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.
While the national average of solar panels is $2.66 per watt, solar panels in Holyoke typically cost about 4.The average solar panel system size in Holyoke is around 4.5 kilowatts, meaning a cost of about $12,716 for a solar installation, or $18,184 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of installing solar panels can vary based on multiple factors, such as what size system you need, your energy consumption and what company you go with.Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Holyoke can save about $19,000 on their energy bills over 20 years.
For a customized quote from a local solar installer 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 | $-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
Installing solar panels by yourself can be a dangerous project, which is why getting a solar installation company is a good option for many homeowners. Because solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some near you:
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
See all of the solar companies in Holyoke
Factors that Affect Solar Panel Costs in Holyoke
For many Holyoke homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Holyoke, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That’s why it’s important to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use.The brand of solar panels and equipment you choose is another factor that will greatly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions 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 searching for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That’s why many Holyoke homeowners decide to finance their solar panel systems to make paying for solar more affordable.You’ll have to consider the long-term cost of financing options, 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 more than the principal cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Holyoke is the company you choose to install your solar system. As with choosing a company to build a deck or pool, for example, there are plenty of solar installers that provide a range of services at different price points.Larger national companies usually have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car 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
The solar company you opt for will affect not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should consider, including:
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should acquire and how long the project will take.
- Warranty: If you’re worried about the longevity of your solar energy system, making sure your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: When looking over your solar installer’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
EcoWatch's Holyoke, MA Solar Cost FAQs
How much does it cost to install solar panels in Holyoke?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $20,300 for a 5-kW system and $40,600 for a 10-kW system after the ITC is applied. It will be more expensive 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 want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Holyoke?
Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The drawback 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
How will having solar panels impact how much my home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Holyoke is currently $297,295, so you could be looking at a value of about $12,189 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Holyoke is a rewarding investment.
How long do solar panels last in Holyoke?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.