Solar Panel Cost Guide in Lake Arbor, MD (2024 Update)
- Lake Arbor Solar Installation Cost: $13,517
- 25-Year Savings: $11,317
- Payback Period: 15.4 Years
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Average Cost of Solar Panels in Lake Arbor
Let’s take a look at the average cost of solar panels in Lake Arbor.
The national average cost of solar panels is $2.66 per watt, but in Lake Arbor it’s 4 per watt.The average solar panel system size in Lake Arbor is around 5.5 kilowatts, meaning a cost of about $13,517 for a solar installation, or $19,329 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of going solar can vary quite a bit based on several factors, such as how many panels you need, your energy usage and what company you go with.With typical savings of about $15,000 on power bills over 20 years, many homeowners in Lake Arbor find investing in solar can pay off big.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Lake Arbor
| Year | Return on Investment |
|---|---|
| 1 years | $-12,103 |
| 3 years | $-9,274 |
| 5 years | $-6,445 |
| 7 years | $-3,616 |
| 9 years | $-788 |
| 11 years | $2,041 |
| 13 years | $4,870 |
| 15 years | $7,698 |
| 17 years | $10,527 |
| 19 years | $13,356 |
| 21 years | $16,185 |
| 23 years | $19,013 |
| 25 years | $21,842 |
Top Solar Installers in Lake Arbor
Trying to install solar panels on your own can be a time-consuming project, which is why getting a solar installation company is a good option for many homeowners. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you're on the hunt for a solar company in Lake Arbor, the EcoWatch team has put together a list of our top suggestions here:
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 Lake Arbor
Factors that Affect Solar Panel Costs in Lake Arbor
For many Lake Arbor homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Lake Arbor, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to spend around $3,540 per kilowatt in Lake Arbor.The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag 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 more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Lake Arbor to be prohibitively expensive, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in paying more over time because of interest.However, the interest on solar loans also increases your all-in costs, so it’s crucial to take that into consideration as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The final key cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Lake Arbor, you’ll have a great number of options to choose from, but each comes at various price points for labor and equipment.Additionally, some companies in Lake Arbor know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. 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 | $8,619 | 16.1 years |
| 8 kW | $3.61 | $20,220 | $11,889 | 15.7 years |
| 10 kW | $3.54 | $24,780 | $15,356 | 15.4 years |
| 12 kW | $3.47 | $29,141 | $19,022 | 15.1 years |
| 14 kW | $3.40 | $33,304 | $22,887 | 14.8 years |
| 16 kW | $3.33 | $37,269 | $26,949 | 14.5 years |
| 18 kW | $3.26 | $41,036 | $31,210 | 14.2 years |
| 20 kW | $3.19 | $44,604 | $35,669 | 13.9 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Installation Process: When making the switch to solar energy, it’s important to keep an open line of communication with your solar installer. See to it that you understand how the installation process works and the project timeline.
- Contract: Although reading through a contract can be tedious, it’s important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
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 Lake Arbor, MD Solar Cost FAQs
What is the average cost of installing solar panels in Lake Arbor?
This is a difficult question to answer exactly, because the cost depends on many 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. 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 choose a smaller solar panel system or less expensive solar panels.
What other factors should I consider aside from cost when buying solar panels?
The upfront cost is a key factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
How will solar panels impact my property value?
Solar panels can increase your property’s value remarkably as long as you buy or finance your panels and don’t go 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 a solar system."
How long do solar panels last in Lake Arbor?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.