Solar Panel Cost Guide in Wakefield, MA (Mar 2023)
- Wakefield Solar Installation Cost: $9,179
- 25-Year Savings: $15,133
- Payback Period: 9.4 Years
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Updated March 14, 2023
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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 2.94 per watt. Using this figure, a typical 4.5-kW system would cost about $9,179 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The true cost of installing solar panels can vary based on several factors, such as what size system you need, your energy usage and what installation company you go with. But, once you've paid the upfront cost of installation, the return on investment for most homeowners is quite 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 installer in Wakefield for a custom estimate.
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
When making the switch to solar, many homeowners choose to go with a solar installer since handling can be a time-consuming project. A solar company can also help save you money in the long run by providing warranties, repairs and part replacements.
If you'd like to go solar but still aren't certain which solar company 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
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 Wakefield
Factors that Affect Solar Panel Costs in Wakefield
There are many criteria that can play into your 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 panels varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation use 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 $2,940. The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a 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 will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Wakefield to be prohibitively costly, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to higher prices over time because of interest. When estimating your overall cost, you should also calculate the interest you'll pay if you opt for 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 evaluate the cost of solar for your home or business in Wakefield is the company you hire to install your solar panel system. Similar to choosing a company to build a deck or pool, for instance, you'll have no shortage of solar installers that provide a range of services at different price points. The size of the company can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have more 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 names.
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 |
How to Save on Solar Panels
There are a lot of companies available in Wakefield, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can look into your installer's reputation is by reading reviews.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you go with.
- Contract: Even though reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: Warranties that cover panel repairs and maintenance over a couple decades are the best you can get in the business, and offering that kind of warranty is one indication of a good company.
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 Wakefield, MA Solar Cost FAQs
How much does it cost to install solar panels in Wakefield?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $14,700 for a 5-kW system and $29,400 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is cost the most important consideration when buying solar panels?
The upfront cost is a very important factor to consider, but whether it's the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
How will solar panels impact my property value?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in Wakefield?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.