Solar Panel Cost Guide in Lakeville, MA (2023 Update)
- Lakeville Solar Installation Cost: $8,520
- 25-Year Savings: $16,204
- Payback Period: 8.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lakeville
Let's take a look at the average cost of solar in Lakeville.
The national average cost of solar panels is $2.66 per watt, but in Lakeville it's 2.94 per watt. The average solar panel system size in Lakeville is around 4.1 kilowatts, meaning a cost of about $8,520 for a solar installation, or $12,184 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The true cost of making the switch to solar can vary quite a bit based on several factors, such as what size system you need, your energy usage and what installation company you go with. Many homeowners find adopting solar power is a sound investment. The average homeowner in Lakeville can save around $23,000 on their electricity 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 Lakeville
| Year | Return on Investment |
|---|---|
| 1 years | $-7,531 |
| 3 years | $-5,553 |
| 5 years | $-3,575 |
| 7 years | $-1,597 |
| 9 years | $381 |
| 11 years | $2,359 |
| 13 years | $4,336 |
| 15 years | $6,314 |
| 17 years | $8,292 |
| 19 years | $10,270 |
| 21 years | $12,248 |
| 23 years | $14,226 |
| 25 years | $16,204 |
Top Solar Installers in Lakeville
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Hiring an installer can make converting to solar power much easier. Also, companies with a good reputation that cost more upfront could actually save you money in the long run because of their warranties, repair services and expert design.
There are several licensed solar professionals that can take care of your solar installation project. 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
See all of the solar companies in Lakeville
Factors that Affect Solar Panel Costs in Lakeville
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that will push your cost above or below the average in Lakeville: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar panel system in Lakeville, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can gauge by looking at past power bills. Your total cost can increase by around $2,940 for each additional kilowatt you need. The brand of solar panels and equipment you get is another factor that will significantly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment is 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 into a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Lakeville to be too steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in a higher cost over time because of interest. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The solar company you opt for to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar installation companies in Lakeville, and each can charge varying amounts for labor and equipment. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and find a company that provides the products, warranties and services you're looking for 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 | $23,007 | 9.0 years |
| 8 kW | $3.00 | $16,793 | $31,006 | 8.8 years |
| 10 kW | $2.94 | $20,580 | $39,169 | 8.6 years |
| 12 kW | $2.88 | $24,202 | $47,496 | 8.4 years |
| 14 kW | $2.82 | $27,660 | $55,989 | 8.3 years |
| 16 kW | $2.76 | $30,952 | $64,646 | 8.1 years |
| 18 kW | $2.70 | $34,080 | $73,467 | 7.9 years |
| 20 kW | $2.65 | $37,044 | $82,453 | 7.7 years |
How to Save on Solar Panels
The solar panel company you opt for will impact not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, such as:
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you hire.
- Contract: Read the contract terms closely to make sure you understand how much it will cost, project completion timeline rebates and warranties.
- Warranty: If you care about the endurance of your solar panel system, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: Make sure you're aligned with the installer regarding how the installation process will go and what you need to do before your solar system is installed, such as updating your electrical system or roof.
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 Lakeville, MA Solar Cost FAQs
How much does it cost to install solar panels in Lakeville?
This is a difficult question to answer precisely, because the cost depends on many factors. Generally 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 extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is cost the most important consideration when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Is making the switch to solar worth it?
Solar panels can be a fruitful investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home needs 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 house 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.