Solar Panel Cost Guide in Shrewsbury, MA (2023 Update)
- Shrewsbury Solar Installation Cost: $9,215
- 25-Year Savings: $14,199
- Payback Period: 9.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Shrewsbury
Find out how much it might cost to switch to solar power in Shrewsbury.
While the national average of solar panels is $2.66 per watt, solar panels in Shrewsbury generally cost around 2.94. To account for the typical energy usage of the average home in Shrewsbury, most homeowners require a 4.5-kilowatt system. Using the per-watt figure above, a solar installation costs about $9,220, or $13,185 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy consumption, the type of solar panels you want, your solar contractor and more. Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Shrewsbury can save about $20,000 on their power bills over 20 years.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Shrewsbury
| Year | Return on Investment |
|---|---|
| 1 years | $-7,919 |
| 3 years | $-5,327 |
| 5 years | $-2,734 |
| 7 years | $-142 |
| 9 years | $2,450 |
| 11 years | $5,043 |
| 13 years | $7,635 |
| 15 years | $10,227 |
| 17 years | $12,820 |
| 19 years | $15,412 |
| 21 years | $18,005 |
| 23 years | $20,597 |
| 25 years | $23,189 |
Top Solar Installers in Shrewsbury
Trying to put up solar panels on your own can be a difficult undertaking, which is why getting a solar installer is a good option for many homeowners. Local solar installation companies can also help you optimize your return on investment by assisting with any local incentives and by offering warranties and repairs.
If you'd like to make the switch to solar but still aren't sure which solar installer to go with, here are our recommendations for providers 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
See all of the solar companies in Shrewsbury
Factors that Affect Solar Panel Costs in Shrewsbury
For many Shrewsbury homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Shrewsbury, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,940. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your energy bills. In addition, extra products, like solar batteries, can bring your total well above the Shrewsbury average.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a popular choice because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panel system can play a part in determining how much you pay. Shrewsbury's solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk pricing, 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 | $3.06 | $12,842 | $18,532 | 10.2 years |
| 8 kW | $3.00 | $16,793 | $25,038 | 10.0 years |
| 10 kW | $2.94 | $20,580 | $31,709 | 9.8 years |
| 12 kW | $2.88 | $24,202 | $38,545 | 9.6 years |
| 14 kW | $2.82 | $27,660 | $45,545 | 9.4 years |
| 16 kW | $2.76 | $30,952 | $52,710 | 9.2 years |
| 18 kW | $2.70 | $34,080 | $60,040 | 9.1 years |
| 20 kW | $2.65 | $37,044 | $67,534 | 8.9 years |
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 pick the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
- Contract: Although reading through a contract can be tedious, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Warranty: A comprehensive, long-term warranty can help keep your solar system running smoothly and save you money on repairs and maintenance.
- Solar Panel Brands: Different companies will carry various brands and kinds of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Shrewsbury, MA Solar Cost FAQs
How much does it cost to install solar panels in Shrewsbury?
The average cost of solar panels in Shrewsbury 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 certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider other than cost 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.
Do solar panels increase your home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Shrewsbury is currently $416,000, which means you can look forward to a value of about $17,056 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Shrewsbury is a rewarding investment.
How long do solar panels last in Shrewsbury?
On average, the lifespan of solar panels is 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 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.