Solar Panel Cost Guide in Holyoke, MA (2023 Update)
- Holyoke Solar Installation Cost: $9,208
- 25-Year Savings: $12,662
- Payback Period: 10.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Holyoke
Here's how much it might cost to switch to solar power in Holyoke.
The average cost of a solar system in Holyoke is 2.94 per watt. Using this figure, a typical 4.5-kW system would cost about $9,199 before the 30% federal solar tax credit is applied.
The true price you pay can be above or below the average in Holyoke based on several factors, such as the brand of solar panels you choose and the solar installer you hire. Despite the large upfront cost, the average Holyoke homeowner can save around $19,000 on their power bills over 20 years, which is one of the advantages of solar.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Holyoke
| Year | Return on Investment |
|---|---|
| 1 years | $-9,135 |
| 3 years | $-8,989 |
| 5 years | $-8,843 |
| 7 years | $-8,698 |
| 9 years | $-8,552 |
| 11 years | $-8,406 |
| 13 years | $-8,260 |
| 15 years | $-8,114 |
| 17 years | $-7,969 |
| 19 years | $-7,823 |
| 21 years | $-7,677 |
| 23 years | $-7,531 |
| 25 years | $-7,385 |
Top Solar Installers in Holyoke
Many homeowners choose to use a solar installation company since installing solar panels by yourself can be challenging. Plus, if you aren't sure what kind of solar panels and equipment you may need, a solar installer can help you find the right equipment for you after a site survey and consultation.
Working with a vetted solar installer can make going solar easier. Here are our recommendations:
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 Holyoke
Factors that Affect Solar Panel Costs in Holyoke
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that will push your cost above or below the average in Holyoke: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,940. The model of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Plus, solar equipment consists of more than just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that's in your budget.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are a solid route because they lower your upfront costs and allow you to pay for your system over five to seven years on average. 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 can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
Lastly, the company you get to install your solar panels can play a part in determining the cost. Holyoke's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and choose a company that provides the products, warranties and services you want and also fit into your budget.
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 | $16,486 | 10.9 years |
| 8 kW | $3.00 | $16,793 | $22,311 | 10.7 years |
| 10 kW | $2.94 | $20,580 | $28,300 | 10.5 years |
| 12 kW | $2.88 | $24,202 | $34,454 | 10.3 years |
| 14 kW | $2.82 | $27,660 | $40,772 | 10.1 years |
| 16 kW | $2.76 | $30,952 | $47,256 | 9.9 years |
| 18 kW | $2.70 | $34,080 | $53,903 | 9.7 years |
| 20 kW | $2.65 | $37,044 | $60,716 | 9.5 years |
How to Save on Solar Panels
The solar panel company you choose will affect not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should consider, such as:
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Contract: It's important to read your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for a long time and save you money on repairs and maintenance.
- Solar Panel Brands: Different companies will have various brands and kinds of panels. If you want a specific brand, make sure the solar company you're considering has it.
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 Holyoke, MA Solar Cost FAQs
What is the average cost of installing solar panels in Holyoke?
This is a tough question to answer precisely, because the cost depends on a few different factors. Broadly 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 needs. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Holyoke?
Solar panels aren't free in Holyoke, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Can solar panels significantly reduce my power bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Holyoke, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home 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.