Solar Panel Cost Guide in Danvers, MA (2023 Update)
- Danvers Solar Installation Cost: $8,746
- 25-Year Savings: $15,183
- Payback Period: 9.1 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Danvers
Here's how much it might cost to make the switch to solar in Danvers.
Although the national average of solar panels is $2.66 per watt, solar panels in Danvers typically cost about 2.94. To cover the typical energy usage of the average home in Danvers, most homeowners require a 4.2-kilowatt system. Using the per-watt figure above, a solar installation costs around $8,746, or $12,507 before the federal solar tax credit of 30% is applied.
These figures are just averages, and how much solar costs for you will most likely look different based on your specific situation and what company you choose to go with. Even with the high initial cost, the average Danvers homeowner can save about $21,000 on their electricity bills over 20 years, which is one of the positives of solar.
To receive a free estimate from a pre-vetted solar company in Danvers, you can click the button below.
Solar savings over time in Danvers
| Year | Return on Investment |
|---|---|
| 1 years | $-7,789 |
| 3 years | $-5,875 |
| 5 years | $-3,961 |
| 7 years | $-2,046 |
| 9 years | $-132 |
| 11 years | $1,782 |
| 13 years | $3,697 |
| 15 years | $5,611 |
| 17 years | $7,525 |
| 19 years | $9,440 |
| 21 years | $11,354 |
| 23 years | $13,268 |
| 25 years | $15,183 |
Top Solar Installers in Danvers
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Going with an installer can make your swap to solar power much easier. Companies can also provide access to quality options of the best solar panels and help you decide which one will be best for you.
There are several licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Danvers
Factors that Affect Solar Panel Costs in Danvers
For many Danvers homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Danvers, with typical prices between $20,000 to $40,000. There are several factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend about $2,940 per kilowatt in Danvers. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Danvers, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, 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
Most solar companies in Danvers offer solar loans, which reduce your upfront costs of installing solar panels. Although solar loans make adopting solar energy more accessible for Danvers homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Danvers is the company you hire to install your PV system. As with choosing a company to build a deck or pool, for example, there's no shortage of solar installers that provide a range of services for different budgets. Additionally, some companies in Danvers are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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 | $20,953 | 9.5 years |
| 8 kW | $3.00 | $16,793 | $28,266 | 9.3 years |
| 10 kW | $2.94 | $20,580 | $35,744 | 9.1 years |
| 12 kW | $2.88 | $24,202 | $43,387 | 9.0 years |
| 14 kW | $2.82 | $27,660 | $51,194 | 8.8 years |
| 16 kW | $2.76 | $30,952 | $59,166 | 8.6 years |
| 18 kW | $2.70 | $34,080 | $67,303 | 8.4 years |
| 20 kW | $2.65 | $37,044 | $75,604 | 8.2 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Installation Process: Make sure you're on the same page with the company regarding how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you opt for.
- Contract: Though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
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 Danvers, MA Solar Cost FAQs
How much does it cost to install solar panels in Danvers?
The average cost of solar panels in Danvers is about $14,700 for a 5-kW system and $29,400 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Danvers?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of 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 financial benefits from going solar.
Do solar panels increase your property value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in Danvers?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can keep using 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.