Solar Panel Cost Guide in Andover, MA (Mar 2023)
- Andover Solar Installation Cost: $8,746
- 25-Year Savings: $16,846
- Payback Period: 8.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Andover
Find out what the average cost of solar panel installation is in Andover.
The average cost of a solar panel system in Andover is 2.94 per watt. The average Andover homeowner needs a 4.2-kilowatt system, which would cost about $8,746 with the federal tax credit, or $12,507 before the 30% tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Andover homeowner. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. But, after you've paid the initial cost of installation, the return on investment for most homeowners is usually good, with a net average savings of about $23,000 over 20 years on electricity bills.
You can click the button below to get connected with a vetted solar installer in Andover that can help you get a more accurate cost estimate for your home.
Solar savings over time in Andover
| Year | Return on Investment |
|---|---|
| 1 years | $-7,723 |
| 3 years | $-5,675 |
| 5 years | $-3,628 |
| 7 years | $-1,581 |
| 9 years | $467 |
| 11 years | $2,514 |
| 13 years | $4,561 |
| 15 years | $6,609 |
| 17 years | $8,656 |
| 19 years | $10,703 |
| 21 years | $12,751 |
| 23 years | $14,798 |
| 25 years | $16,846 |
Top Solar Installers in Andover
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Going with a solar company can make swapping over to solar power much easier. Companies can also have access to quality options of the best solar panels and help you pick which one will be right for your family.
If you're searching for a solar company in Andover, we've put together a list of our top suggestions here:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Andover
Factors that Affect Solar Panel Costs in Andover
For many Andover homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Andover, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar system in Andover, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy usage, which you can gauge by looking at past power bills. Your overall cost can increase by around $2,940 for each additional kilowatt you need. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Andover, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are provided by most installers in Andover, which can lower, or in some cases eliminate, your upfront costs to make solar more affordable. Though solar loans make switching to solar energy more accessible for Andover homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you hire to handle your switch to solar energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Andover, and each can charge varying amounts for labor and equipment. Additionally, some companies in Andover are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.06 | $12,842 | $23,301 | 8.9 years |
| 8 kW | $3.00 | $16,793 | $31,397 | 8.7 years |
| 10 kW | $2.94 | $20,580 | $39,658 | 8.5 years |
| 12 kW | $2.88 | $24,202 | $48,084 | 8.4 years |
| 14 kW | $2.82 | $27,660 | $56,674 | 8.2 years |
| 16 kW | $2.76 | $30,952 | $65,429 | 8.0 years |
| 18 kW | $2.70 | $34,080 | $74,348 | 7.9 years |
| 20 kW | $2.65 | $37,044 | $83,432 | 7.7 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose significantly impacts your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running for years to come and save you money on part replacement and repairs.
- Contract: When reading through your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Solar Panel Brands: The model of solar panel you want to install plays a role in which company you should go with, since different companies provide different panels.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely offer good-quality solar panel installation and expertise.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Andover, MA Solar Cost FAQs
How much does it cost to install solar panels in Andover?
This is a hard question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $14,700 for a 5-kW system and $29,400 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Andover?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
How will solar panels impact how much my home is worth?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in Andover?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use them at a lower efficiency.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.