Solar Panel Cost Guide in Cape Elizabeth, ME (2023 Update)
- Cape Elizabeth Solar Installation Cost: $10,388
- 25-Year Savings: $12,247
- Payback Period: 11.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Cape Elizabeth
Find out what the average cost of a solar system is in Cape Elizabeth.
In Cape Elizabeth, solar panels cost about 2.83 per watt on average. The average solar panel system size in Cape Elizabeth is around 5.2 kilowatts, meaning a cost of about $10,380 for a solar installation, or $14,843 before the 30% federal solar tax credit is applied.
How much you pay can be higher or lower than the average in Cape Elizabeth depending on several factors, such as the type of solar panels you choose and the solar company you hire. With typical savings of about $16,000 on electricity bills over 20 years, many homeowners in Cape Elizabeth find installing solar panels can pay off big.
You can click the button below to get connected with a top solar company in Cape Elizabeth for a quote for your home.
Solar savings over time in Cape Elizabeth
| Year | Return on Investment |
|---|---|
| 1 years | $-10,312 |
| 3 years | $-10,162 |
| 5 years | $-10,011 |
| 7 years | $-9,860 |
| 9 years | $-9,709 |
| 11 years | $-9,558 |
| 13 years | $-9,407 |
| 15 years | $-9,256 |
| 17 years | $-9,105 |
| 19 years | $-8,954 |
| 21 years | $-8,803 |
| 23 years | $-8,653 |
| 25 years | $-8,502 |
Top Solar Installers in Cape Elizabeth
Many homeowners choose to hire a solar installation company since trying to put up solar panels yourself can be a lot of work. Also, companies with a high reputation that cost more upfront could actually save you money in the long run because of their warranties, repair services and expert design.
If you'd like to make the switch to solar but still aren't sure which solar panel company to go with, here are our recommendations for providers in Cape Elizabeth:
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 Cape Elizabeth
Factors that Affect Solar Panel Costs in Cape Elizabeth
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that will push your cost above or below the average in Cape Elizabeth: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels 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 pay about $2,830 per kilowatt in Cape Elizabeth. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Cape Elizabeth, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That's why many Cape Elizabeth homeowners choose to finance their solar panel systems to make going solar more affordable. You'll have to consider the long-term cost of loans, 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 principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Cape Elizabeth is the company you hire to install your PV system. Similar to choosing a company to build a deck or pool, for instance, you'll have no shortage of solar installers that provide a range of services at different costs. Additionally, some companies in Cape Elizabeth know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $13,538 | 11.9 years |
| 8 kW | $2.89 | $16,165 | $18,367 | 11.7 years |
| 10 kW | $2.83 | $19,810 | $23,355 | 11.5 years |
| 12 kW | $2.77 | $23,297 | $28,502 | 11.2 years |
| 14 kW | $2.72 | $26,625 | $33,807 | 11.0 years |
| 16 kW | $2.66 | $29,794 | $39,270 | 10.8 years |
| 18 kW | $2.60 | $32,805 | $44,892 | 10.6 years |
| 20 kW | $2.55 | $35,658 | $50,673 | 10.3 years |
How to Save on Solar Panels
The solar installer you opt for will affect not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should keep in mind, such as:
- Contract: Even though reading through a contract can take a lot of time, it's important to do it fully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Installation Process: One of the most important things 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 acquire and how long the project will take.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you choose.
- Reputation: Companies that have been operating for many years likely have a solid 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 Cape Elizabeth, ME Solar Cost FAQs
What is the average cost of installing solar panels in Cape Elizabeth?
The average cost of solar panels in Cape Elizabeth is about $14,150 for a 5-kW system and $28,300 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Cape Elizabeth?
You can't get solar panels for free in Cape Elizabeth. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Can solar panels eliminate my energy bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Cape Elizabeth, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the amount of 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.