Solar Panel Cost Guide in Wakefield, MA (Oct 2022)

  • Wakefield Solar Installation Cost: $9,179
  • 25-Year Savings: $15,133
  • Payback Period: 9.4 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 Wakefield

We go over average solar pricing in Wakefield.

The national average cost of solar panels is $2.66 per watt, but in Wakefield it's $3 per watt. The average solar panel system size in Wakefield is around 4.5 kilowatts, meaning a cost of about $9,179 for a solar installation, or $6,792 after the 30% federal solar tax credit is applied.

Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy use, the type of equipment you want to get, your solar contractor and more. For many homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $21,000 in savings on electricity bills over 20 years.

To calculate your potential savings and connect with a local solar expert, click the button below.

Solar savings over time in Wakefield

Year Return on Investment
1 years $-8,206
3 years $-6,261
5 years $-4,316
7 years $-2,371
9 years $-427
11 years $1,518
13 years $3,463
15 years $5,408
17 years $7,353
19 years $9,298
21 years $11,243
23 years $13,188
25 years $15,133

Top Solar Installers in Wakefield

Although it's possible to install solar panels on your own, it requires extra time and know-how. That's why most people choose to go with a solar panel installer. Solar warranties and repairs are typically included in the cost of installation when you sign a contract with a solar contractor as well, which can save you more money over time.

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 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 Wakefield

Factors that Affect Solar Panel Costs in Wakefield

The cost of installing a solar system in Wakefield can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.

Solar Equipment Size

Size is one of the largest factors that determines the overall cost of installing solar panels. 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 brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.

Solar Financing Terms

Solar panels can save you money on utility bills over many years, but they can also be a big investment. That's why many Wakefield homeowners choose to finance their solar panel systems to make paying for solar more affordable. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.

Solar Panel Installation Company

The solar company you choose to handle your switch to green energy can play a role in your total costs. There are about 3 solar panel companies operating in Wakefield, and each can charge varying amounts for labor and equipment. You may see national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those larger 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 $19,868 9.8 years
8 kW $3.00 $16,793 $26,820 9.6 years
10 kW $2.94 $20,580 $33,937 9.4 years
12 kW $2.88 $24,202 $41,218 9.2 years
14 kW $2.82 $27,660 $48,664 9.1 years
16 kW $2.76 $30,952 $56,275 8.9 years
18 kW $2.70 $34,080 $64,050 8.7 years
20 kW $2.65 $37,044 $71,990 8.5 years

Solar Incentives in Wakefield

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 many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:

  • Contract: It's important to read your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
  • Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
  • Solar Panel Brands: The model of solar panel you need plays a role in which company you should choose, since different companies have different panels.
  • Installation Process: When going solar, it's crucial to keep an open line of communication with your solar installer. Make sure you understand how the installation process works and the completion timeline.

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 Wakefield, MA Solar Cost FAQs

What is the average cost of installing solar panels in Wakefield?

The average cost of solar panels in Wakefield is about $14,700 for a 5-kW system and $29,400 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you use.

Are solar panels free in Wakefield?

You can't get solar panels for free in Wakefield. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.

How much can I save on electricity bills after switching to solar?

It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Wakefield, 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 many solar panels do I need to power my home?

To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.

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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