Solar Panel Cost Guide in Lexington Park, MD (2023 Update)
- Lexington Park Solar Installation Cost: $13,029
- 25-Year Savings: $9,769
- Payback Period: 16.3 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Lexington Park
Let's take a look at the average cost of solar panels in Lexington Park.
Although the national average of solar panels is $2.66 per watt, solar panels in Lexington Park typically cost about 2.77.Because a 5.3-kW system is needed to cover the energy costs of a typical home in Lexington Park, the average price of going solar will be about $10,199 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of going solar can vary based on several factors, such as what size system you need, your energy consumption and what solar installer you go with.With typical savings of about $14,000 on energy bills over 20 years, many homeowners in Lexington Park find going solar can pay off big.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Lexington Park
| Year | Return on Investment |
|---|---|
| 1 years | $-11,695 |
| 3 years | $-9,026 |
| 5 years | $-6,357 |
| 7 years | $-3,688 |
| 9 years | $-1,019 |
| 11 years | $1,651 |
| 13 years | $4,320 |
| 15 years | $6,989 |
| 17 years | $9,658 |
| 19 years | $12,327 |
| 21 years | $14,996 |
| 23 years | $17,665 |
| 25 years | $20,334 |
Top Solar Installers in Lexington Park
When switching to solar energy, many homeowners decide to use a solar installer since putting up solar panels yourself can be a time-consuming project. Also, companies with a good reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you're on the hunt for a solar installer in Lexington Park, the EcoWatch team has compiled a list of our top suggestions here:
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 Lexington Park
Factors that Affect Solar Panel Costs in Lexington Park
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that will push your cost above or below the average in Lexington Park: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
One of the most significant 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 uses, the larger your system will likely need to be. You can expect to spend around $2,770 per kilowatt in Lexington Park.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Lexington Park, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are provided by most installers in Lexington Park, which can lower, or in some cases completely eliminate, your upfront costs to make solar more accessible.When considering your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Lexington Park is the company you hire to install your solar panel system. As with 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 price points.The size of the company can sometimes play the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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 | $7,318 | 17.0 years |
| 8 kW | $3.61 | $20,220 | $10,154 | 16.6 years |
| 10 kW | $3.54 | $24,780 | $13,189 | 16.3 years |
| 12 kW | $3.47 | $29,141 | $16,421 | 16.0 years |
| 14 kW | $3.40 | $33,304 | $19,852 | 15.7 years |
| 16 kW | $3.33 | $37,269 | $23,481 | 15.3 years |
| 18 kW | $3.26 | $41,036 | $27,308 | 15.0 years |
| 20 kW | $3.19 | $44,604 | $31,333 | 14.7 years |
How to Save on Solar Panels
There are many companies to choose from in Lexington Park, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: Long-running companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: Look through the contract terms closely to make sure you understand how much it will cost, completion timeline incentives and warranties.
- Solar Panel Brands: Different companies carry different brands and kinds of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should acquire and what the project timeline is.
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 Lexington Park, MD Solar Cost FAQs
How much does it cost to install solar panels in Lexington Park?
This is a tough question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
What other factors should I consider apart from cost when buying solar panels?
The initial cost is a key factor to consider, but whether it's the most important for you depends on why you decided to go solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.