Solar Panel Cost Guide in Medford, MA (2023 Update)
- Medford Solar Installation Cost: $9,179
- 25-Year Savings: $16,835
- Payback Period: 8.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Medford
Let's take a look at the average cost of solar panels in Medford.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Medford, the typical cost of a solar system is 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.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of going solar can vary quite a bit based on multiple factors, such as what size system you need, your energy consumption and what installation company you go with. Many homeowners find going solar is a sound investment. The average homeowner in Medford can save around $22,000 on their energy bills over 20 years.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Medford
| Year | Return on Investment |
|---|---|
| 1 years | $-8,138 |
| 3 years | $-6,057 |
| 5 years | $-3,976 |
| 7 years | $-1,895 |
| 9 years | $186 |
| 11 years | $2,267 |
| 13 years | $4,348 |
| 15 years | $6,430 |
| 17 years | $8,511 |
| 19 years | $10,592 |
| 21 years | $12,673 |
| 23 years | $14,754 |
| 25 years | $16,835 |
Top Solar Installers in Medford
Although you can install solar panels on your own, it involves extra energy and know-how. For that reason, most people choose a solar panel installer. Plus, warranties and repairs from your solar panel company can protect your investment and lower the cost of maintenance over time.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some 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 Medford
Factors that Affect Solar Panel Costs in Medford
There are a number of criteria that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. The brand of solar panels and equipment you get is another factor that will considerably impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment is more than just the solar panels themselves. You'll also need to think 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 looking into a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Medford to be too steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to paying more over time due to interest. While solar loans make switching to solar energy more accessible for Medford homeowners, they can also increase the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar company you opt for to handle your switch to solar energy can play a part in your total costs. There are about 3 solar panel companies operating throughout Medford, and each can charge different amounts for labor and equipment. Additionally, some companies in Medford have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 | $22,159 | 9.2 years |
| 8 kW | $3.00 | $16,793 | $29,874 | 9.0 years |
| 10 kW | $2.94 | $20,580 | $37,754 | 8.8 years |
| 12 kW | $2.88 | $24,202 | $45,799 | 8.6 years |
| 14 kW | $2.82 | $27,660 | $54,008 | 8.5 years |
| 16 kW | $2.76 | $30,952 | $62,382 | 8.3 years |
| 18 kW | $2.70 | $34,080 | $70,921 | 8.1 years |
| 20 kW | $2.65 | $37,044 | $79,624 | 7.9 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose has an impact on 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:
- Contract: It's important to read 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 cost.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can research your installer's reputation is by reading reviews.
- Solar Panel Brands: Different companies carry various brands and models of panels. If you prefer a specific brand, make sure the solar installer you're considering has it.
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 Medford, MA Solar Cost FAQs
What is the average cost of installing solar panels in Medford?
The average cost of solar panels in Medford 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 kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Medford?
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 incentives and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Do solar panels increase the value of your home?
Solar panels can increase your property's value remarkably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can 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 get 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.