Solar Panel Cost Guide in Lynnfield, MA (2023 Update)
- Lynnfield Solar Installation Cost: $8,746
- 25-Year Savings: $15,032
- Payback Period: 9.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lynnfield
Find out what the average cost of installing solar panels is in Lynnfield.
In Lynnfield, solar panels cost about 2.94 per watt on average. The average Lynnfield homeowner needs a 4.2-kilowatt system, which would cost about $8,746 with the federal tax credit, or $12,507 before the 30% tax credit is applied.
These figures are only estimates, and how much solar costs for you will most likely look different based on your energy needs and what company you go with. For most homeowners, the upfront investment in solar power is worth paying. On average Lynnfield homeowners see about $21,000 in savings on utility bills over 20 years.
To receive a free quote from a vetted solar company in Lynnfield, you can click the button below.
Solar savings over time in Lynnfield
| Year | Return on Investment |
|---|---|
| 1 years | $-7,795 |
| 3 years | $-5,893 |
| 5 years | $-3,991 |
| 7 years | $-2,088 |
| 9 years | $-186 |
| 11 years | $1,716 |
| 13 years | $3,618 |
| 15 years | $5,521 |
| 17 years | $7,423 |
| 19 years | $9,325 |
| 21 years | $11,228 |
| 23 years | $13,130 |
| 25 years | $15,032 |
Top Solar Installers in Lynnfield
DIY solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Taking advantage of an installer can make converting to solar power much easier. Companies can also provide access to a large variety of the best solar panels and help you decide which one will be right for you.
If you'd like to start using solar energy but still aren't certain which solar system installer to go with, here are our suggestions 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 Lynnfield
Factors that Affect Solar Panel Costs in Lynnfield
For many Lynnfield homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Lynnfield, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,940. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Lynnfield, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Lynnfield to be prohibitively costly, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in a higher cost over time due to interest. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you pick will impact your total cost to go solar. Different companies will charge different amounts for the equipment and labor. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $20,740 | 9.6 years |
| 8 kW | $3.00 | $16,793 | $27,983 | 9.4 years |
| 10 kW | $2.94 | $20,580 | $35,390 | 9.2 years |
| 12 kW | $2.88 | $24,202 | $42,962 | 9.0 years |
| 14 kW | $2.82 | $27,660 | $50,698 | 8.8 years |
| 16 kW | $2.76 | $30,952 | $58,600 | 8.6 years |
| 18 kW | $2.70 | $34,080 | $66,665 | 8.5 years |
| 20 kW | $2.65 | $37,044 | $74,896 | 8.3 years |
How to Save on Solar Panels
The solar company you opt for will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should keep in mind, including:
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: It's important to look over your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable 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 check your installer's reputation is by reading reviews.
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 Lynnfield, MA Solar Cost FAQs
What is the average cost of installing solar panels in Lynnfield?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly 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 higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Lynnfield?
Leasing solar panels can be an attractive choice, as it commonly 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 option if you want to get the most savings.
How much can I save on electricity bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location 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 $1,119.40 per year.
How long do solar panels last in Lynnfield?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using them at a lower efficiency.
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.