Solar Panel Cost Guide in Leicester, MA (2023 Update)
- Leicester Solar Installation Cost: $9,215
- 25-Year Savings: $16,709
- Payback Period: 8.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Leicester
Find out how much it might cost to go solar in Leicester.
Although the national average of solar panels is $2.66 per watt, solar panels in Leicester typically cost around 2.94. The average solar panel system size in Leicester is around 4.5 kilowatts, meaning a cost of about $9,220 for a solar installation, or $13,185 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy use, the type of equipment you choose, your solar contractor and more. But, after you've paid the upfront cost of installation, the savings for most homeowners is typically good, with a net average savings of about $22,000 over 20 years on utility bills.
You can click the button below to get connected with a vetted solar installer in Leicester that can help you get a more accurate cost estimate for your home.
Solar savings over time in Leicester
| Year | Return on Investment |
|---|---|
| 1 years | $-9,129 |
| 3 years | $-8,956 |
| 5 years | $-8,783 |
| 7 years | $-8,610 |
| 9 years | $-8,438 |
| 11 years | $-8,265 |
| 13 years | $-8,092 |
| 15 years | $-7,919 |
| 17 years | $-7,746 |
| 19 years | $-7,574 |
| 21 years | $-7,401 |
| 23 years | $-7,228 |
| 25 years | $-7,055 |
Top Solar Installers in Leicester
Many homeowners opt for a solar panel installer since installing solar panels by yourself can be time-consuming. Another upside of going with a solar company is that they can help you optimize your ROI by reducing your future costs of repairs and replacements with the help of warranties and informing you of local incentives you can take advantage of.
If you'd like to start using solar energy but still aren't sure which solar company to go with, here are our suggestions for providers in Leicester:
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 Leicester
Factors that Affect Solar Panel Costs in Leicester
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few key factors that affect your total cost in Leicester: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend around $2,940 per kilowatt in Leicester. The brand and type of equipment you get for your solar system can raise or lower 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 limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many Leicester homeowners opt to finance their solar panel systems to make paying for solar more affordable. When considering your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can affect your pricing. Leicester's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle 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 | $3.06 | $12,842 | $21,895 | 9.2 years |
| 8 kW | $3.00 | $16,793 | $29,523 | 9.1 years |
| 10 kW | $2.94 | $20,580 | $37,315 | 8.9 years |
| 12 kW | $2.88 | $24,202 | $45,272 | 8.7 years |
| 14 kW | $2.82 | $27,660 | $53,393 | 8.5 years |
| 16 kW | $2.76 | $30,952 | $61,680 | 8.4 years |
| 18 kW | $2.70 | $34,080 | $70,130 | 8.2 years |
| 20 kW | $2.65 | $37,044 | $78,746 | 8.0 years |
How to Save on Solar Panels
Since the model of solar panels and the installation company you choose has an impact on 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:
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Contract: Before you sign a contract with a solar company, make sure to look it over carefully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
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 Leicester, MA Solar Cost FAQs
What is the average cost of installing solar panels in Leicester?
The average cost of solar panels in Leicester 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 like the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Leicester?
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 don't have access to 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.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
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 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.