Solar Panel Cost Guide in Nantucket, MA (2024 Update)
- Nantucket Solar Installation Cost: $11,772
- 25-Year Savings: $21,820
- Payback Period: 9.7 Years
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Average Cost of Solar Panels in Nantucket
Find out how much it might cost to install solar panels in Nantucket.
While the national average of solar panels is $2.66 per watt, solar panels in Nantucket generally cost about 4.To cover the typical energy needs of the average home in Nantucket, most homeowners require a 4.1-kilowatt system. Using the figure above, a solar installation costs around $11,772, or $16,834 before the federal solar tax credit of 0 is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy needs, the type of solar panels you want, your solar contractor and more.For most homeowners, the upfront investment in solar power is worth paying. On average Nantucket homeowners see about $28,000 in savings on energy bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Nantucket
| Year | Return on Investment |
|---|---|
| 1 years | $-10,018 |
| 3 years | $-6,512 |
| 5 years | $-3,006 |
| 7 years | $501 |
| 9 years | $4,007 |
| 11 years | $7,513 |
| 13 years | $11,020 |
| 15 years | $14,526 |
| 17 years | $18,032 |
| 19 years | $21,538 |
| 21 years | $25,045 |
| 23 years | $28,551 |
| 25 years | $32,057 |
Top Solar Installers in Nantucket
Although it's possible to install solar panels yourself, it takes extra effort and handiness. For that reason, almost all homeowners choose to go with a solar panel installer. The expertise that solar installers offer can be valuable as well, particularly if you don’t quite know what brand of solar equipment you need.
Working with a professional solar company can help you make the most of your investment in solar. Here are our recommendations:
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 Nantucket
Factors that Affect Solar Panel Costs in Nantucket
While the average cost of a solar system in Nantucket is $11,772, your actual cost may be above or below the average. There are quite a few factors that can have a significant impact on the cost of a solar system installation. Below are some of the more crucial things to consider.
Solar Equipment
When it comes to estimating the cost of solar panels in Nantucket, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can gauge by looking at past power bills. Your overall 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 choose also changes the cost. In general, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you’re looking to get can affect your total cost. If you only need panels, your system will be much 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 difficult. Solar loans are provided by most installers in Nantucket, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you choose to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies in Nantucket, and each can charge different amounts for labor and equipment.Additionally, some companies in Nantucket are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. 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 | $26,221 | 10.1 years |
| 8 kW | $4.14 | $23,191 | $35,416 | 9.9 years |
| 10 kW | $4.06 | $28,420 | $44,839 | 9.7 years |
| 12 kW | $3.98 | $33,422 | $54,489 | 9.5 years |
| 14 kW | $3.90 | $38,196 | $64,366 | 9.3 years |
| 16 kW | $3.82 | $42,744 | $74,470 | 9.1 years |
| 18 kW | $3.74 | $47,064 | $84,802 | 8.9 years |
| 20 kW | $3.65 | $51,156 | $95,362 | 8.7 years |
How to Save on Solar Panels
There are a lot of companies available in Nantucket, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- 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 installation process.
- Installation Process: When making the switch to solar, it’s necessary to keep an open line of communication with your solar panel company. See to it that you understand how the installation process works and the project completion timeline.
- Reputation: Long-standing companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
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 Nantucket, MA Solar Cost FAQs
What is the average cost of installing solar panels in Nantucket?
The average cost of solar panels in Nantucket is about $20,300 for a 5-kW system and $40,600 for a 10-kW system before the ITC, but the actual cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider aside from cost when buying solar panels?
Cost is a crucial factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
How will having solar panels impact my home value?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.