Solar Panel Cost Guide in Beverly, MA (2023 Update)
- Beverly Solar Installation Cost: $8,746
- 25-Year Savings: $16,885
- Payback Period: 8.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Beverly
Here's how much it might cost to switch to solar power in Beverly.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Beverly, the typical cost of a solar system is 2.94 per watt. The average solar panel system size in Beverly is around 4.2 kilowatts, meaning a cost of about $8,746 for a solar installation, or $12,507 before the 30% federal solar tax credit is applied.
How much you pay can go higher or lower than the average in Beverly based on a few factors, such as the brand of solar panels you choose and the solar contractor you hire. Many homeowners find going solar is a rewarding investment. The average homeowner in Beverly can save around $23,000 on their energy bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Beverly
| Year | Return on Investment |
|---|---|
| 1 years | $-7,721 |
| 3 years | $-5,671 |
| 5 years | $-3,620 |
| 7 years | $-1,570 |
| 9 years | $481 |
| 11 years | $2,531 |
| 13 years | $4,582 |
| 15 years | $6,632 |
| 17 years | $8,683 |
| 19 years | $10,733 |
| 21 years | $12,784 |
| 23 years | $14,834 |
| 25 years | $16,885 |
Top Solar Installers in Beverly
Trying to put up solar panels by yourself can be a difficult project, which is why hiring a solar installation company is a good option for many homeowners. The expertise that solar installers offer can be helpful as well, particularly if you aren't sure what kind of solar equipment would be right for your home.
If you'd like to go solar but still aren't sure which solar system installer to go with, here are our suggestions for providers in Beverly:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Beverly
Factors that Affect Solar Panel Costs in Beverly
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that affect your total cost in Beverly: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay about $2,940 per kilowatt in Beverly. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Beverly, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Beverly to be prohibitively costly, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to a higher cost over time because of interest. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar installer you choose to handle your switch to green energy can play a part in your total costs. There are about 3 solar panel companies operating in Beverly, and each can charge varying amounts for labor and equipment. Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.
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 | $23,357 | 8.9 years |
| 8 kW | $3.00 | $16,793 | $31,471 | 8.7 years |
| 10 kW | $2.94 | $20,580 | $39,751 | 8.5 years |
| 12 kW | $2.88 | $24,202 | $48,195 | 8.4 years |
| 14 kW | $2.82 | $27,660 | $56,804 | 8.2 years |
| 16 kW | $2.76 | $30,952 | $65,577 | 8.0 years |
| 18 kW | $2.70 | $34,080 | $74,515 | 7.8 years |
| 20 kW | $2.65 | $37,044 | $83,618 | 7.7 years |
How to Save on Solar Panels
The solar panel company you opt for will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should secure and what the project timeline is.
- Solar Panel Brands: The brand of solar panel you'd like to install plays a part in which installer you should go with, since different companies have access to different panels.
- Contract: It's important to read through your solar installer's contract fully to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Beverly, MA Solar Cost FAQs
How much does it cost to install solar panels in Beverly?
This is a difficult question to answer precisely, because the cost depends on a variety of 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 other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Are solar panels free in Beverly?
A solar panel system isn't free in Beverly, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.