Solar Panel Cost Guide in Wakefield, MA (2023 Update)
- Wakefield Solar Installation Cost: $9,178
- 25-Year Savings: $15,134
- Payback Period: 9.4 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Wakefield
Find out what the average cost of installing solar panels is in Wakefield.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Wakefield, the typical cost of solar panels is 2.94 per watt. The average Wakefield homeowner needs a 4.5-kilowatt system, which would cost about $9,179 with the federal tax credit, or $13,126 before the 30% tax credit is applied.
The actual price you pay can go higher or lower than the average in Wakefield based on a few factors, such as the type of solar panels you choose and the solar installer you hire. For most homeowners, the upfront cost of solar panels is worth paying. On average Wakefield homeowners see about $21,000 in savings on utility bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Wakefield
| Year | Return on Investment |
|---|---|
| 1 years | $-7,454 |
| 3 years | $-4,007 |
| 5 years | $-560 |
| 7 years | $2,887 |
| 9 years | $6,333 |
| 11 years | $9,780 |
| 13 years | $13,227 |
| 15 years | $16,674 |
| 17 years | $20,121 |
| 19 years | $23,568 |
| 21 years | $27,015 |
| 23 years | $30,462 |
| 25 years | $33,908 |
Top Solar Installers in Wakefield
Although it's possible to install solar panels on your own, it takes extra labor and expertise. That's one of the reasons most homeowners choose a solar panel installer. Also, companies with a good reputation that cost more upfront could actually save you money in the long run because of their warranties, repair services and expert design.
You can get a free estimate from a local solar installer on how much your investment in solar could cost 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
See all of the solar companies in Wakefield
Factors that Affect Solar Panel Costs in Wakefield
Though the average cost of a solar system in Wakefield is $9,179, your actual cost may differ. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
When it comes to estimating the cost of solar panels in Wakefield, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can gauge by looking at past electricity bills. Your total cost can increase by about $2,940 for each additional kilowatt you need. The solar equipment you choose can bring your price up or down 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 electric bills. In addition, add-on products, like solar batteries, can bump up your total well above the Wakefield average.
Solar Financing Terms
Most solar installers in Wakefield offer solar loans, which reduce the initial cost of installing a solar system. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar panel installation company you pick will play a role in your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor. Larger national companies usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
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
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.