Solar Panel Cost Guide in Holyoke, MA (2024 Update)
- Holyoke Solar Installation Cost: $12,716
- 25-Year Savings: $12,662
- Payback Period: 14.5 Years
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Average Cost of Solar Panels in Holyoke
See how much it might cost to install solar panels in Holyoke.
Although the national average of solar panels is $2.66 per watt, solar panels in Holyoke typically cost around 4.To account for the typical energy usage of the average home in Holyoke, most homeowners require a 4.5-kilowatt system. Using the per-watt figure above, a solar installation costs around $12,716, or $18,184 before the federal solar tax credit of 0 is applied.
How much you pay can go above or below the average in Holyoke depending on a few factors, such as the kind of solar panels you choose and the solar company you hire.For most homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $19,000 in savings on utility bills over 20 years.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Holyoke
| Year | Return on Investment |
|---|---|
| 1 years | $-11,779 |
| 3 years | $-9,906 |
| 5 years | $-8,033 |
| 7 years | $-6,160 |
| 9 years | $-4,287 |
| 11 years | $-2,414 |
| 13 years | $-541 |
| 15 years | $1,331 |
| 17 years | $3,204 |
| 19 years | $5,077 |
| 21 years | $6,950 |
| 23 years | $8,823 |
| 25 years | $10,696 |
Top Solar Installers in Holyoke
When making the switch to solar, many homeowners choose to go with a solar installation company since installing solar panels yourself can be a challenging project. Solar warranties and repairs are typically included in the cost of installation when you opt for a solar company as well, which can save you more money over time.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some nearby:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Holyoke
Factors that Affect Solar Panel Costs in Holyoke
The cost of installing a solar system in Holyoke can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is the size of the system you need, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Holyoke, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can gauge by looking at past power bills. Your overall cost can increase by around $4,060 for each additional kilowatt you need.The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your electric bills. Additionally, extra products, like solar batteries, can bump up your total well above the Holyoke average.
Solar Financing Terms
Many homeowners find the average cost of solar in Holyoke to be too costly, even if the investment pays off over time. Fortunately, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in paying more over time because of interest.When considering your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you select will play a role in your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor.Larger national companies typically have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra 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 | $4.22 | $17,734 | $11,594 | 15.1 years |
| 8 kW | $4.14 | $23,191 | $15,913 | 14.8 years |
| 10 kW | $4.06 | $28,420 | $20,460 | 14.5 years |
| 12 kW | $3.98 | $33,422 | $25,234 | 14.2 years |
| 14 kW | $3.90 | $38,196 | $30,235 | 14.0 years |
| 16 kW | $3.82 | $42,744 | $35,464 | 13.7 years |
| 18 kW | $3.74 | $47,064 | $40,920 | 13.4 years |
| 20 kW | $3.65 | $51,156 | $46,604 | 13.1 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose considerably influences your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: The brand of solar panel you need to install plays a role in which company you should go with, since different companies provide different panels.
- Installation Process: Make sure you’re aligned with the installer in regard to how the installation process will go and what needs to be done before your solar system is installed, such as repairing your electrical system or roof.
- Warranty: If you care about the longevity of your solar system, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: Review the contract terms carefully to make sure you understand how much it will cost, project completion timeline incentives and warranties.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Holyoke, MA Solar Cost FAQs
How much does it cost to install solar panels in Holyoke?
The average cost of solar panels in Holyoke is about $20,300 for a 5-kW system and $40,600 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 use.
Should I lease or buy solar panels in Holyoke?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Do solar panels increase your home value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don’t opt 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 Holyoke?
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 decide to replace them after having 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.