Solar Panel Cost Guide in Wilmington, MA (2023 Update)
- Wilmington Solar Installation Cost: $9,179
- 25-Year Savings: $16,618
- Payback Period: 8.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Wilmington
We break down average solar pricing in Wilmington.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Wilmington, the typical cost of solar panels is 2.94 per watt. The average Wilmington 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 above or below the average in Wilmington depending on several factors, such as the kind of solar panels you choose and the solar company you hire. For many homeowners, the upfront investment in solar is worth paying. On average Wilmington homeowners see about $22,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in Wilmington that can help you get a more accurate cost estimate for your home.
Solar savings over time in Wilmington
| Year | Return on Investment |
|---|---|
| 1 years | $-8,147 |
| 3 years | $-6,083 |
| 5 years | $-4,019 |
| 7 years | $-1,956 |
| 9 years | $108 |
| 11 years | $2,172 |
| 13 years | $4,236 |
| 15 years | $6,299 |
| 17 years | $8,363 |
| 19 years | $10,427 |
| 21 years | $12,490 |
| 23 years | $14,554 |
| 25 years | $16,618 |
Top Solar Installers in Wilmington
Installing solar panels yourself can be a stressful task, which is why hiring a solar installation company is a good option for many homeowners. Plus, if you aren't sure what kind of solar panels and equipment you need, a solar expert can help you figure that out after a site survey and consultation.
If you'd like to switch to solar energy but still aren't sure which solar system company to go with, here are our suggestions for providers 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 Wilmington
Factors that Affect Solar Panel Costs in Wilmington
Though the average cost of a solar system in Wilmington is $9,179, your final cost may be higher or lower than that. There are many factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,940. The brand and type of equipment you choose 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 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
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Wilmington homeowners decide to finance their solar panel systems to make paying for solar more affordable. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can impact the cost. Wilmington's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and decide on the company that provides the products, warranties and services you're looking for and also fits within your budget.
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 | $21,866 | 9.2 years |
| 8 kW | $3.00 | $16,793 | $29,484 | 9.1 years |
| 10 kW | $2.94 | $20,580 | $37,267 | 8.9 years |
| 12 kW | $2.88 | $24,202 | $45,214 | 8.7 years |
| 14 kW | $2.82 | $27,660 | $53,326 | 8.5 years |
| 16 kW | $2.76 | $30,952 | $61,603 | 8.4 years |
| 18 kW | $2.70 | $34,080 | $70,044 | 8.2 years |
| 20 kW | $2.65 | $37,044 | $78,650 | 8.0 years |
How to Save on Solar Panels
There are a lot of companies available in Wilmington, and some homeowners feel overwhelmed considering their options. Picking 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 well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can verify your installer's reputation is by reading reviews.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Contract: Review the contract terms closely to make sure you understand how much it will cost, project timeline rebates and warranties.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Even though there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of offerings before making your decision.
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 Wilmington, MA Solar Cost FAQs
What is the average cost of installing solar panels in Wilmington?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Generally 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 be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Wilmington?
Leasing solar panels can be an appealing choice, because it usually 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 solar panels significantly reduce my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,156.94 per year.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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 level 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.