Solar Panel Cost Guide in North Andover, MA (2023 Update)
- North Andover Solar Installation Cost: $8,743
- 25-Year Savings: $16,067
- Payback Period: 8.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in North Andover
Let's take a look at the average cost of solar in North Andover.
Currently, the national average cost of solar panels is $2.66 per watt. However, in North Andover, the average cost of a solar system is 2.94 per watt. To account for the typical energy usage of the average home in North Andover, most homeowners require a 4.2-kilowatt system. Using the figure above, a solar installation costs around $8,746, or $12,507 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of installing solar panels can vary quite a bit depending on a few factors, such as how many panels you need, your energy usage and what company you go with. But, after you've paid the initial cost of installation, the savings for most homeowners is quite good, with a net average savings of about $22,000 over 20 years on power bills.
Click the button below to get connected to a highly rated solar installer in North Andover for a personalized quote.
Solar savings over time in North Andover
| Year | Return on Investment |
|---|---|
| 1 years | $-7,020 |
| 3 years | $-3,573 |
| 5 years | $-126 |
| 7 years | $3,321 |
| 9 years | $6,768 |
| 11 years | $10,214 |
| 13 years | $13,661 |
| 15 years | $17,108 |
| 17 years | $20,555 |
| 19 years | $24,002 |
| 21 years | $27,449 |
| 23 years | $30,896 |
| 25 years | $34,343 |
Top Solar Installers in North Andover
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Going with a solar company can make swapping over to solar power much easier. A solar installer can also help save you money over time by offering warranties, repairs and component replacements.
If you'd like to switch to solar energy but still aren't certain which solar system installer to go with, here are our suggestions for providers 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
See all of the solar companies in North Andover
Factors that Affect Solar Panel Costs in North Andover
Although the average cost of a solar system in North Andover is $8,746, 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 residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your electric bills. In addition, extra products, such as solar batteries, can bring your total well above the North Andover average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are offered by most installers in North Andover, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable. It's wise to include 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 the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The final major cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in North Andover, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in North Andover 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 | $3.06 | $12,842 | $22,197 | 9.2 years |
| 8 kW | $3.00 | $16,793 | $29,925 | 9.0 years |
| 10 kW | $2.94 | $20,580 | $37,818 | 8.8 years |
| 12 kW | $2.88 | $24,202 | $45,876 | 8.6 years |
| 14 kW | $2.82 | $27,660 | $54,098 | 8.5 years |
| 16 kW | $2.76 | $30,952 | $62,485 | 8.3 years |
| 18 kW | $2.70 | $34,080 | $71,036 | 8.1 years |
| 20 kW | $2.65 | $37,044 | $79,753 | 7.9 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- 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 considerable role in the company you hire.
- Installation Process: Make sure you're on the same page with the company regarding how the installation process will go and what needs to be done before your solar system is installed, such as repairing your electrical system or roof.
- Reputation: Companies that have been operating for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it thoroughly so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
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 North Andover, MA Solar Cost FAQs
What is the average cost of installing solar panels in North Andover?
The average cost of solar panels in North Andover is about $14,700 for a 5-kW system and $29,400 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in North Andover?
Leasing solar panels can be an attractive choice, because it typically 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 option if you want to maximize your savings.
Can you sell solar power back to the grid in North Andover?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future utility bills.
How long do solar panels last in North Andover?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use 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.