Solar Panel Cost Guide in Medway, MA (2024 Update)
- Medway Solar Installation Cost: $12,529
- 25-Year Savings: $16,941
- Payback Period: 12.0 Years
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Average Cost of Solar Panels in Medway
We go over average solar pricing in Medway.
In Medway, solar panels cost about 4 per watt on average.The average Medway homeowner needs a 4.4-kilowatt system, which would cost about $12,529 with the federal tax credit, or $17,916 before the 0 tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy use, the type of equipment you want, your solar contractor and more.But, after you've paid the upfront cost of installation, the ROI for most homeowners is typically rewarding, with a net average savings of about $22,000 over 20 years on electricity bills.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Medway
| Year | Return on Investment |
|---|---|
| 1 years | $-10,806 |
| 3 years | $-7,359 |
| 5 years | $-3,912 |
| 7 years | $-465 |
| 9 years | $2,982 |
| 11 years | $6,428 |
| 13 years | $9,875 |
| 15 years | $13,322 |
| 17 years | $16,769 |
| 19 years | $20,216 |
| 21 years | $23,663 |
| 23 years | $27,110 |
| 25 years | $30,557 |
Top Solar Installers in Medway
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Taking advantage of a solar panel installer can make switching to solar power much easier. Because solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.
Working with a vetted solar company can help you make the most of your investment in solar. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Medway
Factors that Affect Solar Panel Costs in Medway
The cost of installing a solar system in Medway can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Medway, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can determine by looking at past electricity bills. Your total cost can increase by around $4,060 for each additional kilowatt you need.There are a lot of different solar panel brands and the one you pick also changes the cost. Generally, the brands that have better efficiency tend to also cost more. In addition, 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
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That’s why many Medway homeowners choose to finance their solar panel systems to make paying for solar more affordable.While solar loans make adopting solar energy more accessible for Medway homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. 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 final major cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Medway, you’ll have a great number of options to choose from, but each comes at varying price points for labor and equipment.Additionally, some companies in Medway know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, 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 | $4.22 | $17,734 | $17,669 | 12.5 years |
| 8 kW | $4.14 | $23,191 | $24,014 | 12.3 years |
| 10 kW | $4.06 | $28,420 | $30,586 | 12.0 years |
| 12 kW | $3.98 | $33,422 | $37,385 | 11.8 years |
| 14 kW | $3.90 | $38,196 | $44,412 | 11.6 years |
| 16 kW | $3.82 | $42,744 | $51,666 | 11.3 years |
| 18 kW | $3.74 | $47,064 | $59,147 | 11.1 years |
| 20 kW | $3.65 | $51,156 | $66,856 | 10.8 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose considerably affects your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely provide quality solar panel installation and expertise.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: Make sure you’re on the same page with the company in regard to how the installation process will go and what you need to do before your solar panel system is installed, such as repairing your electrical system or roof.
- 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 you can expect about the project timeline.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Medway, MA Solar Cost FAQs
What is the average cost of installing solar panels in Medway?
The average cost of solar panels in Medway is about $20,300 for a 5-kW system and $40,600 for a 10-kW system before the ITC, but the real cost will depend on stuff such as 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 Medway?
Leasing solar panels can be an attractive choice, because it commonly comes with low or $0 upfront payments. The drawback 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 way to go if you want to maximize your savings.
Does Medway have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system produces or or receive credits to put toward future energy 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?
Though 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 the amount of energy they produce will have decreased significantly after that point. You can decide to replace them once you've had 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.