Solar Panel Cost Guide in South Laurel, MD (2024 Update)
- South Laurel Solar Installation Cost: $13,517
- 25-Year Savings: $10,888
- Payback Period: 15.7 Years
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Average Cost of Solar Panels in South Laurel
Let’s have a look at the average cost of solar panels in South Laurel.
The average cost of solar panels in South Laurel 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.
The true cost of your system can be higher or lower than the average in South Laurel depending on a few factors, such as the kind of solar panels you choose and the solar installer you hire.But, once you've paid the initial cost of installation, the ROI for most homeowners is usually fruitful, with a net average savings of about $15,000 over 20 years on utility bills.
You can click the button below to get connected with a pre-vetted solar company in South Laurel that can help you get a more accurate cost estimate for your home.
Solar savings over time in South Laurel
| 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 South Laurel
Installing solar panels yourself can be a time-consuming task, which is why using a solar installation company is a good option for many homeowners. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and part replacements.
If you’d like to switch to solar energy but still aren’t certain which solar system company to go with, here are our suggestions for providers near you:
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 South Laurel
Factors that Affect Solar Panel Costs in South Laurel
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that determine your overall cost in South Laurel: 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
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $3,540. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for 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 over time on your electric bills. In addition, extra products, like solar batteries, can bring your total well above the South Laurel average.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That’s why many South Laurel homeowners decide to finance their solar panel systems to make paying for solar more affordable.Though solar loans make switching to solar energy more accessible for South Laurel homeowners, they can also increase the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The remaining key cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in South Laurel, you’ll have lots of options to choose from, but each comes at various price points for labor and equipment.You may see national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $8,148 | 16.4 years |
| 8 kW | $3.61 | $20,220 | $11,260 | 16.1 years |
| 10 kW | $3.54 | $24,780 | $14,571 | 15.7 years |
| 12 kW | $3.47 | $29,141 | $18,080 | 15.4 years |
| 14 kW | $3.40 | $33,304 | $21,787 | 15.1 years |
| 16 kW | $3.33 | $37,269 | $25,692 | 14.8 years |
| 18 kW | $3.26 | $41,036 | $29,796 | 14.5 years |
| 20 kW | $3.19 | $44,604 | $34,097 | 14.2 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because picking a company can be difficult, we have some tips to help you, such as:
- Contract: Before you sign a contract with a solar company, be sure to look it over completely so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what the warranty covers and what services you can expect from them.
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: When going solar, it’s important to maintain an open line of communication with your solar panel company. Confirm that you understand how the installation process will go and the project timeline.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you opt for.
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 South Laurel, MD Solar Cost FAQs
How much does it cost to install solar panels in South Laurel?
This is a difficult question to answer exactly, because the cost depends on a few different 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 cost more if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, 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 South Laurel?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The downside 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 way to go if you want to maximize your savings.
Can you sell solar power back to the grid in South Laurel?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future energy bills.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.