Solar Panel Cost Guide in Spencer, MA (Mar 2023)
- Spencer Solar Installation Cost: $9,220
- 25-Year Savings: $16,705
- Payback Period: 8.9 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Spencer
Find out what the average cost of a solar system is in Spencer.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Spencer, the typical cost of solar panels is 2.94 per watt. Because a 4.5-kW system is needed to cover the energy needs of a typical home in Spencer, the average price of going solar will be about $9,220 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of installing solar panels can vary based on a few factors, such as how many panels you need, your energy consumption and what solar installer you go with. With typical savings of about $22,000 on energy bills over 20 years, many homeowners in Spencer find investing in solar can be quite rewarding.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Spencer
| Year | Return on Investment |
|---|---|
| 1 years | $-8,183 |
| 3 years | $-6,109 |
| 5 years | $-4,035 |
| 7 years | $-1,961 |
| 9 years | $113 |
| 11 years | $2,187 |
| 13 years | $4,261 |
| 15 years | $6,335 |
| 17 years | $8,409 |
| 19 years | $10,483 |
| 21 years | $12,557 |
| 23 years | $14,631 |
| 25 years | $16,705 |
Top Solar Installers in Spencer
When switching to solar energy, many homeowners opt to go with a solar company since overseeing your solar installation yourself can be a challenging project. Plus, warranties and repairs from your solar panel installer can protect your investment and lower the cost of maintenance in the long run.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some 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 Spencer
Factors that Affect Solar Panel Costs in Spencer
For many Spencer homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Spencer, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. For that reason, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. The type of solar equipment you choose can increase or decrease your cost 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. However, higher efficiency could save you more in the long run on your electric bills. Additionally, extra products, such as solar batteries, can bring your total well above the Spencer average.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are an affordable route because they reduce your upfront costs and let you pay for your system over five to seven years on average. However, the interest on solar loans also adds to your total costs, so it's crucial to consider that as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you go with to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar installation companies in Spencer, and each can charge different amounts for labor and equipment. The company's size can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount 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 | $3.06 | $12,842 | $21,895 | 9.2 years |
| 8 kW | $3.00 | $16,793 | $29,523 | 9.1 years |
| 10 kW | $2.94 | $20,580 | $37,315 | 8.9 years |
| 12 kW | $2.88 | $24,202 | $45,272 | 8.7 years |
| 14 kW | $2.82 | $27,660 | $53,393 | 8.5 years |
| 16 kW | $2.76 | $30,952 | $61,680 | 8.4 years |
| 18 kW | $2.70 | $34,080 | $70,130 | 8.2 years |
| 20 kW | $2.65 | $37,044 | $78,746 | 8.0 years |
How to Save on Solar Panels
There are numerous companies to choose from in Spencer, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Contract: When reading through your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over around 25 years are the best you can get in the business, and offering that kind of warranty is one indication of a quality company.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you go with.
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 Spencer, MA Solar Cost FAQs
What is the average cost of installing solar panels in Spencer?
The average cost of solar panels in Spencer 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 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 certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and the amount of direct sunlight your roof gets.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can 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 get between 20 and 35 panels to cover 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.