Solar Panel Cost Guide in Olney, MD (2024 Update)
- Olney Solar Installation Cost: $13,851
- 25-Year Savings: $11,612
- Payback Period: 15.4 Years
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Average Cost of Solar Panels in Olney
We break down average solar pricing in Olney.
Although the national average of solar panels is $2.66 per watt, solar panels in Olney generally cost about 4.The average solar panel system size in Olney is around 5.6 kilowatts, meaning a cost of about $13,851 for a solar installation, or $19,807 before the 0 federal solar tax credit is applied.
These figures are just estimates, and your own solar costs will look different based on your specific situation and what company you choose to go with.Despite the high initial cost, the average Olney homeowner can save around $16,000 on their electricity bills over 20 years, which is one of the perks of solar.
To receive a free quote from a vetted solar company in Olney, you can click the button below.
Solar savings over time in Olney
| Year | Return on Investment |
|---|---|
| 1 years | $-12,242 |
| 3 years | $-9,025 |
| 5 years | $-5,807 |
| 7 years | $-2,589 |
| 9 years | $628 |
| 11 years | $3,846 |
| 13 years | $7,064 |
| 15 years | $10,281 |
| 17 years | $13,499 |
| 19 years | $16,717 |
| 21 years | $19,934 |
| 23 years | $23,152 |
| 25 years | $26,370 |
Top Solar Installers in Olney
Putting up solar panels yourself can be a stressful undertaking, which is why getting a solar installation company is a good option for many homeowners. Also, companies with a good reputation that cost more upfront could actually save you money in the long term due to their warranties, repair services and expert design.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Olney
Factors that Affect Solar Panel Costs in Olney
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that affect your total cost in Olney: 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
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That’s why it’s a priority to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use.The kind 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. On the other hand, more efficient panels could save you more in the long run on your energy bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Olney average.
Solar Financing Terms
Most solar installers in Olney offer solar loans, which reduce your upfront costs of installing solar panels.It’s wise to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Olney is the company you hire to install your solar system. As with choosing a company to install new cabinets, for example, you’ll have no shortage of solar installers that provide a range of services at different price points.You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions 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 | $8,636 | 16.0 years |
| 8 kW | $3.61 | $20,220 | $11,911 | 15.7 years |
| 10 kW | $3.54 | $24,780 | $15,385 | 15.4 years |
| 12 kW | $3.47 | $29,141 | $19,056 | 15.1 years |
| 14 kW | $3.40 | $33,304 | $22,926 | 14.8 years |
| 16 kW | $3.33 | $37,269 | $26,994 | 14.5 years |
| 18 kW | $3.26 | $41,036 | $31,261 | 14.2 years |
| 20 kW | $3.19 | $44,604 | $35,725 | 13.9 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose significantly impacts your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: If you care about the endurance of your solar panels, checking if your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: Even though 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 how part repairs and replacements will be handled.
- Installation Process: Make sure you’re on the same page with the installer with regard to how the installation process will go and what needs to be done before your solar system is installed, such as repairing your electrical system or roof.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years in most cases provide good-quality solar panel installation and expertise.
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 Olney, MD Solar Cost FAQs
How much does it cost to install solar panels in Olney?
This is a hard question to answer precisely, 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 other solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Olney?
Leasing solar panels can be an appealing choice, because it commonly 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Is it worth going solar in Olney?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household 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.