Solar Panel Cost Guide in Spencer, MA (2024 Update)
- Spencer Solar Installation Cost: $12,726
- 25-Year Savings: $16,709
- Payback Period: 12.3 Years
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Average Cost of Solar Panels in Spencer
We go over average solar pricing in Spencer.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Spencer, the typical cost of a solar system is 4 per watt.The average Spencer homeowner needs a 4.5-kilowatt system, which would cost about $12,726 with the federal tax credit, or $18,198 before the 0 tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Spencer homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.But, after you've paid the initial cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $22,000 over 20 years on energy bills.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Spencer
| Year | Return on Investment |
|---|---|
| 1 years | $-11,002 |
| 3 years | $-7,556 |
| 5 years | $-4,109 |
| 7 years | $-662 |
| 9 years | $2,785 |
| 11 years | $6,232 |
| 13 years | $9,679 |
| 15 years | $13,126 |
| 17 years | $16,572 |
| 19 years | $20,019 |
| 21 years | $23,466 |
| 23 years | $26,913 |
| 25 years | $30,360 |
Top Solar Installers in Spencer
When making the switch to solar, many homeowners prefer to use a solar installation company since overseeing your solar installation yourself can be a time-consuming project. Another upside of utilizing a solar installer is that they can help you maximize your ROI by bringing down your future costs of repairs and replacements because of warranties and giving you information on local incentives you can take advantage of.
If you're looking for a solar company in Spencer, we've organized a list of our top suggestions here:
Best National Provider
SunPower
- 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
- 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 Spencer
Factors that Affect Solar Panel Costs in Spencer
There are several factors that can affect 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
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $4,060.The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for 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 energy bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Spencer average.
Solar Financing Terms
Many homeowners find the average cost of solar in Spencer to be prohibitively expensive, even if the investment pays off over time. Thankfully, almost every solar company in the area offers financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in paying more over time due to interest.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it’ll take to pay back the loan.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Spencer is the company you choose to install your solar system. As with choosing a company to install new cabinets, for instance, you’ll have no shortage of solar installers that offer a range of services for different budgets.You may notice national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions 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 | $17,003 | 12.8 years |
| 8 kW | $4.14 | $23,191 | $23,125 | 12.5 years |
| 10 kW | $4.06 | $28,420 | $29,475 | 12.3 years |
| 12 kW | $3.98 | $33,422 | $36,052 | 12.0 years |
| 14 kW | $3.90 | $38,196 | $42,856 | 11.8 years |
| 16 kW | $3.82 | $42,744 | $49,888 | 11.5 years |
| 18 kW | $3.74 | $47,064 | $57,147 | 11.3 years |
| 20 kW | $3.65 | $51,156 | $64,634 | 11.0 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be difficult, we have some tips to help you, such as:
- Installation Process: When making the switch to solar power, it’s important to maintain an open line of communication with your solar company. Make sure you understand how the installation process works and the completion timeline.
- 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 big role in the company you choose.
- Contract: When reading through your solar installer’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Warranty: A comprehensive, long-term warranty can help keep your solar panels running smoothly and save you money on repairs and maintenance.
Best National Provider
SunPower
- 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
- 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 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 $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 things such as the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Spencer?
Leasing solar panels can be an attractive choice, as it often comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Can you sell solar power back to the grid in Spencer?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future utility bills.
How often do you have to replace solar panels?
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 higher 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.