Solar Panel Cost Guide in Lincoln, MA (Mar 2023)
- Lincoln Solar Installation Cost: $9,179
- 25-Year Savings: $16,856
- Payback Period: 8.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lincoln
Let's have a look at the average cost of solar panels in Lincoln.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lincoln, the typical cost of solar panels is 2.94 per watt. The average Lincoln homeowner needs a 4.5-kilowatt system, which would cost about $9,179 with the federal tax credit, or $13,126 before the 30% tax credit is applied.
These figures are only estimates, and the cost of going solar for you will vary based on your specific situation and what company you choose to go with. With typical savings of about $22,000 on electricity bills over 20 years, many homeowners in Lincoln find installing solar panels can pay off big.
To get a free estimate from a highly rated solar installation company in Lincoln, you can click the button below.
Solar savings over time in Lincoln
| Year | Return on Investment |
|---|---|
| 1 years | $-8,137 |
| 3 years | $-6,055 |
| 5 years | $-3,972 |
| 7 years | $-1,889 |
| 9 years | $194 |
| 11 years | $2,277 |
| 13 years | $4,359 |
| 15 years | $6,442 |
| 17 years | $8,525 |
| 19 years | $10,608 |
| 21 years | $12,690 |
| 23 years | $14,773 |
| 25 years | $16,856 |
Top Solar Installers in Lincoln
When switching to solar energy, many homeowners prefer to go with a solar installation company since installing a solar system yourself can be a challenging project. Companies can also provide access to various kinds of the best solar panels and help you decide which one will be best for you.
There are several 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 Lincoln
Factors that Affect Solar Panel Costs in Lincoln
While the average cost of a solar system in Lincoln is $9,179, your actual cost may be above or below the average. There are quite a few factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to consider.
Solar Equipment
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,940. There are a lot of different solar panel brands and the one you pick also affects the cost. Typically, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a solid choice because they reduce your upfront costs and allow you to pay for your system over five to seven years on average. However, the interest on solar loans also increases your all-in costs, so it's vital to keep that in mind as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Lincoln is the company you get to install your solar panel system. Similar to choosing a company to build a deck or pool, for example, there are plenty of solar installers that offer a range of services at different costs. Additionally, some companies in Lincoln have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. 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 | $22,186 | 9.2 years |
| 8 kW | $3.00 | $16,793 | $29,911 | 9.0 years |
| 10 kW | $2.94 | $20,580 | $37,800 | 8.8 years |
| 12 kW | $2.88 | $24,202 | $45,854 | 8.6 years |
| 14 kW | $2.82 | $27,660 | $54,073 | 8.5 years |
| 16 kW | $2.76 | $30,952 | $62,456 | 8.3 years |
| 18 kW | $2.70 | $34,080 | $71,004 | 8.1 years |
| 20 kW | $2.65 | $37,044 | $79,716 | 7.9 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose has an impact on your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Before signing a contract with a solar company, make sure to read it through fully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
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 Lincoln, MA Solar Cost FAQs
How much does it cost to install solar panels in Lincoln?
This is a tough question to answer exactly, because the cost depends on a variety of 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 be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Lincoln?
Leasing solar panels can be an appealing choice, as it usually comes with low or $0 upfront payments. The downside 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Can solar panels completely eradicate my electricity bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Lincoln, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How many solar panels do I need to power 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.