Solar Panel Cost Guide in Peabody, MA (2024 Update)

  • Peabody Solar Installation Cost: $12,074
  • 25-Year Savings: $15,141
  • Payback Period: 12.6 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Peabody

Let’s take a look at the average cost of solar panels in Peabody.

The average cost of solar panels in Peabody is 4 per watt.To account for the typical energy needs of the average home in Peabody, most homeowners require a 4.2-kilowatt system. Using the figure above, a solar installation costs around $12,074, or $17,266 before the federal solar tax credit of 0 is applied.

Remember that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy use, the type of equipment you choose, your solar contractor and more.With average savings of about $21,000 on electricity bills over 20 years, many homeowners in Peabody find installing solar panels has a decent ROI.

To see your potential savings and connect with a local solar installer, click the button below.

Solar savings over time in Peabody

Year Return on Investment
1 years $-10,674
3 years $-7,874
5 years $-5,074
7 years $-2,275
9 years $525
11 years $3,325
13 years $6,125
15 years $8,925
17 years $11,725
19 years $14,525
21 years $17,325
23 years $20,124
25 years $22,924

Top Solar Installers in Peabody

Although you can install solar panels yourself, it takes extra labor and expertise. For that reason, almost all homeowners choose to go with a solar panel installer. Solar warranties and repairs are ordinarily included in the cost of installation when you sign a contract with a solar company too, which can save you more money over time.

If you’d like to make the switch to solar but still aren’t sure which solar installer to go with, here are our suggestions for providers near you:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • 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 Peabody

Factors that Affect Solar Panel Costs in Peabody

There are several criteria that can play into your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.

Solar Equipment

One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend around $4,060 per kilowatt in Peabody.There are several different solar panel brands and the one you choose also changes the cost. Typically, the brands that are more efficient tend to also be more expensive. Plus, 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

Many homeowners find the average cost of solar in Peabody to be too expensive, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in paying more over time because of interest.However, the interest on solar loans also increases your overall costs, so it’s important to take that into consideration as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.

Solar Panel Installation Company

The solar installer you opt for to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Peabody, and each can charge different amounts for labor and equipment.The size of the company sometimes plays the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.

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 $15,997 13.1 years
8 kW $4.14 $23,191 $21,784 12.9 years
10 kW $4.06 $28,420 $27,798 12.6 years
12 kW $3.98 $33,422 $34,040 12.4 years
14 kW $3.90 $38,196 $40,509 12.1 years
16 kW $3.82 $42,744 $47,206 11.9 years
18 kW $3.74 $47,064 $54,130 11.6 years
20 kW $3.65 $51,156 $61,281 11.4 years

How to Save on Solar Panels

There are a large number of companies available in Peabody, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, 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.
  • Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project completion timeline.
  • Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
  • Contract: When looking over your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's Peabody, MA Solar Cost FAQs

What is the average cost of installing solar panels in Peabody?

This is a difficult question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $20,300 for a 5-kW system and $40,600 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.

Are solar panels free in Peabody?

You can’t get solar panels for free in Peabody. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.

Does Peabody have a net metering program?

Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future electricity bills.

How long do solar panels last in Peabody?

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 the amount of energy they produce will have decreased significantly after that point. You can replace them once you've had them for that long or you can keep using 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.

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