Solar Panel Cost Guide in West Newbury, MA (2023 Update)
- West Newbury Solar Installation Cost: $8,743
- 25-Year Savings: $16,599
- Payback Period: 8.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in West Newbury
Find out what the average cost of solar panel installation is in West Newbury.
Although the national average of solar panels is $2.66 per watt, solar panels in West Newbury generally cost around 2.94. To account for the typical energy needs of the average home in West Newbury, most homeowners require a 4.2-kilowatt system. Using the per-watt figure above, a solar installation costs about $8,746, or $12,507 before the federal solar tax credit of 30% is applied.
These figures are just averages, and your own solar costs will look different based on the amount of energy your home requires and what company you go with. For most homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $23,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in West Newbury that can help you get a more accurate cost estimate for your home.
Solar savings over time in West Newbury
| Year | Return on Investment |
|---|---|
| 1 years | $-7,020 |
| 3 years | $-3,573 |
| 5 years | $-126 |
| 7 years | $3,321 |
| 9 years | $6,768 |
| 11 years | $10,214 |
| 13 years | $13,661 |
| 15 years | $17,108 |
| 17 years | $20,555 |
| 19 years | $24,002 |
| 21 years | $27,449 |
| 23 years | $30,896 |
| 25 years | $34,343 |
Top Solar Installers in West Newbury
Although it's possible to install solar panels yourself, it involves extra energy and handiness. That's why most homeowners choose a solar panel installer. Some solar installers, especially local ones, can help you make the most of incentives in West Newbury, optimizing your ROI.
If you're searching for a solar installer in West Newbury, we've compiled a list of our top suggestions here:
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 West Newbury
Factors that Affect Solar Panel Costs in West Newbury
While the average cost of a solar system in West Newbury is $8,746, your final cost may be above or below the average. There are many factors that can have a significant impact on the cost of a solar system installation. Below are some of the more crucial things to consider.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production 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 $2,940. The brand and kind of equipment you choose 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 a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are a popular choice because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. Though solar loans make adopting solar energy more accessible for West Newbury homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The last major cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in West Newbury, you'll have many options to choose from, but each comes at varying price points for labor and equipment. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions 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 | $22,948 | 9.0 years |
| 8 kW | $3.00 | $16,793 | $30,927 | 8.8 years |
| 10 kW | $2.94 | $20,580 | $39,070 | 8.6 years |
| 12 kW | $2.88 | $24,202 | $47,378 | 8.5 years |
| 14 kW | $2.82 | $27,660 | $55,850 | 8.3 years |
| 16 kW | $2.76 | $30,952 | $64,488 | 8.1 years |
| 18 kW | $2.70 | $34,080 | $73,289 | 7.9 years |
| 20 kW | $2.65 | $37,044 | $82,256 | 7.8 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be a tough decision, we have some tips to help you, such as:
- Contract: Before signing a contract with a solar installer, make sure you look it over carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
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 West Newbury, MA Solar Cost FAQs
How much does it cost to install solar panels in West Newbury?
The average cost of solar panels in West Newbury 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 things such as the type 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 West Newbury?
Leasing solar panels can be an appealing choice, as it typically comes with low or $0 upfront payments. The downside 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 way to go if you want to get the most savings.
Do solar panels increase your home value?
Solar panels can increase your property's value remarkably 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% with a solar installation."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and how much 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 install 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.