Author: Lacy Cook — Maryland has installed enough solar panels to power over 250,000 homes, according to the Solar Energy Industries Association, with the total solar investment at $5 billion. Are you considering adding your home to the growing numbers of people installing solar panels in Maryland? Before you do, you’re probably wondering how much it will cost.
Solar Installation Costs in Maryland
The average solar system in Maryland costs around $2.94 per watt. Since one solar panel is 250 to 400 watts, if you installed 15 400-watt panels, for example, you could expect to pay around $17,640.
Before you see that number and think solar isn’t for you, let’s dig into the details further. Uprise is working to make solar accessible for everyone, and through various payment options as well as federal and state incentives, you may discover solar is within your reach after all.
Maryland Solar Incentives and the Federal Tax Credit
Maryland’s on a mission to source more electricity from renewables, with a Renewable Portfolio Standard target of 50% by 2030. To encourage homeowners to go solar, the state offers the Residential Clean Energy Rebate Program, providing Marylanders with $1,000 for installing a solar system for their home.
Plus, your solar array will also generate Solar Renewable Energy Credits, or SRECs. Utility companies purchase SRECs to meet Renewable Portfolio Standard requirements. Once your array generates one megawatt-hour of solar power, you receive one SREC, which in Maryland is worth around $58. So if your system generated 10 SRECs in a year, you’d earn $580, just for having solar on your roof. (Learn more about how SRECs work here.)
In addition, BGE offers net metering. This means that if your solar panels generate more power than you use, you send that power back to BGE and can receive credits on your power bill. (Learn more about how net metering works here.)
And finally, there’s the federal solar tax credit, which is 30% until 2033. You’ll receive 30% of the total cost of your solar installation with the tax credit. The total cost includes contractor labor, mounting equipment, and the panels themselves.
One thing for Marylanders to note about the solar tax credit is that rebates must be subtracted from the system total, so you will need to subtract the residential clean energy rebate mentioned above. If you want to learn more about how the federal solar tax credit works, we answered several common questions in our blog post.
You are welcome to pay for your solar system in cash, and Uprise also offers solar loans. We work with direct-to-consumer financial providers, offering multiple loan options with fixed and variable rates going out as far as 25 years. The loans have no prepayment penalties or closing costs. Part of our mission is to provide our customers with an exceptional solar experience, and the banks we work with are part of that experience. We only choose to work with a select few we trust. Plus, the banks don’t pay us in full until we finish your project and you sign off on the installation.
If you have any questions about payment, please let us know and we’d be happy to walk you through your options.
Why should I choose Uprise for my solar project?
We’re a local company, with years of experience in the solar industry in the DMV. (Shoutout to our warehouse team in Maryland!) We know the ins and outs of going solar in the region, and many of our team members met working at other solar companies in the area. We joined together to launch Uprise because we knew we could offer Marylanders a more reliable option. Our leadership team has a combined 80 years of experience in the solar industry.
We’re your neighbor, and we’re passionate about providing outstanding solar services for our community. We promise to treat your home as if it’s our own. We cover our installations with a workmanship warranty, found in your contract. And if you call or email us, you’ll be able to get in touch with a live, local employee. Check out our reviews on Google, EnergySage, or Angi to see how we’re living up to those promises.
Questions about solar panels in Maryland? Call us at (202) 750-5718 or schedule your free consultation here. We look forward to speaking with you!