Solar Panel Cost Guide in Peabody, MA (Mar 2023)
- Peabody Solar Installation Cost: $8,746
- 25-Year Savings: $15,138
- Payback Period: 9.2 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated March 14, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Peabody
We go over average solar pricing in Peabody.
The national average cost of solar panels is $2.66 per watt, but in Peabody it's 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 prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of making the switch to solar can vary based on multiple factors, such as how many panels you need, your energy consumption and what company you go with. For many homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Peabody see about $21,000 in savings on energy bills over 20 years.
To calculate 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 | $-7,791 |
| 3 years | $-5,880 |
| 5 years | $-3,970 |
| 7 years | $-2,059 |
| 9 years | $-148 |
| 11 years | $1,763 |
| 13 years | $3,673 |
| 15 years | $5,584 |
| 17 years | $7,495 |
| 19 years | $9,406 |
| 21 years | $11,316 |
| 23 years | $13,227 |
| 25 years | $15,138 |
Top Solar Installers in Peabody
Although you can install solar panels by yourself, it requires extra energy and knowledge. Because of that, almost all homeowners choose to hire a solar panel installer. The expertise that solar companies offer can be valuable as well, especially if you don't quite know what kind of solar equipment you need.
If you'd like to start using solar energy but still aren't sure which solar system installer to go with, here are our recommendations for providers nearby:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Peabody
Factors that Affect Solar Panel Costs in Peabody
Though the average cost of a solar system in Peabody is $8,746, your final cost may be above or below the average. There are several factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
When it comes to estimating the price of a solar energy system in Peabody, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can gauge by looking at past energy bills. Your overall cost can increase by about $2,940 for each additional kilowatt you need. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Peabody, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a solid choice because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. It's a good idea to factor 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 off the loan.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panel system can influence your pricing. Peabody's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and go with the company that has the products, warranties and services you want and also fits within your budget.
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 solar panel company you go with will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, including:
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you opt for.
- Installation Process: Make sure you're aligned with the company with regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as updating your electrical system or roof.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years most likely offer quality solar panel installation and expertise.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
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 precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $14,700 for a 5-kW system and $29,400 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is switching to solar power worth it?
Solar panels can be a great investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already fairly low, solar panels might not be for you.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can take a 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 buy 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.