Solar Panel Cost Guide in Norwell, MA (2023 Update)
- Norwell Solar Installation Cost: $8,516
- 25-Year Savings: $17,044
- Payback Period: 8.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Norwell
Let's take a look at the average cost of solar in Norwell.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Norwell, the average cost of a solar system is 2.94 per watt. The average Norwell homeowner needs a 4.1-kilowatt system, which would cost about $8,520 with the federal tax credit, or $12,184 before the 30% tax credit is applied.
These figures are only averages, and the cost of going solar for you may vary based on your specific situation and what company you want to go with. For most homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $23,000 in savings on energy bills over 20 years.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Norwell
| Year | Return on Investment |
|---|---|
| 1 years | $-6,793 |
| 3 years | $-3,346 |
| 5 years | $101 |
| 7 years | $3,548 |
| 9 years | $6,995 |
| 11 years | $10,442 |
| 13 years | $13,889 |
| 15 years | $17,335 |
| 17 years | $20,782 |
| 19 years | $24,229 |
| 21 years | $27,676 |
| 23 years | $31,123 |
| 25 years | $34,570 |
Top Solar Installers in Norwell
Installing solar panels on your own can be a difficult undertaking, which is why hiring a solar installation company is a good option for many homeowners. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and component replacements.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Norwell
Factors that Affect Solar Panel Costs in Norwell
The cost of installing a solar system in Norwell can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is the size of the system you need, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay about $2,940 per kilowatt in Norwell. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a popular option because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. When figuring out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can affect the cost. Norwell's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.
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 | $24,218 | 8.7 years |
| 8 kW | $3.00 | $16,793 | $32,620 | 8.5 years |
| 10 kW | $2.94 | $20,580 | $41,187 | 8.3 years |
| 12 kW | $2.88 | $24,202 | $49,919 | 8.2 years |
| 14 kW | $2.82 | $27,660 | $58,815 | 8.0 years |
| 16 kW | $2.76 | $30,952 | $67,875 | 7.8 years |
| 18 kW | $2.70 | $34,080 | $77,100 | 7.7 years |
| 20 kW | $2.65 | $37,044 | $86,490 | 7.5 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Contract: Before signing a contract with a solar installer, make sure you read it through completely 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 component breaks or malfunctions and if there are any guarantees about energy production.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you choose.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project timeline.
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 Norwell, MA Solar Cost FAQs
How much does it cost to install solar panels in Norwell?
The average cost of solar panels in Norwell 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 certain factors like the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Norwell?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,235.34 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can 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 get between 20 and 35 panels to account for 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.