Solar Panels in Maryland | 2022 Cost and Incentives | SaveOnEnergy®

Maryland Solar Panels: Pricing and Incentives

How much do solar panels cost in Maryland?

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Solar power in Maryland

Like many states, Maryland has embraced solar power in recent years. While just a couple of years ago it ranked among the bottom half of all states, it has quickly risen in the rankings. It’s easier than ever for Maryland residents to access residential and community solar panel systems. 

Are you considering installing solar panels on your home? Keep reading to learn more about the costs and benefits of solar panels in Maryland and how to decide if they’re right for your home.

Maryland solar panel cost

The cost of solar panels depends on many factors, including the size of your system, the components included, the type of solar panels you have, local labor and permitting costs, and more. On average, you can expect to pay between $3 and $5 per watt, with the average system costing between $15,000 and $25,000. Between tax credits, rebates, and your energy savings, the average payback period is just 6-9 years.

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Maryland solar panel incentives or rebates

Residential solar panels are a major financial investment, but the federal government and many state and local governments offer financial incentives to help reduce the cost burden.

First, the federal government offers a solar tax credit that homeowners can use to save thousands of dollars on their solar panel purchases. While the tax credit is currently 26%, it will be reduced to 22% in 2023 and will disappear altogether in 2024 if Congress doesn’t renew it.

The state of Maryland also has initiatives in place to help homeowners save money. First, the state offers a property tax and sales tax exemption, meaning you won’t pay additional taxes for your solar panel purchase. Maryland also has a net metering program, which allows homeowners to receive credits on their utility bills for their excess energy. Other solar initiatives include the state’s solar rebate program and solar renewable energy credits.

Why choose Maryland solar power?

Lower energy costs 

One of the major benefits of installing solar panels on your home is the reduced energy costs. Solar panels capture sunlight and convert it into energy, which can be used to power your home. And when your home is being powered by solar energy, you aren’t paying for electricity from the traditional grid. 

Establish energy independence 

Another perk of having solar panels on your home is that you can establish energy independence, meaning you aren’t reliant on the traditional electricity grid to power your home. Energy independence has a couple of key benefits. First, you don’t have to worry about power outages from a storm or downed power line if you have a solar battery. Your stored solar energy from your battery can continue to power your home. Additionally, you aren’t vulnerable to price hikes when energy demand is high, which will save you money.

Go green

Traditional electricity generation emits carbon dioxide, which contributes to climate change. But solar energy generation doesn’t emit carbon dioxide, meaning it can reduce your home’s environmental footprint. Solar power is also a form of renewable energy.

Follow these steps to learn more about solar energy

  1. Call our solar energy experts 
  2. Find out if solar energy is right for you and discuss the options available at your home
  3. Call: 866-343-3228 now to get a customized quote

Should I buy or lease my solar panels?

When you decide to install solar panels on your home, you have the option to either buy your panels, lease the panels, or sign a solar PPA. Buying your own solar panels is most cost-effective for a few reasons. First, it results in the greatest long-term energy savings. It also allows you to take advantage of state and federal tax credits, which aren’t available when you lease your solar panels. Finally, purchasing solar panels can increase your home’s resale value by $15,000, on average.

While buying solar panels is the most cost-effective, leasing the panels or signing a PPA has helped to make solar power more accessible. Leasing requires lower upfront costs than buying solar panels. It’s also a great option for people who rent their homes, for whom buying may not make sense. Additionally, PPA’s require less up-front costs. However, you’ll be locked into a contract with the developer and you won’t be eligible for tax credits and incentives. 

For consumers who’d rather not buy or lease solar panels, community solar projects are another option. Through these shared solar programs, all participants receive a portion of the solar power the project generates. These programs are more affordable and are an option for those living in apartments who can’t install their own solar panels.

Maryland solar panel companies

As solar power becomes more popular, it’s also become more accessible. There are several solar panel companies on the market. Before you choose the best company for you, be sure to read our solar resources on SaveOnEnergy to familiarize yourself with the solar industry and learn what to expect when you enter into a solar contract.

The history of solar power in Maryland

The solar industry in Maryland began enacting solar policies in the 1980s. Some of its earliest early initiatives included its solar easement and rights laws, net metering, renewable portfolio standard, and more. While the state was an early adopter of solar power, it wasn’t always leading the pack. As of 2020, the state ranked just 26th in the nation for solar energy generation. Since then, it has moved into 17th place.

Today, solar energy represents about 4.43% of Maryland’s total electricity generation. The past decade has seen an increase in utility, commercial, residential, and community solar installations. Residential installations have made up the biggest portion of that increase. Not only that, but solar power has also become an important part of the state’s economy. There are more than 180 solar companies in the state that create more than 4,500 jobs.

 

Important solar installation factors to consider

Solar panels offer plenty of potential benefits, including the potential to save money, establish energy independence, and reduce your environmental footprint. However, there are some important things to consider before you install solar panels on your home.

  1. According to the Department of Energy, solar panels are best for south-facing hopes with slopes of 15-40 degrees and those that are in good condition.
  2. Solar panels are most effective on homes that get lots of sunlight. Consider the weather patterns in your state before opting for solar panels.
  3. If you have a homeowners association, you may be subject to size restrictions on your solar panels or require approval before installation.

Solar power FAQs

How much would solar cost in Maryland? Expand / Collapse Toggle

A solar panel system costs, on average, between $15,000 and $25,000. Keep in mind that your actual costs will depend on where you live, the size of your system, the type of solar panels you choose, and more.

Is solar power a good investment in Maryland? Expand / Collapse Toggle

Solar power can be an excellent investment, but it may not be right for everyone. To decide if solar panels are right for your home, consider your local weather patterns and your energy usage habits.

How much could I save by investing in solar? Expand / Collapse Toggle

The amount you can save by investing in solar power depends on the amount of energy your solar panels produce and your energy usage habits. The average Maryland electricity bill is about $139 per month. That means that on average, someone could expect to save more than $973 per year.

Where can I find a good solar panel installer in Maryland? Expand / Collapse Toggle

There are several great solar installers to choose from in Maryland. You can learn more about solar power and find the best solar panels for you by reading some of the solar resources on SaveOnEnergy. Be sure to thoroughly research your options before signing a solar contract.

How does solar power help the environment? Expand / Collapse Toggle

Unlike traditional electricity generation, solar production doesn’t emit harmful greenhouse gasses that contribute to climate change. It’s also a renewable resource.