Solar Panel Cost Guide in Bowdoin, ME (2023 Update)
- Bowdoin Solar Installation Cost: $10,420
- 25-Year Savings: $12,215
- Payback Period: 11.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Bowdoin
Find out what the average cost of installing solar panels is in Bowdoin.
In Bowdoin, solar panels cost about 2.83 per watt on average. Using this figure, a typical 5.3-kW system would cost about $10,420 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The true cost of making the switch to solar can vary based on multiple factors, such as how many panels you need, your energy consumption and what solar installer you go with. But, once you've paid the upfront cost of installation, the ROI for most homeowners is quite fruitful, with a net average savings of about $16,000 over 20 years on electricity bills.
Click the button below to get connected to a reputable solar installer in your area for a personalized quote.
Solar savings over time in Bowdoin
| Year | Return on Investment |
|---|---|
| 1 years | $-9,515 |
| 3 years | $-7,704 |
| 5 years | $-5,893 |
| 7 years | $-4,082 |
| 9 years | $-2,271 |
| 11 years | $-461 |
| 13 years | $1,350 |
| 15 years | $3,161 |
| 17 years | $4,972 |
| 19 years | $6,783 |
| 21 years | $8,593 |
| 23 years | $10,404 |
| 25 years | $12,215 |
Top Solar Installers in Bowdoin
When going solar, many homeowners decide to go with a solar company since overseeing your solar installation yourself can be a time-consuming project. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term due to their warranties, repair services and expert design.
If you'd like to go solar but still aren't sure which solar company to go with, here are our suggestions for providers near you:
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 Bowdoin
Factors that Affect Solar Panel Costs in Bowdoin
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that will push your cost above or below the average in Bowdoin: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar system in Bowdoin, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can gauge by looking at past power bills. Your overall cost can increase by around $2,830 for each additional kilowatt you need. The brand and type 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 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 will be looking at 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 utility bills over many years, but they can also be a significant investment. That's why many Bowdoin homeowners opt to finance their solar panel systems to offset upfront costs. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The remaining key cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Bowdoin, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. Companies that only sell high-efficiency and high-priced products — 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 choose a company that provides the products, warranties and services you want and also fit into 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 | $2.94 | $12,361 | $13,458 | 12.0 years |
| 8 kW | $2.89 | $16,165 | $18,260 | 11.7 years |
| 10 kW | $2.83 | $19,810 | $23,222 | 11.5 years |
| 12 kW | $2.77 | $23,297 | $28,342 | 11.3 years |
| 14 kW | $2.72 | $26,625 | $33,620 | 11.0 years |
| 16 kW | $2.66 | $29,794 | $39,057 | 10.8 years |
| 18 kW | $2.60 | $32,805 | $44,652 | 10.6 years |
| 20 kW | $2.55 | $35,658 | $50,406 | 10.4 years |
How to Save on Solar Panels
The solar installer you go with will affect 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 several important things you should consider, such as:
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years most likely offer high-quality solar panel installation and expertise.
- Contract: Before you sign a contract with a solar company, be sure to look it over fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project timeline.
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 Bowdoin, ME Solar Cost FAQs
What is the average cost of installing solar panels in Bowdoin?
This is a hard 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 higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Bowdoin?
Leasing solar panels can be an appealing choice, as 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 way to go if you want to get the most savings.
Is it worth going solar in Bowdoin?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.