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
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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.The average solar panel system size in Peabody is around 4.2 kilowatts, meaning a cost of about $12,074 for a solar installation, or $17,266 before the 0 federal solar tax credit is applied.
These figures are only averages, and the cost of going solar for you may differ based on factors unique to your home and what company you choose to go with.But, once you've paid the upfront cost of installation, the savings for most homeowners is typically fruitful, with a net average savings of about $21,000 over 20 years on utility bills.
To receive a free quote from a top solar installer in Peabody, you can 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
Installing solar panels on your own can be a dangerous project, which is why using a solar installation company is a good option for many homeowners. Solar warranties and repairs are typically included in the cost of installation when you go with a solar contractor as well, which can save you more money after your initial investment.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some in Peabody:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Peabody
Factors that Affect Solar Panel Costs in Peabody
There are several criteria that can influence your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. That’s why it’s a priority to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use.The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof 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 raise the cost.
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 accessible.It’s wise to add 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 how long it’ll take to pay back the loan.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Peabody is the company you get to install your solar system. As with choosing a company to build a deck or pool, for instance, there’s no shortage of solar installers that provide a range of services at different costs.You may notice national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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
The solar installer you choose will affect not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should take into account, such as:
- Warranty: If you care about the durability of your solar energy system, making sure your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should acquire and what the project timeline is.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated 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 reading over your solar company’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios like a system component breaking or the company going out of business.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Peabody, MA Solar Cost FAQs
How much does it cost to install solar panels in Peabody?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally 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 be more expensive if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. 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?
Solar panels aren’t free in Peabody, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Can you sell solar power back to the grid in Peabody?
The majority of states offer net metering programs of some kind. Through these, you can get paid for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Peabody?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.