Solar Panel Cost Guide in Peabody, MA (2023 Update)
- Peabody Solar Installation Cost: $8,743
- 25-Year Savings: $15,141
- Payback Period: 9.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Peabody
Find out what the average cost of installing solar panels is in Peabody.
The average cost of a solar panel system in Peabody is 2.94 per watt. Using this figure, a typical 4.2-kW system would cost about $8,746 before the 30% federal solar tax credit is applied.
The true price you pay can go higher or lower than the average in Peabody based on several factors, such as the kind of solar panels you choose and the solar company you hire. Even with the significant initial cost, the average Peabody homeowner can save about $21,000 on their power bills over 20 years, which is one of the perks of solar.
You can click the button below to get connected with a vetted solar installer in Peabody that can help you get a more accurate cost estimate for your home.
Solar savings over time in Peabody
| Year | Return on Investment |
|---|---|
| 1 years | $-8,664 |
| 3 years | $-8,504 |
| 5 years | $-8,345 |
| 7 years | $-8,186 |
| 9 years | $-8,027 |
| 11 years | $-7,868 |
| 13 years | $-7,708 |
| 15 years | $-7,549 |
| 17 years | $-7,390 |
| 19 years | $-7,231 |
| 21 years | $-7,072 |
| 23 years | $-6,912 |
| 25 years | $-6,753 |
Top Solar Installers in Peabody
Many homeowners opt for a solar installation company since trying to put up solar panels yourself can be hard. Also, companies with a good reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you're searching for a solar installer in Peabody, we've organized a list of our top suggestions here:
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 Peabody
Factors that Affect Solar Panel Costs in Peabody
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that affect your total cost in Peabody: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,940. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your energy bills. Additionally, add-on products, like solar batteries, can bring your total well above the Peabody average.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are offered by most installers in Peabody, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also adds to your overall costs, so it's vital to keep that in mind as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
Finally, the company you opt for to install your solar system can impact how much you pay. Peabody's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to 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 | $20,889 | 9.5 years |
| 8 kW | $3.00 | $16,793 | $28,181 | 9.3 years |
| 10 kW | $2.94 | $20,580 | $35,638 | 9.2 years |
| 12 kW | $2.88 | $24,202 | $43,260 | 9.0 years |
| 14 kW | $2.82 | $27,660 | $51,046 | 8.8 years |
| 16 kW | $2.76 | $30,952 | $58,997 | 8.6 years |
| 18 kW | $2.70 | $34,080 | $67,113 | 8.4 years |
| 20 kW | $2.65 | $37,044 | $75,393 | 8.2 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
- 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.
- Contract: It's important to read your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to install your solar system. Another way you can look into your installer's reputation is by reading reviews.
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 Peabody, MA Solar Cost FAQs
How much does it cost to install solar panels in Peabody?
The average cost of solar panels in Peabody 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 model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Peabody?
You can't get solar panels for free in Peabody. 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.
How will having solar panels impact my property value?
Solar panels can increase your home value remarkably 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."
What solar power system size is right for my home?
To figure out what solar panel system size 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 typically produce about 250 to 400 watt-hours per hour, the average house 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.