Solar Panel Cost Guide in Medway, MA (Mar 2023)
- Medway Solar Installation Cost: $9,076
- 25-Year Savings: $16,938
- Payback Period: 8.7 Years
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Updated March 14, 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 average cost of a solar system in Medway is 2.94 per watt. The average Medway 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.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of going solar can vary quite a bit based on a few factors, such as what size system you need, your energy usage and what solar installer you go with. But, after you've paid the upfront cost of installation, the return on investment for most homeowners is typically fruitful, with a net average savings of about $22,000 over 20 years on power bills.
You can click the button below to get connected with a vetted solar company in Medway for a quote for your home.
Solar savings over time in Medway
| Year | Return on Investment |
|---|---|
| 1 years | $-8,035 |
| 3 years | $-5,954 |
| 5 years | $-3,873 |
| 7 years | $-1,792 |
| 9 years | $289 |
| 11 years | $2,370 |
| 13 years | $4,451 |
| 15 years | $6,532 |
| 17 years | $8,614 |
| 19 years | $10,695 |
| 21 years | $12,776 |
| 23 years | $14,857 |
| 25 years | $16,938 |
Top Solar Installers in Medway
Trying to install solar panels by yourself can be a challenging task, which is why using a solar installer is a good option for many homeowners. The payback period of solar panels will vary depending on factors like your roof configuration and energy consumption, but going with a solar company can shorten that period. Your provider will be able to help you get the most out of incentives available in your area.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some near you:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Medway
Factors that Affect Solar Panel Costs in Medway
There are several factors that can play into your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up 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
Most solar installers in Medway offer solar loans, which reduce your upfront costs of installing a solar system. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The final significant cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Medway, you'll have many options to choose from, but each comes at different price points for labor and equipment. You may see national solar installers that have lower prices because of their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 type of solar panels and the installer you choose greatly affects 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: Look through the contract terms carefully to make sure you understand how much it will cost, completion timeline incentives and warranties.
- Solar Panel Brands: Different companies will carry various brands and models of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to get the job done well. Another way you can verify your installer's reputation is by reading reviews.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Medway, MA Solar Cost FAQs
What is the average cost of installing solar panels in Medway?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Broadly 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 cost more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Medway?
You can't get solar panels for free in Medway. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
Does Medway have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future utility bills.
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 decreases 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.