Solar Panel Cost Guide in Lynn, MA (2023 Update)
- Lynn Solar Installation Cost: $8,746
- 25-Year Savings: $16,403
- Payback Period: 8.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lynn
Find out what the average cost of solar panel installation is in Lynn.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lynn, the average cost of solar panels is 2.94 per watt. To cover the typical energy needs of the average home in Lynn, most homeowners require a 4.2-kilowatt system. Using the figure above, a solar installation costs about $8,746, or $12,507 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of installing solar panels can vary depending on multiple factors, such as how many panels you need, your energy consumption and what installation company you go with. Many homeowners find going solar is a fruitful investment. The average homeowner in Lynn can save around $22,000 on their power bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lynn
| Year | Return on Investment |
|---|---|
| 1 years | $-7,741 |
| 3 years | $-5,729 |
| 5 years | $-3,717 |
| 7 years | $-1,705 |
| 9 years | $307 |
| 11 years | $2,319 |
| 13 years | $4,331 |
| 15 years | $6,343 |
| 17 years | $8,355 |
| 19 years | $10,367 |
| 21 years | $12,379 |
| 23 years | $14,391 |
| 25 years | $16,403 |
Top Solar Installers in Lynn
When making the switch to solar, many homeowners opt to use a solar company since DIY solar panel installation can be a challenging project. A solar installer can also help save you money in the long run by offering warranties, repairs and part replacements.
If you'd like to go solar but still aren't certain which solar installer to go with, here are our recommendations for providers nearby:
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 Lynn
Factors that Affect Solar Panel Costs in Lynn
There are many criteria that can play into your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
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 power your household uses, the larger your system will likely need to be. You can expect to pay about $2,940 per kilowatt in Lynn. The kind of solar panels and equipment you get is another factor that will greatly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment goes beyond 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 searching for a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are offered by most installers in Lynn, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible. Even though solar loans make going solar more accessible for Lynn homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. 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 installer you go with to handle your switch to green energy can play a role in your total costs. There are about 3 solar panel companies operating throughout Lynn, and each can charge different amounts for labor and equipment. The size of the company can sometimes play the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of more resources and better pricing. Smaller local companies might be more costly, but they generally 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 | $22,676 | 9.0 years |
| 8 kW | $3.00 | $16,793 | $30,563 | 8.9 years |
| 10 kW | $2.94 | $20,580 | $38,616 | 8.7 years |
| 12 kW | $2.88 | $24,202 | $46,833 | 8.5 years |
| 14 kW | $2.82 | $27,660 | $55,215 | 8.3 years |
| 16 kW | $2.76 | $30,952 | $63,761 | 8.2 years |
| 18 kW | $2.70 | $34,080 | $72,472 | 8.0 years |
| 20 kW | $2.65 | $37,044 | $81,348 | 7.8 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose considerably influences your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Different companies will have various brands and types of panels. If you want a specific brand, make sure the solar panel installer you're considering has it.
- Reputation: Make sure your solar 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 EcoWatch.
- Contract: Before you sign a contract with a solar company, make sure you read it through completely so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Warranty: Warranties that provide coverage for replacement parts and repairs over a couple decades are the best you can get in the business, and offering that kind of warranty is one mark of a good company.
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 Lynn, MA Solar Cost FAQs
What is the average cost of installing solar panels in Lynn?
The average cost of solar panels in Lynn 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 certain factors like 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 Lynn?
Leasing solar panels can be an attractive choice, because it often 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.
How much can I save on energy bills after installing solar panels?
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 $1,183.92 per year.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.