Are Solar Panels Worth It In Maryland?
Solar panels have become increasingly popular in Maryland recently as the cost of solar has become mush less expensive. As a result, Maryland is quickly becoming one of the top states for solar energy in the nation.
The following guide covers everything you need to know about solar panels in Maryland.
Continue reading below to find out if solar is worth it for you!
We offer free solar estimates!
Talk to our local advisors about your home.
How Much Do Solar Panels Cost In MD?
The average cost of installing solar panels on a home in Maryland runs about $15,000, ranging as low as $13,000 and up to $17,000. This is actually a bit lower than some states.
As always, the "sticker price" of installing solar panels doesn't count the incentives offered to homeowners. First there is the Federal Investment Tax Credit (ITC) which reimburses the cost of installing a solar energy system by roughly 30%, given that the buyer has enough taxes to apply the credit. There are also Maryland state tax breaks given for installing solar, as well as a loan program which the state of Maryland offers.
Average Time For Solar Panels To Recover Investment
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." Assuming a standard 5KW system install, the average solar payback period is roughly 8-9 years. This is before we take the tax incentives into account.
There are variables that affect the payback period. Maryland doesn't get as many sunny days as the states further south. The angle and incline of your roof also affects how efficient solar panels will be. However, solar panels still save on your electricity bill even given the least favorable variables.
A typical solar panel produces around 250 watts of power per hour of sunlight. Assuming a six hour minimum of sunlight, that works out to 1.5 KWH per day per panel, or 540 KWH per year.
Ready to start saving with solar?
Our team is here to help.
Obviously, with the news going as it has been, we don't need to tell you that the Earth is approaching a state of climate emergency. Recently we have seen a profound shift in water distribution; places like Mississippi have been flooded while Nevada has been under drought so long that Lake Mead has dried up. Naturally, renewable energy harnesses the natural power of the sun without polluting the atmosphere with greenhouse gases from fossil fuels. In turn, every household we get onto a solar power plan is one less home consuming power from fossil fuels.
However, our motto around here is to look at things from a cost-benefit standpoint. Not everyone appreciates the science behind global climate change statistics, but who can argue with dollars and cents?
Maryland Homeowners Say Solar Power Is Worth It!
Considering the rate at which Maryland is adopting solar power, the state's residents are certainly finding that the investment is well worth the initial outlay.
The average cost of installing solar panels on a home in Connecticut runs about $15,000, ranging as low as $13,000 and up to $17,000. However, this investment can be recouped over time through savings on your energy bills. On average, Maryland homeowners save up to $100 per month on their energy costs by switching to solar. This amounts to a total savings of $1200 per year!
Solar energy continues to be one of the best investments for Maryland homeowners year after year. In fact, many Maryland residents are able to save more than $30,000 in electricity costs over 20 years by switching to solar energy.
Use our FREE Solar Calculator to see your potential savings.