Solar Panel Cost Guide in Peabody, MA (Sep 2022)

  • Peabody Solar Installation Cost: $8,746
  • 25-Year Savings: $15,138
  • Payback Period: 9.2 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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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 $3 per watt. Using this figure, a typical 4.2 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 exact cost of going solar can vary based on multiple factors, such as what size system you need, your energy consumption and what installation company you go with. For most homeowners, the upfront cost of solar is worth paying. On average Peabody homeowners see about $21,000 in savings on utility bills over 20 years.

To get a free estimate from a vetted solar installation company in Peabody, you can 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

Many homeowners choose to use a solar installation company since installing solar panels by yourself can be a labor-intensive endeavor. The expertise that solar companies offer can be useful as well, especially if you don't quite know what kind of solar equipment would be right for your home.

If you'd like to switch to solar energy but still aren't certain which solar installer to go with, here are our recommendations for providers nearby:

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 Technology

The Green Panel

★★★★★
4.5

  • 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

For many Peabody homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Peabody, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you'll pay, which we'll go over below.

Solar Equipment Size

System size is one of the largest factors that determines the overall cost of installing solar panels. That's why it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. There are many different solar panel brands and the one you choose also affects the cost. Typically, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far 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 prohibitively expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area offers financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in higher prices over time because of interest. While solar loans make going solar more accessible for Peabody homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.

Solar Panel Installation Company

The solar panel installation company you choose will affect your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor. The company's size sometimes plays the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have greater 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 companies.

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

Solar Incentives in Peabody

Name Residential Renewable Energy Income Tax Credit
Incentive Amount 15%
More Info Click here

Name Renewable Energy Equipment Sales Tax Exemption
Incentive Amount 100% exemption
Website Visit here
More Info Click here

Name Alternative Energy and Energy Conservation Patent Income Tax Deduction (Personal)
Incentive Amount 100% deduction
More Info Click here

Name Renewable Energy Property Tax Exemption
Website Visit here
More Info Click here

Name Cape Light Compact- Residential Energy Efficiency Rebate Program
Website Visit here
More Info Click here

Name Mass Save - HEAT Loan Program
Website Visit here
More Info Click here

Name Solar Massachusetts Renewable Target (SMART) Program
Website Visit here
More Info Click here

Name Mass Solar Loan Program
Website Visit here
More Info Click here

Name Residential and Small-Scale Ground-Source Heat Pump Rebate Program
Website Visit here
More Info Click here

Name Commonwealth Woodstove Change-Out Program
Website Visit here
More Info Click here

Name MuniHELPS - Offered by 17 Utilities through the MMWEC
Incentive Amount Varies by utility
Website Visit here
More Info Click here

Name Local Option - Energy Revolving Loan Fund
More Info Click here

Name Solar Renewable Energy Certificates (SREC-II)
Website Visit here
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

How to Save on Solar Panels

There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:

  • Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
  • Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should secure and what the project timeline is.
  • Contract: Before you sign a contract with a solar company, make sure to look it over carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
  • Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.

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 Technology

The Green Panel

★★★★★
4.5

  • 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

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 real cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you use.

Can you get solar panels for free in Peabody?

A solar panel system isn't free in Peabody, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.

How much can I save on power bills after installing solar panels?

Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,124.37 per year.

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.

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