Solar Panel Cost Guide in Hopkinton, MA (Mar 2023)
- Hopkinton Solar Installation Cost: $9,179
- 25-Year Savings: $16,835
- Payback Period: 8.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Hopkinton
We break down average solar pricing in Hopkinton.
The average cost of a solar system in Hopkinton is 2.94 per watt. To account for the typical energy needs of the average home in Hopkinton, most homeowners require a 4.5-kilowatt system. Using the figure above, a solar installation costs around $9,179, or $13,126 before the federal solar tax credit of 30% is applied.
These figures are just averages, and the cost of going solar for you will look different based on your energy needs and what company you want to go with. Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Hopkinton can save around $22,000 on their electricity bills over 20 years.
Click the button below to get connected to a vetted solar panel company in your area for a customized quote.
Solar savings over time in Hopkinton
| Year | Return on Investment |
|---|---|
| 1 years | $-8,138 |
| 3 years | $-6,057 |
| 5 years | $-3,976 |
| 7 years | $-1,895 |
| 9 years | $186 |
| 11 years | $2,267 |
| 13 years | $4,348 |
| 15 years | $6,430 |
| 17 years | $8,511 |
| 19 years | $10,592 |
| 21 years | $12,673 |
| 23 years | $14,754 |
| 25 years | $16,835 |
Top Solar Installers in Hopkinton
Although it's possible to install solar panels by yourself, it takes extra energy and handiness. For that reason, the majority of homeowners choose to go with a solar panel installer. Local solar installers can also help you optimize your return on investment by assisting with any local incentives you can benefit from and by providing warranties and repairs.
There are various licensed solar professionals that can help you install your solar system. 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
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 Hopkinton
Factors that Affect Solar Panel Costs in Hopkinton
The cost of installing a solar system in Hopkinton can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,940. The type of solar panels and equipment you choose is another factor that will largely impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Moreover, solar equipment is more than 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 researching a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are an affordable option because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you go with to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar panel companies operating in Hopkinton, and each can charge varying amounts for labor and equipment. The size of the company can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down 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 | $22,159 | 9.2 years |
| 8 kW | $3.00 | $16,793 | $29,874 | 9.0 years |
| 10 kW | $2.94 | $20,580 | $37,754 | 8.8 years |
| 12 kW | $2.88 | $24,202 | $45,799 | 8.6 years |
| 14 kW | $2.82 | $27,660 | $54,008 | 8.5 years |
| 16 kW | $2.76 | $30,952 | $62,382 | 8.3 years |
| 18 kW | $2.70 | $34,080 | $70,921 | 8.1 years |
| 20 kW | $2.65 | $37,044 | $79,624 | 7.9 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Warranty: A comprehensive, 25-year warranty can help keep your solar system running for a long time and save you money on part replacement and repairs.
- Solar Panel Brands: The model of solar panel you need to get plays a role in which installer you should go with, since different companies have access to different panels.
- Reputation: Companies that have been operating for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Contract: Even 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 how much the equipment and services will cost 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
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 Hopkinton, MA Solar Cost FAQs
What is the average cost of installing solar panels in Hopkinton?
The average cost of solar panels in Hopkinton 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 things such as the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Hopkinton?
Leasing solar panels can be an attractive choice, because it commonly 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 much can I save on energy bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,166.68 per year.
How long do solar panels last in Hopkinton?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can opt 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.