The True Cost of Solar in Maryland
Over the last few decades, the cost and number of solar panels in Maryland have changed dramatically. Maryland currently ranks 17th in the total number of solar panels installed in the USA.
Many people now make a switch to solar for their homes and businesses. However, many people considering switching to solar hesitate due to uncertainties in its costs. We understand that figuring out the cost of Solar panels in Maryland can be overwhelming and daunting.
Here we provide you with a guide on solar panel installation. It will save you the stress of figuring out solar panels cost in Maryland.
Solar panel costs in Maryland
Solar panels in Maryland cost, on average, about $3.05 per watt, which means a solar system size of 5 kilowatts (kW) will cost $15,250 before incentives and $11,285 after accounting for the 30% federal investment tax credit (ITC) and other state and local solar incentives. This shows that the net price you will pay for a solar panel can fall by thousands of dollars.
Below is a table comparing different solar system sizes and their price before and after incentives.
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How long does it take to return your investment in solar panels?
On average, it takes about 8.7 years for residential property to earn back the money spent on solar panel installation in Maryland, which means you save $1000 - $1600 on electricity bills after installing a solar panel.
However, for commercial property, the amount you save on electricity bills annually might differ depending on the energy you consume and the size of your solar system.
What are the factors that determine the cost of solar panels?
Different factors determine the cost of solar panel installation in Maryland; these range from the size of the solar system, climate change, and manufacturer. Below, we will review some of these factors.
Solar system size
The size of a solar system plays a significant role in determining the cost of solar panel installation. However, the size of the solar system you go for depends on the amount of electricity your home or company uses. Also, the available space on your roof and how much you want to save on electricity bills. The higher your home electricity consumption, the higher the cost of installation.
Solar panel manufacturer and equipment
There are different solar company brands on the market with varying quality, price, and approach. However, solar panels from top brands might be expensive but not necessarily guarantee better performance or longevity. But to save you the stress of buying a solar system that doesn’t meet your expectation, here are a few tested and trusted solar system types you should look out for on the market.
- Monocrystalline (MC)
- Polycrystalline (PC)
Also, the equipment used also impacts the cost of the solar system; for example, the type of inverter you use and panel type will impact the cost.
Solar tax credit
The cost of a solar system can be influenced by solar rebates available. Solar tax credit makes the solar system more affordable by providing homeowners with a tax credit of 30%, saving homeowners thousands of dollars on solar installation.
Hire an expert from EcoGen to help with solar installation in Maryland.
At EcoGen America, we are an expert at what we do, and we offer a complete package service when it comes to solar installation. Also, we help you decide on the type of solar system brand to go for and rest assured that you won’t go wrong with us. Contact us today, and let’s provide you with a top-notch solar installation service at a competitive price.
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Solar panels in Maryland cost, on average, about $3.05 per watt, which means a solar system size of 5 kilowatts (kW) will cost $15,250 before incentives and $11,285 after accounting for the 30% federal investment tax credit (ITC) and other state and local solar incentives. This shows that the net price you will pay for a solar panel can fall by thousands of dollars.
Solar system size
The size of a solar system plays a significant role in determining the cost of solar panel installation. However, the size of the solar system you go for depends on the amount of electricity your home or company uses. Also, the available space on your roof and how much you want to save on electricity bills. The higher your home electricity consumption, the higher the cost of installation.