Solar Panel Cost Guide in Wakefield, VA (Mar 2023)
- Wakefield Solar Installation Cost: $15,515
- 25-Year Savings: $20,688
- Payback Period: 10.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Wakefield
Let's take a look at the average cost of solar in Wakefield.
Although the national average of solar panels is $2.66 per watt, solar panels in Wakefield typically cost about 2.75. Using this figure, a typical 8.1-kW system would cost about $15,515 before 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 vary based on your household energy use, the type of equipment you choose, your solar contractor and more. But, once you've paid the initial cost of installation, the savings for most homeowners is quite good, with a net average savings of about $17,000 over 20 years on electricity bills.
Click the button below to get connected to a highly rated solar company in Wakefield for a custom estimate.
Solar savings over time in Wakefield
| Year | Return on Investment |
|---|---|
| 1 years | $-14,067 |
| 3 years | $-11,171 |
| 5 years | $-8,275 |
| 7 years | $-5,378 |
| 9 years | $-2,482 |
| 11 years | $414 |
| 13 years | $3,310 |
| 15 years | $6,207 |
| 17 years | $9,103 |
| 19 years | $11,999 |
| 21 years | $14,896 |
| 23 years | $17,792 |
| 25 years | $20,688 |
Top Solar Installers in Wakefield
Although it's possible to install solar panels yourself, it takes extra labor and handiness. That's one of the reasons almost all homeowners choose to go with a solar panel installer. Plus, if you're not certain what type of solar panels and equipment you may need, a solar installer can help you figure that out after a site survey and consultation.
Working with a vetted solar company can make going solar easier. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that determine your overall cost in Wakefield: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
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 mainly based on your home's energy usage, which you can determine by looking at past energy bills. Your overall cost can increase by around $2,750 for each additional kilowatt you need. The model of solar panels and equipment you get is another factor that will significantly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment consists of more than just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
Most solar companies in Wakefield provide solar loans, which reduce the initial cost of installing solar. However, the interest on solar loans also increases your total costs, so it's important to keep that in mind as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Wakefield is the company you choose to install your PV system. Similar to choosing a company to install new cabinets, for example, you'll have many options for solar installers that offer a range of services at different costs. The size of the company can sometimes play the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes 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 | $2.86 | $12,012 | $14,928 | 11.1 years |
| 8 kW | $2.81 | $15,708 | $20,212 | 10.9 years |
| 10 kW | $2.75 | $19,250 | $25,650 | 10.7 years |
| 12 kW | $2.69 | $22,638 | $31,242 | 10.5 years |
| 14 kW | $2.64 | $25,872 | $36,988 | 10.3 years |
| 16 kW | $2.58 | $28,952 | $42,888 | 10.1 years |
| 18 kW | $2.53 | $31,878 | $48,942 | 9.9 years |
| 20 kW | $2.48 | $34,650 | $55,150 | 9.6 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Contract: Although reading through a contract can be tedious, it's important to do it carefully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Solar Panel Brands: The model of solar panel you need to get plays a part in which company you should go with, since different companies have access to different panels.
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years most likely offer good-quality solar panel installation and expertise.
- Warranty: If you're concerned about the longevity of your solar system, making sure your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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, VA Solar Cost FAQs
What is the average cost of installing solar panels in Wakefield?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $13,750 for a 5-kW system and $27,500 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.
What other factors should I consider in addition to cost when buying solar panels?
The initial cost is a key factor to consider, but whether it's the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Is making the switch to solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount 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.