Solar Panel Cost Guide in Medfield, MA (2023 Update)
- Medfield Solar Installation Cost: $9,076
- 25-Year Savings: $17,027
- Payback Period: 8.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Medfield
Let's take a look at the average cost of solar in Medfield.
The average cost of a solar panel system in Medfield is 2.94 per watt. The average Medfield homeowner needs a 4.4-kilowatt system, which would cost about $9,076 with the federal tax credit, or $12,979 before the 30% tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy consumption, the type of solar panels you choose, your solar contractor and more. But, after you've paid the upfront cost of installation, the savings for most homeowners is typically fruitful, with a net average savings of about $22,000 over 20 years on energy bills.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Medfield
| Year | Return on Investment |
|---|---|
| 1 years | $-8,032 |
| 3 years | $-5,943 |
| 5 years | $-3,855 |
| 7 years | $-1,767 |
| 9 years | $321 |
| 11 years | $2,410 |
| 13 years | $4,498 |
| 15 years | $6,586 |
| 17 years | $8,674 |
| 19 years | $10,763 |
| 21 years | $12,851 |
| 23 years | $14,939 |
| 25 years | $17,027 |
Top Solar Installers in Medfield
Although it's possible to install solar panels on your own, it requires extra effort and knowledge. Because of that, most homeowners choose to go with a solar panel installer. The expertise that solar installers offer can be invaluable as well, especially if you aren't sure what brand of solar equipment would be right for your home.
If you'd like to switch to solar energy but still aren't certain which solar panel 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 Medfield
Factors that Affect Solar Panel Costs in Medfield
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that will push your cost above or below the average in Medfield: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. There are a lot of different solar panel brands and the one you pick also affects the cost. Usually, the brands that offer higher efficiency tend to also be more expensive. Additionally, the type of equipment you choose can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are provided by most installers in Medfield, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible. However, the interest on solar loans also increases your all-in costs, so it's crucial to take that into consideration as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you opt for to handle your switch to solar energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Medfield, and each can charge different amounts for labor and equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and go with the company that provides the products, warranties and services you want and also fits within your budget.
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 | $22,683 | 9.0 years |
| 8 kW | $3.00 | $16,793 | $30,574 | 8.9 years |
| 10 kW | $2.94 | $20,580 | $38,629 | 8.7 years |
| 12 kW | $2.88 | $24,202 | $46,848 | 8.5 years |
| 14 kW | $2.82 | $27,660 | $55,233 | 8.3 years |
| 16 kW | $2.76 | $30,952 | $63,782 | 8.2 years |
| 18 kW | $2.70 | $34,080 | $72,495 | 8.0 years |
| 20 kW | $2.65 | $37,044 | $81,374 | 7.8 years |
How to Save on Solar Panels
The solar installer you opt for will impact not only your overall 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, such as:
- Contract: It's important to read your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Although there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of offerings before making your decision.
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 Medfield, MA Solar Cost FAQs
What is the average cost of installing solar panels in Medfield?
This is a hard question to answer precisely, 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. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Medfield?
Leasing solar panels can be an appealing choice, because 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 option if you want to maximize your savings.
Does Medfield have a net metering program?
Most states have net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.