Solar Panel Cost Guide in Melwood, MD (2024 Update)
- Melwood Solar Installation Cost: $13,517
- 25-Year Savings: $10,674
- Payback Period: 15.9 Years
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Average Cost of Solar Panels in Melwood
Let’s have a look at the average cost of solar in Melwood.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Melwood, the average cost of a solar system is 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.
Remember that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy consumption, the type of solar panels you want to get, your solar contractor and more.Even with the large initial cost, the average Melwood homeowner can save about $15,000 on their energy bills over 20 years, which is one of the advantages of solar.
To get a free quote from a highly rated solar installation company in Melwood, you can click the button below.
Solar savings over time in Melwood
| 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 Melwood
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Using a solar panel installer can make converting to solar power much easier. Some solar installers, especially local ones, can help you make the most of incentives in Melwood, optimizing your ROI.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some in Melwood:
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 Melwood
Factors that Affect Solar Panel Costs in Melwood
For many Melwood homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Melwood, 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
When it comes to estimating the price of a solar panel system in Melwood, 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 consumption, which you can determine by looking at past energy bills. Your overall cost can increase by about $3,540 for each additional kilowatt you need.Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Melwood, 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 a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That’s why many Melwood homeowners decide to finance their solar panel systems to offset upfront costs.Though solar loans make adopting solar energy more accessible for Melwood homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The final key cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Melwood, you’ll have lots of options to choose from, but each comes at various price points for labor and equipment.You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $7,911 | 16.5 years |
| 8 kW | $3.61 | $20,220 | $10,945 | 16.2 years |
| 10 kW | $3.54 | $24,780 | $14,177 | 15.9 years |
| 12 kW | $3.47 | $29,141 | $17,607 | 15.6 years |
| 14 kW | $3.40 | $33,304 | $21,236 | 15.3 years |
| 16 kW | $3.33 | $37,269 | $25,062 | 14.9 years |
| 18 kW | $3.26 | $41,036 | $29,087 | 14.6 years |
| 20 kW | $3.19 | $44,604 | $33,310 | 14.3 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Melwood, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
- Contract: Although reading through a contract can be tedious, it’s important to do it fully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
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 Melwood, MD Solar Cost FAQs
What is the average cost of installing solar panels in Melwood?
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. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Melwood?
Leasing solar panels can be an attractive choice, because it often comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Is making the switch to solar worth it?
Solar panels can be a great investment for lots of 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 often do you have to replace solar panels?
On average, solar panels can last 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 larger 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.