The 110Pd double-β decay Q value was measured with the Penning-trap mass spectrometer ISOLTRAP to be Q=2017.85(64) keV. This value shifted by 14 keV compared with the literature value and is 17 times more precise, resulting in new phase-space factors for the two-neutrino and neutrinoless decay modes. In addition a new set of the relevant matrix elements has been calculated. The expected half-life of the two-neutrino mode was reevaluated as 1.5(6)×10(20) yr. With its high natural abundance, the new results reveal 110Pd to be an excellent candidate for double-β decay studies.