Solar Panel Cost Guide in Holyoke, MA (Mar 2023)
- Holyoke Solar Installation Cost: $9,199
- 25-Year Savings: $12,670
- Payback Period: 10.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Holyoke
See how much it might cost to make the switch to solar in Holyoke.
In Holyoke, solar panels cost about 2.94 per watt on average. To cover the typical energy usage of the average home in Holyoke, most homeowners require a 4.5-kilowatt system. Using the figure above, a solar installation costs around $9,199, or $13,155 before the federal solar tax credit of 30% is applied.
These figures are just averages, and how much solar costs for you will look different based on factors unique to your home and what company you choose to go with. Many homeowners find going solar is a solid investment. The average homeowner in Holyoke can save about $19,000 on their electricity bills over 20 years.
To get a free estimate from a highly rated solar installation company in Holyoke, you can click the button below.
Solar savings over time in Holyoke
| Year | Return on Investment |
|---|---|
| 1 years | $-8,324 |
| 3 years | $-6,575 |
| 5 years | $-4,825 |
| 7 years | $-3,076 |
| 9 years | $-1,326 |
| 11 years | $423 |
| 13 years | $2,173 |
| 15 years | $3,923 |
| 17 years | $5,672 |
| 19 years | $7,422 |
| 21 years | $9,171 |
| 23 years | $10,921 |
| 25 years | $12,670 |
Top Solar Installers in Holyoke
Many homeowners decide to hire a solar panel company since trying to put up solar panels on your own can be challenging. The expertise that solar installers provide can be invaluable as well, particularly if you don't quite know what kind of solar equipment would be right for your home.
You can work with a local solar installer to get a free quote on how much solar panels could cost for your home. Here are some nearby:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
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 determined by several factors. The largest one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,940. The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are provided by most installers in Holyoke, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more accessible. However, the interest on solar loans also increases your total costs, so it's crucial to keep that in mind as well. You can always lower the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panel system can influence the cost. Holyoke's solar companies all have different labor costs and add varying upcharges to equipment. The company's size can sometimes play the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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
There are a lot of companies to choose from in Holyoke, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Solar Panel Brands: Different companies will offer various brands and types of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years most likely offer high-quality solar panel installation and expertise.
- Contract: Review the contract terms carefully to make sure you understand how much it will cost, project completion timeline incentives and warranties.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
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 precisely, because the cost depends on many 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. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Holyoke?
Leasing solar panels can be an option if you can't afford to pay upfront or get 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.
Can you sell solar power back to the grid in Holyoke?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future power bills.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.