstead find investing in solar has a decent ROI.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Hampstead
| Year | Return on Investment |
|---|---|
| 1 years | $-12,629 |
| 3 years | $-9,801 |
| 5 years | $-6,972 |
| 7 years | $-4,143 |
| 9 years | $-1,315 |
| 11 years | $1,514 |
| 13 years | $4,343 |
| 15 years | $7,172 |
| 17 years | $10,000 |
| 19 years | $12,829 |
| 21 years | $15,658 |
| 23 years | $18,487 |
| 25 years | $21,315 |
Top Solar Installers in Hampstead
Installing solar panels yourself can be a time-consuming 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 with their warranties, repair services and expert design.
Working with a professional solar installer can help your solar project go smoothly. Here are our recommendations:
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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 Hampstead
Factors that Affect Solar Panel Costs in Hampstead
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that determine your overall cost in Hampstead: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it’s a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your energy bills. In addition, add-on products, like solar batteries, can bring your total well above the Hampstead average.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a popular route because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Hampstead is the company you choose to install your solar panel system. As with choosing a company to renovate your kitchen, for example, there’s no shortage of solar installers that offer a range of services at different costs.Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and choose a company that provides the products, warranties and services you’re looking for and also is within your budget.
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 | $6,657 | 17.5 years |
| 8 kW | $3.61 | $20,220 | $9,273 | 17.1 years |
| 10 kW | $3.54 | $24,780 | $12,087 | 16.8 years |
| 12 kW | $3.47 | $29,141 | $15,099 | 16.5 years |
| 14 kW | $3.40 | $33,304 | $18,309 | 16.1 years |
| 16 kW | $3.33 | $37,269 | $21,717 | 15.8 years |
| 18 kW | $3.26 | $41,036 | $25,324 | 15.5 years |
| 20 kW | $3.19 | $44,604 | $29,129 | 15.1 years |
How to Save on Solar Panels
The company that does your solar panel 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 difficult, we have some tips to help you, such as:
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years most likely provide good-quality solar panel installation and expertise.
- Contract: Even though reading through a contract can take a lot of time, it’s important to do it fully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: If you’re concerned about the durability of your solar panel system, checking if your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 Hampstead, MD Solar Cost FAQs
How much does it cost to install solar panels in Hampstead?
The average cost of solar panels in Hampstead is about $17,700 for a 5-kW system and $35,400 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your home value?
Solar panels can increase your home value remarkably 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% 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 should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can 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.