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Are Solar Panels Worth It In Maryland?

Are Solar Panels Worth it in Maryland (2)

Solar panels have certainly become popular in the United States, with over 1.5 Million homes converting to solar energy in the last 3 years. But are solar panels worth it in Maryland?

Fortunately, Maryland has plenty of sunlight in all of its seasons to make solar panels effective year-round. Maryland also has several solar incentives & solar programs to make solar panels more affordable, including free installation.

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Factors To Consider 

When deciding if solar energy is right for your home or business, there are a few things to consider for MD residents. It's for good reason that Maryland continue to climb the rankings for top states in America to go solar.

Maryland Electricity Costs

The costs of electricity in the US has risen substantially in the past 5 years and shows no signs of reversing that trend with global fossil-fuels shortages and further complicated logistics.

The state of Maryland has also felt the rise in traditional electricity costs. The average Maryland electric bill is around $141 per month for most households. And these costs continue to rise due to inflation, making energy expenses a significant bill for households and businesses alike.

By investing in solar power, individuals and businesses can lock in lower energy costs, protect themselves against rising electricity prices, and contribute to a more sustainable future.

Amount of Sunlight in MD

Maryland residents are fortunate to enjoy over 250+ sunny days per year, providing an abundance of sunlight for harnessing solar energy. This natural resource makes the state an ideal location for installing solar panels. With so many sunny days, solar energy systems in Maryland can generate significant amounts of clean, renewable electricity. As a result, Marylanders can greatly benefit from solar power, both economically and environmentally, by taking advantage of solar energy in Maryland. 

Cost of solar panels in Maryland

As of 2023, The average cost of installing solar panels in Maryland is between $11,000 - $14,000, including installation. This of course, depends on many factors such as the size of the system, the place of installation (roof or land), how much energy you need, and how many Maryland solar incentives you qualify for.

There are many Maryland solar incentives and solar programs aimed at reducing the costs of solar panels and even installing them for free in many situations. Get a free solar savings quote today to see what solar specials are available near you and explore all of your solar options in Maryland.

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Maryland Solar Incentives

Fortunately, Maryland lawmakers and officials have helped to adopt many progressive solar initiatives aimed at helping to reduce the costs of solar panels in Maryland. Now, homes and business in MD qualify for many more solar incentives and discounts.

Some of these solar incentives include the Green Energy tax Credit, which can give solar owners up to a 30% tax deduction on the cost of your solar system; Net Energy Metering programs that allow solar owners to sell their extra solar energy to the Maryland solar grid for a profit; and 100% tax exemptions on sales tax and property taxes in some cases.

Read the complete guide to Maryland Solar Incentives, Tax Credits, & Solar Rebates to learn more. Or enter your zip code below to see exactly which solar incentives your home qualifies for!

Find out if you qualify for Maryland savings programs!

Do I Qualify?

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Benefits of Solar in Maryland

Embracing solar energy in Maryland provides residents with significant savings on electricity bills, shorter payback periods, and increased property values. Additionally, solar power contributes to a reduced environmental impact by promoting clean, renewable energy sources. As a result, Maryland can enjoy both financial and environmental benefits by choosing solar energy.

Solar Savings

By converting to solar energy, homes and businesses can experience substantial savings on their monthly electricity costs. Solar power systems generate clean, renewable energy, offsetting the need to purchase electricity from local utility companies. The average price per kilowatt for traditional electricity in Maryland is around $0.14 compared to solar at $0.06 per kilowatt-hour, making solar about 57% cheaper than traditional electricity that relies on fossil-fuels.

Furthermore, with the continuous rise in electricity rates, solar power offers long-term financial advantages, providing a hedge against future price increases.

Solar Payback Period

Solar panels save on your energy bill, enough that they can pay for themselves over the long run. This period of time is what we call the "solar payback period." So, How long does it take for solar panels to pay for themselves in Maryland?

There are a few variables that affect the payback period such as how much energy you consume and how much energy your solar panels generate. But on average, the solar payback period in Maryland is about 8-10 years, which is about 15% quicker than other states. This is in large part to the favorable solar incentives in Maryland and the generous amount of sunlight that MD receives.

So solar panels can be a great investment that will pay for themselves and ultimately become a profitable investment for homes and businesses. Not only will you save big on energy costs with solar power, but you will also be making a positive impact on the environment and helping to make our planet a more sustainable place to live for the future.

Environmental Impact

Going solar has numerous positive environmental impacts. Firstly, it helps reduce greenhouse gas emissions by generating clean, renewable energy, thereby decreasing reliance on fossil fuels. Secondly, solar power systems produce electricity without producing harmful air pollutants, resulting in improved air quality. Thirdly, solar energy reduces water consumption and pollution compared to conventional power plants, which often require large amounts of water for cooling. Lastly, by adopting solar power, we support the transition towards a more sustainable, low-carbon future.

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