Solar Panel Cost Guide in Urbana, MD (2024 Update)
- Urbana Solar Installation Cost: $14,045
- 25-Year Savings: $5,334
- Payback Period: 21.5 Years
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Average Cost of Solar Panels in Urbana
Find out what the average cost of solar panels are in Urbana.
In Urbana, solar panels cost about 4 per watt on average.The average Urbana homeowner needs a 5.7-kilowatt system, which would cost about $14,045 with the federal tax credit, or $20,084 before the 0 tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy needs, the type of solar panels you want, your solar contractor and more.Despite the large upfront cost, the average Urbana homeowner can save around $11,000 on their electricity bills over 20 years, which is one of the advantages of solar.
You can click the button below to get connected with a top solar company in Urbana that can help you get a more accurate cost estimate for your home.
Solar savings over time in Urbana
| Year | Return on Investment |
|---|---|
| 1 years | $-12,792 |
| 3 years | $-10,287 |
| 5 years | $-7,782 |
| 7 years | $-5,277 |
| 9 years | $-2,772 |
| 11 years | $-266 |
| 13 years | $2,239 |
| 15 years | $4,744 |
| 17 years | $7,249 |
| 19 years | $9,754 |
| 21 years | $12,259 |
| 23 years | $14,764 |
| 25 years | $17,270 |
Top Solar Installers in Urbana
When making the switch to solar, many homeowners prefer to go with a solar company since installing solar panels yourself can be a challenging project. 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 help you install your solar panels. 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 Urbana
Factors that Affect Solar Panel Costs in Urbana
For many Urbana homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Urbana, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar energy system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $3,540. The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted 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 a small roof 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 additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are offered by most installers in Urbana, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible.Though solar loans make going solar more accessible for Urbana homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panels can affect your pricing. Urbana’s solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and find a company that offers the products, warranties and services you want and also is within your budget.
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 | $1,817 | 22.4 years |
| 8 kW | $3.61 | $20,220 | $2,820 | 21.9 years |
| 10 kW | $3.54 | $24,780 | $4,020 | 21.5 years |
| 12 kW | $3.47 | $29,141 | $5,419 | 21.1 years |
| 14 kW | $3.40 | $33,304 | $7,016 | 20.6 years |
| 16 kW | $3.33 | $37,269 | $8,811 | 20.2 years |
| 18 kW | $3.26 | $41,036 | $10,805 | 19.8 years |
| 20 kW | $3.19 | $44,604 | $12,996 | 19.4 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Installation Process: Make sure you’re on the same page with the company 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: Companies that have been operating for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Contract: Read the contract terms carefully to make sure you understand the overall cost, project timeline incentives and warranties.
- Warranty: If you’re worried about the durability of your solar panel system, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
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 Urbana, MD Solar Cost FAQs
What is the average cost of installing solar panels in Urbana?
The average cost of solar panels in Urbana is about $17,700 for a 5-kW system and $35,400 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Urbana?
Leasing solar panels can be an attractive choice, as 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Do solar panels increase your home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Urbana is currently $569,907, so you can expect a value of about $23,366 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Urbana is a fruitful investment.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can 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 account for 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.