Solar Panel Cost Guide in Salem, NH (2024 Update)
- Salem Solar Installation Cost: $14,236
- 25-Year Savings: $13,900
- Payback Period: 15.0 Years
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Average Cost of Solar Panels in Salem
Find out what the average cost of solar panels are in Salem.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Salem, the typical cost of a solar system is 4 per watt.To account for the typical energy usage of the average home in Salem, most homeowners require a 4.8-kilowatt system. Using the figure above, a solar installation costs around $14,236, or $20,357 before the federal solar tax credit of 0 is applied.
Bear in mind that the figures above are only estimates based on the average Salem homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.But, once you've paid the initial cost of installation, the return on investment for most homeowners is quite fruitful, with a net average savings of about $19,000 over 20 years on electricity bills.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Salem
| Year | Return on Investment |
|---|---|
| 1 years | $-12,884 |
| 3 years | $-10,178 |
| 5 years | $-7,473 |
| 7 years | $-4,768 |
| 9 years | $-2,063 |
| 11 years | $642 |
| 13 years | $3,347 |
| 15 years | $6,052 |
| 17 years | $8,757 |
| 19 years | $11,462 |
| 21 years | $14,167 |
| 23 years | $16,872 |
| 25 years | $19,577 |
Top Solar Installers in Salem
Many homeowners opt for a solar installation company since figuring out how to install solar panels on your own can be a labor-intensive endeavor. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you're searching for a solar installer in Salem, 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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 Salem
Factors that Affect Solar Panel Costs in Salem
While the average cost of a solar system in Salem is $14,236, your actual cost may be higher or lower than that. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation use 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 $4,220.The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your electric bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Salem average.
Solar Financing Terms
Most solar companies in Salem provide solar loans, which reduce your upfront costs of installing a solar system.You’ll have to consider the long-term cost of loans, 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 above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar installer you choose to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar panel companies operating in Salem, and each can charge different amounts for labor and equipment.Larger national companies usually have lower costs, but some local companies keep up 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 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 | $4.39 | $18,433 | $11,094 | 15.6 years |
| 8 kW | $4.30 | $24,105 | $15,265 | 15.3 years |
| 10 kW | $4.22 | $29,540 | $19,671 | 15.0 years |
| 12 kW | $4.14 | $34,739 | $24,315 | 14.7 years |
| 14 kW | $4.05 | $39,702 | $29,194 | 14.4 years |
| 16 kW | $3.97 | $44,428 | $34,310 | 14.1 years |
| 18 kW | $3.88 | $48,918 | $39,662 | 13.8 years |
| 20 kW | $3.80 | $53,172 | $45,251 | 13.5 years |
How to Save on Solar Panels
The company that does your solar system 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:
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should secure and what the project timeline is.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: When reading over your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 Salem, NH Solar Cost FAQs
What is the average cost of installing solar panels in Salem?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $21,100 for a 5-kW system and $42,200 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Salem?
Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
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 goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher 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.