Solar Panel Cost Guide in Salem, MA (2024 Update)
- Salem Solar Installation Cost: $12,074
- 25-Year Savings: $15,201
- Payback Period: 12.6 Years
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Average Cost of Solar Panels in Salem
Let’s have a look at the average cost of solar in Salem.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Salem, the average cost of solar panels is 4 per watt.The average solar panel system size in Salem 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.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy needs, the type of equipment you want, your solar contractor and more.But, once you've paid the upfront cost of installation, the payback for most homeowners is typically good, with a net average savings of about $21,000 over 20 years on utility bills.
Click the button below to get connected to a reputable solar panel company in your area for a customized estimate.
Solar savings over time in Salem
| Year | Return on Investment |
|---|---|
| 1 years | $-10,351 |
| 3 years | $-6,904 |
| 5 years | $-3,457 |
| 7 years | $-10 |
| 9 years | $3,437 |
| 11 years | $6,884 |
| 13 years | $10,331 |
| 15 years | $13,777 |
| 17 years | $17,224 |
| 19 years | $20,671 |
| 21 years | $24,118 |
| 23 years | $27,565 |
| 25 years | $31,012 |
Top Solar Installers in Salem
When making the switch to solar, many homeowners opt to go with a solar installation company since DIY solar panel installation can be a difficult project. Plus, if you aren’t sure what type of solar panels and equipment you may need, a solar installer can help you find the right equipment for you after a site survey and consultation.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some near you:
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
See all of the solar companies in Salem
Factors that Affect Solar Panel Costs in Salem
There are several criteria that can play into your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
When it comes to estimating the price of solar panels in Salem, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy usage, which you can gauge by looking at past energy bills. Your overall cost can increase by around $4,060 for each additional kilowatt you need.The model of solar panels and equipment you choose is another factor that will substantially impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That’s why many Salem homeowners choose to finance their solar panel systems to make paying for solar more affordable.When estimating your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Salem is the company you get to install your solar system. Similar to choosing a company to install new cabinets, for instance, there’s no shortage of solar installers that provide a range of services for different budgets.The company’s size can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower 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 | $4.22 | $17,734 | $16,081 | 13.1 years |
| 8 kW | $4.14 | $23,191 | $21,896 | 12.9 years |
| 10 kW | $4.06 | $28,420 | $27,939 | 12.6 years |
| 12 kW | $3.98 | $33,422 | $34,209 | 12.4 years |
| 14 kW | $3.90 | $38,196 | $40,706 | 12.1 years |
| 16 kW | $3.82 | $42,744 | $47,431 | 11.9 years |
| 18 kW | $3.74 | $47,064 | $54,382 | 11.6 years |
| 20 kW | $3.65 | $51,156 | $61,562 | 11.3 years |
How to Save on Solar Panels
Since the model of solar panels and the installation company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: Warranties that cover replacement parts and repairs over a couple decades are the best you can get in the business, and offering that kind of warranty is one sign of a good company.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Contract: It’s important to look over your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about your solar system’s energy production.
- Reputation: Companies that have been in business 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 quality aftercare and customer service, such as part repairs and replacements.
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
EcoWatch's Salem, MA Solar Cost FAQs
How much does it cost to install solar panels in Salem?
The average cost of solar panels in Salem is about $20,300 for a 5-kW system and $40,600 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
Cost is a key factor to consider, but whether it’s the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Can solar panels completely eradicate my power bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Salem, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Salem?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount 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.