Solar Panel Cost Guide in Danvers, MA (2024 Update)
- Danvers Solar Installation Cost: $12,074
- 25-Year Savings: $15,186
- Payback Period: 12.6 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated February 03, 2024
Why you can trust EcoWatch
Average Cost of Solar Panels in Danvers
We go over average solar pricing in Danvers.
The national average cost of solar panels is $2.66 per watt, but in Danvers it’s 4 per watt.The average solar panel system size in Danvers is around 4.2 kilowatts, meaning a cost of about $12,074 for a solar installation, or $17,266 before the 0 federal solar tax credit is applied.
How much you pay can be above or below the average in Danvers depending on a variety of factors, such as the brand of solar panels you choose and the solar company you hire.For many homeowners, the upfront investment in solar power is worth paying. On average you could be looking at about $21,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in Danvers for a quote for your home.
Solar savings over time in Danvers
Year | Return on Investment |
---|---|
1 years | $-10,680 |
3 years | $-7,891 |
5 years | $-5,103 |
7 years | $-2,314 |
9 years | $475 |
11 years | $3,263 |
13 years | $6,052 |
15 years | $8,840 |
17 years | $11,629 |
19 years | $14,418 |
21 years | $17,206 |
23 years | $19,995 |
25 years | $22,783 |
Top Solar Installers in Danvers
Although you can install solar panels by yourself, it takes extra effort and knowledge. That's why the majority of homeowners choose to hire a solar panel installer. Also, if you’d like to maximize your investment in solar power, using a solar installer can help with that too. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives and net metering programs.
If you're on the hunt for a solar company in Danvers, we've compiled a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Danvers
Factors that Affect Solar Panel Costs in Danvers
There are a number of factors that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $4,060.The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive 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. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are an affordable choice because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.You’ll have to consider the long-term cost of financing options, including the amount of 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 principal cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar company you hire to handle your switch to green energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Danvers, and each can charge different amounts for labor and equipment.Larger national companies typically have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric car 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 | $4.22 | $17,734 | $16,060 | 13.1 years |
8 kW | $4.14 | $23,191 | $21,869 | 12.9 years |
10 kW | $4.06 | $28,420 | $27,904 | 12.6 years |
12 kW | $3.98 | $33,422 | $34,167 | 12.4 years |
14 kW | $3.90 | $38,196 | $40,657 | 12.1 years |
16 kW | $3.82 | $42,744 | $47,375 | 11.9 years |
18 kW | $3.74 | $47,064 | $54,320 | 11.6 years |
20 kW | $3.65 | $51,156 | $61,492 | 11.4 years |
How to Save on Solar Panels
There are numerous companies available in Danvers, 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:
- Solar Panel Brands: The model of solar panel you need plays a role in which company you should go with, since different companies offer different panels.
- Warranty: Companies typically offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years in most cases provide quality solar panel installation and expertise.
- Installation Process: Make sure you’re aligned with the installer in regard to how the installation process will go and what you need to do before your solar panel system is installed, such as updating or replacing your electrical system or roof.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Danvers, MA Solar Cost FAQs
How much does it cost to install solar panels in Danvers?
This is a hard question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $20,300 for a 5-kW system and $40,600 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is cost the most important consideration when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on electricity bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,126.48 per year.
How long do solar panels last in Danvers?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can replace them after having them for that long or you can keep using 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.