Solar Panel Cost Guide in Malden, MA (2023 Update)
- Malden Solar Installation Cost: $9,178
- 25-Year Savings: $16,747
- Payback Period: 8.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Malden
Here's how much it might cost to make the switch to solar in Malden.
The national average cost of solar panels is $2.66 per watt, but in Malden it's 2.94 per watt. Using this figure, a typical 4.5-kW system would cost about $9,179 before the 30% federal solar tax credit is applied.
These figures are only estimates, and your own solar costs will differ based on the amount of energy your home requires and what company you want to go with. For many homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $22,000 in savings on energy bills over 20 years.
Click the button below to get connected to a highly rated solar panel company in your area for a personalized quote.
Solar savings over time in Malden
| Year | Return on Investment |
|---|---|
| 1 years | $-9,091 |
| 3 years | $-8,918 |
| 5 years | $-8,745 |
| 7 years | $-8,573 |
| 9 years | $-8,400 |
| 11 years | $-8,227 |
| 13 years | $-8,054 |
| 15 years | $-7,881 |
| 17 years | $-7,709 |
| 19 years | $-7,536 |
| 21 years | $-7,363 |
| 23 years | $-7,190 |
| 25 years | $-7,017 |
Top Solar Installers in Malden
Although it's possible to install solar panels by yourself, it requires extra time and handiness. For that reason, almost all homeowners choose to go with a solar panel installer. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you'd like to switch to 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 Malden
Factors that Affect Solar Panel Costs in Malden
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that affect your total cost in Malden: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,940. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag 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 will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
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 let you pay for your system over five to seven years on average. When figuring out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panel system can influence the cost. Malden's solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices due to their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $22,038 | 9.2 years |
| 8 kW | $3.00 | $16,793 | $29,714 | 9.0 years |
| 10 kW | $2.94 | $20,580 | $37,554 | 8.9 years |
| 12 kW | $2.88 | $24,202 | $45,558 | 8.7 years |
| 14 kW | $2.82 | $27,660 | $53,727 | 8.5 years |
| 16 kW | $2.76 | $30,952 | $62,061 | 8.3 years |
| 18 kW | $2.70 | $34,080 | $70,560 | 8.1 years |
| 20 kW | $2.65 | $37,044 | $79,223 | 8.0 years |
How to Save on Solar Panels
Since the kind of solar panels and the 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: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you choose.
- Warranty: Warranties that cover panel repairs and maintenance over a couple decades are the gold standard in the business, and offering such a warranty is one mark of a quality company.
- Contract: Though reading through a contract can be tedious, it's important to do it carefully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years likely provide quality solar panel installation and expertise.
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 Malden, MA Solar Cost FAQs
What is the average cost of installing solar panels in Malden?
The average cost of solar panels in Malden 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 such as the kind of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to think about when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels eliminate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,162.67 per year.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can choose 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.