Solar Panel Cost Guide in Medway, MA (2023 Update)
- Medway Solar Installation Cost: $9,073
- 25-Year Savings: $16,941
- Payback Period: 8.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Medway
Find out what the average cost of installing solar panels is in Medway.
The national average cost of solar panels is $2.66 per watt, but in Medway it's 2.94 per watt. Using this figure, a typical 4.4-kW system would cost about $9,076 before the 30% federal solar tax credit is applied.
These figures are just estimates, and your own solar costs will differ based on the amount of energy your home requires and what company you choose to go with. Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Medway can save around $22,000 on their electricity bills over 20 years.
To receive a free estimate from a highly rated solar installation company in Medway, you can click the button below.
Solar savings over time in Medway
| Year | Return on Investment |
|---|---|
| 1 years | $-7,350 |
| 3 years | $-3,903 |
| 5 years | $-456 |
| 7 years | $2,991 |
| 9 years | $6,438 |
| 11 years | $9,885 |
| 13 years | $13,332 |
| 15 years | $16,779 |
| 17 years | $20,225 |
| 19 years | $23,672 |
| 21 years | $27,119 |
| 23 years | $30,566 |
| 25 years | $34,013 |
Top Solar Installers in Medway
Many homeowners choose to use a solar installation company since trying to install solar panels yourself can be time-consuming. Local solar installers can also help you maximize your return on investment by walking you through any local incentives you can benefit from and by providing warranties and repairs.
If you're searching for a solar installer in Medway, the EcoWatch team has put together a list of our top suggestions here:
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 Medway
Factors that Affect Solar Panel Costs in Medway
For many Medway homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Medway, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,940. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Medway, where sunlight is relatively abundant, efficiency can quickly pay off. Also, 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 Medway to be prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar company in the area provides financing options. Solar loans substantially decrease upfront costs in most cases, but they also lead to paying more over time due to interest. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
The solar installer you choose to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies operating in Medway, and each can charge different amounts for labor and equipment. Some companies 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 come with an above-average cost. It's best to do some research and decide on the company that offers the products, warranties and services you're looking for 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 | $22,562 | 9.1 years |
| 8 kW | $3.00 | $16,793 | $30,411 | 8.9 years |
| 10 kW | $2.94 | $20,580 | $38,426 | 8.7 years |
| 12 kW | $2.88 | $24,202 | $46,605 | 8.5 years |
| 14 kW | $2.82 | $27,660 | $54,949 | 8.4 years |
| 16 kW | $2.76 | $30,952 | $63,457 | 8.2 years |
| 18 kW | $2.70 | $34,080 | $72,130 | 8.0 years |
| 20 kW | $2.65 | $37,044 | $80,968 | 7.8 years |
How to Save on Solar Panels
Since the kind 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 pick 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 have the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you opt for.
- Contract: Before signing a contract with a solar installer, be sure to read it through fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Warranty: Warranties that provide coverage for replacement parts and repairs over a couple decades are the gold standard in the business, and offering such a warranty is one mark of a good company.
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. A couple of 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 satisfied reviews from past customers.
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 Medway, MA Solar Cost FAQs
What is the average cost of installing solar panels in Medway?
This is a tough question to answer precisely, because the cost depends on a few different 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. It will be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
What other factors should I consider aside from cost when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels completely eradicate my electricity bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Medway, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can take a 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 install 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.