Solar Panel Cost Guide in Bangor, ME (2023 Update)
- Bangor Solar Installation Cost: $11,165
- 25-Year Savings: $12,499
- Payback Period: 11.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Bangor
We break down average solar pricing in Bangor.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Bangor, the typical cost of a solar system is 2.83 per watt. To cover the typical energy usage of the average home in Bangor, most homeowners require a 5.6-kilowatt system. Using the figure above, a solar installation costs about $11,173, or $15,977 before the federal solar tax credit of 30% is applied.
Keep in mind that the figures above are only estimates based on the average Bangor homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. With average savings of about $16,000 on electricity bills over 20 years, many homeowners in Bangor find going solar can pay off big.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Bangor
| Year | Return on Investment |
|---|---|
| 1 years | $-11,086 |
| 3 years | $-10,928 |
| 5 years | $-10,771 |
| 7 years | $-10,613 |
| 9 years | $-10,455 |
| 11 years | $-10,297 |
| 13 years | $-10,140 |
| 15 years | $-9,982 |
| 17 years | $-9,824 |
| 19 years | $-9,666 |
| 21 years | $-9,509 |
| 23 years | $-9,351 |
| 25 years | $-9,193 |
Top Solar Installers in Bangor
Many homeowners opt for a solar installation company since trying to install solar panels on your own can be time-consuming. A solar company can also help save you money over time by providing warranties, repairs and component replacements.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Bangor
Factors that Affect Solar Panel Costs in Bangor
There are many criteria that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend around $2,830 per kilowatt in Bangor. The brand of solar panels and equipment you choose is another factor that will largely impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment consists of more than just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are a solid route because they decrease your upfront costs and let you pay for your system over five to seven years on average. You'll have to consider the long-term cost of financing options, including the total 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 original cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The final key cost factor you should take into consideration is the installer you choose. Given the growing popularity of renewable energy solutions in Bangor, you'll have a great number of options to choose from, but each comes at different price points for labor and equipment. 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 prices because of access to greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.94 | $12,361 | $12,830 | 12.3 years |
| 8 kW | $2.89 | $16,165 | $17,424 | 12.0 years |
| 10 kW | $2.83 | $19,810 | $22,176 | 11.8 years |
| 12 kW | $2.77 | $23,297 | $27,087 | 11.6 years |
| 14 kW | $2.72 | $26,625 | $32,156 | 11.3 years |
| 16 kW | $2.66 | $29,794 | $37,384 | 11.1 years |
| 18 kW | $2.60 | $32,805 | $42,770 | 10.9 years |
| 20 kW | $2.55 | $35,658 | $48,314 | 10.6 years |
How to Save on Solar Panels
The solar installer you choose will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should take into account, such as:
- Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should secure and what the project timeline is.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you go with.
- Contract: When looking over your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
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 Bangor, ME Solar Cost FAQs
What is the average cost of installing solar panels in Bangor?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $14,150 for a 5-kW system and $28,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Bangor?
Leasing solar panels can be an appealing choice, as it commonly 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
How will solar panels impact my home value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Bangor is currently $173,423, so you can look forward to a value of about $7,110 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Bangor is a fruitful investment.
How long do solar panels last in Bangor?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can decide to 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.