Solar panels are growing increasingly popular across the country with federal incentive programs that are meant to mitigate some of the upfront costs that come with the installation. While southern regions are some of the most popular and well-known areas to install solar panels, northern parts of the country can also benefit greatly from installing solar panels. At Solar-Verse, the question we hear often is, “Are solar panels worth it in Maryland?” Our response is a resounding, “Yes!” and we have five reasons why.
There might be some months where you’re especially energy-efficient and don’t use more electricity than your solar system produces. In this case, rather than storing it in a battery or losing it, you can essentially sell that energy back to the local power company. They’ll put a credit on your bill to help with your electric bill in the future. This is called net metering. Not every state has a net metering program, but Maryland has had one in place since 1997. Homeowners can enjoy further savings on their electric bills by producing electricity with their solar system.
Solar tax benefits
The federal government has been running a program for several years now where homeowners can recoup a percentage of the costs associated with purchasing and installing solar panels. The program has been slowly scaling down, as it will eventually end after 2023. However, all solar installations that take place during 2022 are eligible for a 26% federal tax credit. That will go down to 22% for installations during 2023, then will expire in 2024 unless it’s renewed. Now is the time to take advantage of a tax credit to help offset a solid portion of the costs of switching to solar.
In addition to the tax benefits, there are more incentives to install solar panels on your home. Those who install a solar system that’s less than 20 kW at their primary residence are eligible for $1,000 from the state of Maryland. Simply make sure your installer has NABCEP certification, and you’re eligible. It might feel like it pales in comparison to the cost of your solar installation, it can help to go toward getting back some of the initial cost.
Increases value of your home
It’s normal for homeowners to worry about making additions to their house, and it has a negative impact on its value. Zillow has found that the average home in Maryland increases in value by about 3.8% or about $10,976 for the median-valued home once solar panels are installed. Solar panels are getting to be more appealing to homebuyers as they’re often in their future anyway. Buying a home that already has them installed will not only help them save on their energy bill going forward, but it will also save on installation costs.
Strong monetary returns
One of the top reasons people switch to solar is because of savings on energy. It can feel dubious looking into solar panels to figure out whether it’s truly worth it to buy solar panels. Still, Maryland homeowners save an average of about 16 cents/kWh over 25 years, which amounts to about $48,910 in energy savings for the average home that uses 33.5 kWh a day. You can pay for your solar system two or three times over with that amount.
Schedule a free consultation
So, are solar panels worth it in Maryland? At Solar-Verse, we believe they are. You can learn more about making the switch to solar by getting in touch with our team to schedule a free consultation. We’ll perform an evaluation and propose the best solar layout for your home. Give us a call at 443-455-0313 or send a message using our contact form today.