Solar Panel Cost Guide in Oak Bluffs, MA (2023 Update)
- Oak Bluffs Solar Installation Cost: $8,397
- 25-Year Savings: $17,707
- Payback Period: 8.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Oak Bluffs
Let's take a look at the average cost of solar in Oak Bluffs.
While the national average of solar panels is $2.66 per watt, solar panels in Oak Bluffs generally cost around 2.94. Since a 4.1-kW system is needed to cover the energy costs of a typical home in Oak Bluffs, the average price of going solar will be about $8,397 after claiming the federal solar tax credit of 30%.
These figures are only estimates, and your own solar costs will differ based on your specific situation and what company you go with. But, once you've paid the initial cost of installation, the payback for most homeowners is quite rewarding, with a net average savings of about $24,000 over 20 years on energy bills.
You can click the button below to get connected with a pre-vetted solar company in Oak Bluffs that can help you get a more accurate cost estimate for your home.
Solar savings over time in Oak Bluffs
| Year | Return on Investment |
|---|---|
| 1 years | $-7,353 |
| 3 years | $-5,264 |
| 5 years | $-3,176 |
| 7 years | $-1,088 |
| 9 years | $1,001 |
| 11 years | $3,089 |
| 13 years | $5,177 |
| 15 years | $7,265 |
| 17 years | $9,354 |
| 19 years | $11,442 |
| 21 years | $13,530 |
| 23 years | $15,618 |
| 25 years | $17,707 |
Top Solar Installers in Oak Bluffs
Although it's possible to install solar panels by yourself, it requires extra labor and knowledge. Because of that, most people choose a solar panel installer. The payback period of solar panels will vary based on factors like your location and energy consumption, but working 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.
There are a number of 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 Oak Bluffs
Factors that Affect Solar Panel Costs in Oak Bluffs
The cost of installing a solar system in Oak Bluffs can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. Because of that, it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. The type of solar panels and equipment you want is another factor that will largely affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment consists of more than just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Oak Bluffs homeowners opt to finance their solar panel systems to make paying for solar more affordable. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you're only able to 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 securing a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Oak Bluffs is the company you get to install your solar system. As with choosing a company to install new cabinets, for instance, there's no shortage of solar installers that provide a range of services for different budgets. Larger national companies usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric car 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 | $25,571 | 8.4 years |
| 8 kW | $3.00 | $16,793 | $34,424 | 8.2 years |
| 10 kW | $2.94 | $20,580 | $43,442 | 8.0 years |
| 12 kW | $2.88 | $24,202 | $52,625 | 7.9 years |
| 14 kW | $2.82 | $27,660 | $61,972 | 7.7 years |
| 16 kW | $2.76 | $30,952 | $71,483 | 7.6 years |
| 18 kW | $2.70 | $34,080 | $81,160 | 7.4 years |
| 20 kW | $2.65 | $37,044 | $91,000 | 7.2 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose considerably impacts your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panels running for years to come and save you money on repairs and maintenance.
- Contract: When looking over your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Different companies will offer different brands and models of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
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 Oak Bluffs, MA Solar Cost FAQs
What is the average cost of installing solar panels in Oak Bluffs?
The average cost of solar panels in Oak Bluffs is about $14,700 for a 5-kW system and $29,400 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the kind 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 Oak Bluffs?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of 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 financial benefits from going solar.
Can solar panels eliminate my energy bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Oak Bluffs, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
Although 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 choose to replace them once you've had 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.