Solar Panel Cost Guide in Lawrence, MA (2023 Update)
- Lawrence Solar Installation Cost: $8,743
- 25-Year Savings: $17,181
- Payback Period: 8.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lawrence
Let's take a look at the average cost of solar panels in Lawrence.
The national average cost of solar panels is $2.66 per watt, but in Lawrence it's 2.94 per watt. The average solar panel system size in Lawrence is around 4.2 kilowatts, meaning a cost of about $8,746 for a solar installation, or $12,507 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Lawrence homeowners. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. But, after you've paid the upfront cost of installation, the savings for most homeowners is usually rewarding, with a net average savings of about $23,000 over 20 years on power bills.
To get a free estimate from a vetted solar installation company in Lawrence, you can click the button below.
Solar savings over time in Lawrence
| Year | Return on Investment |
|---|---|
| 1 years | $-8,657 |
| 3 years | $-8,484 |
| 5 years | $-8,311 |
| 7 years | $-8,138 |
| 9 years | $-7,966 |
| 11 years | $-7,793 |
| 13 years | $-7,620 |
| 15 years | $-7,447 |
| 17 years | $-7,274 |
| 19 years | $-7,102 |
| 21 years | $-6,929 |
| 23 years | $-6,756 |
| 25 years | $-6,583 |
Top Solar Installers in Lawrence
Many homeowners decide to hire a solar installer since installing solar panels on your own can be time-consuming. Companies can also have access to various kinds of the best solar panels and help you decide which one will be right for your family.
There are a number of licensed solar professionals that can install solar panels for you. 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 Lawrence
Factors that Affect Solar Panel Costs in Lawrence
For many Lawrence homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Lawrence, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of solar panels in Lawrence, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can figure out by looking at past power bills. Your overall cost can increase by about $2,940 for each additional kilowatt you need. The type of solar panels and equipment you get 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 consists of more than just the solar panels themselves. You'll also need to consider 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
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are provided by most installers in Lawrence, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible. Even though solar loans make adopting solar energy more accessible for Lawrence homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar company you pick will affect your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor. Additionally, some companies in Lawrence have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $23,770 | 8.8 years |
| 8 kW | $3.00 | $16,793 | $32,023 | 8.6 years |
| 10 kW | $2.94 | $20,580 | $40,440 | 8.4 years |
| 12 kW | $2.88 | $24,202 | $49,022 | 8.3 years |
| 14 kW | $2.82 | $27,660 | $57,769 | 8.1 years |
| 16 kW | $2.76 | $30,952 | $66,680 | 7.9 years |
| 18 kW | $2.70 | $34,080 | $75,756 | 7.8 years |
| 20 kW | $2.65 | $37,044 | $84,997 | 7.6 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose significantly influences your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can research your installer's reputation is by reading reviews.
- Solar Panel Brands: The brand of solar panel you'd like to install plays a role in which company you should choose, since different companies provide different panels.
- Warranty: If you're worried about the durability of your solar panels, verifying that your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: When looking over your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or if the company goes 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
EcoWatch's Lawrence, MA Solar Cost FAQs
What is the average cost of installing solar panels in Lawrence?
The average cost of solar panels in Lawrence is about $14,700 for a 5-kW system and $29,400 for a 10-kW system before the ITC, but the actual 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.
Should I lease or buy solar panels in Lawrence?
Leasing solar panels can be an option if you can't 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.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you're located 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 $1,220.41 per year.
How long do solar panels last in Lawrence?
On average, solar panels can last 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 larger level 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.