Solar Panel Cost Guide in Durham, ME (2024 Update)
- Durham Solar Installation Cost: $14,377
- 25-Year Savings: $11,928
- Payback Period: 15.9 Years
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Average Cost of Solar Panels in Durham
See how much it might cost to install solar panels in Durham.
The average cost of solar panels in Durham is 4 per watt.The average Durham homeowner needs a 5.4-kilowatt system, which would cost about $14,377 with the federal tax credit, or $20,559 before the 0 tax credit is applied.
These figures are just estimates, and the cost of going solar for you will most likely vary based on factors unique to your home and what company you want to go with.Many homeowners find installing solar panels is a sound investment. The average homeowner in Durham can save around $16,000 on their energy bills over 20 years.
To receive a free estimate from a pre-vetted solar company in Durham, you can click the button below.
Solar savings over time in Durham
Year | Return on Investment |
---|---|
1 years | $-13,239 |
3 years | $-10,962 |
5 years | $-8,686 |
7 years | $-6,409 |
9 years | $-4,133 |
11 years | $-1,856 |
13 years | $420 |
15 years | $2,697 |
17 years | $4,973 |
19 years | $7,250 |
21 years | $9,526 |
23 years | $11,803 |
25 years | $14,079 |
Top Solar Installers in Durham
Many homeowners decide to use a solar installation company since trying to install solar panels yourself can be challenging. Solar companies provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
See all of the solar companies in Durham
Factors that Affect Solar Panel Costs in Durham
While the average cost of a solar system in Durham is $14,377, your final cost may be higher or lower than that. There are quite a few factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,800.There are several different solar panel brands and the one you pick also changes the cost. In many cases, the brands that are more efficient tend to also cost more. Additionally, the type of equipment you’re looking to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Durham to be prohibitively costly, even if the investment pays off over time. Thankfully, nearly every solar installer in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in paying more over time due to interest.Though solar loans make adopting solar energy more accessible for Durham homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panel system can influence the cost. Durham’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes 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 | $3.95 | $16,598 | $8,529 | 16.5 years |
8 kW | $3.88 | $21,706 | $11,797 | 16.2 years |
10 kW | $3.80 | $26,600 | $15,279 | 15.9 years |
12 kW | $3.72 | $31,282 | $18,973 | 15.6 years |
14 kW | $3.65 | $35,750 | $22,880 | 15.2 years |
16 kW | $3.57 | $40,006 | $27,000 | 14.9 years |
18 kW | $3.50 | $44,050 | $31,332 | 14.6 years |
20 kW | $3.42 | $47,880 | $35,878 | 14.3 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: Review the contract terms thoroughly to make sure you understand the cost breakdown, completion timeline incentives and warranties.
- 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 acquire and what the project timeline is.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Warranty: If you’re concerned about the longevity of your solar panels, verifying that your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
EcoWatch's Durham, ME Solar Cost FAQs
What is the average cost of installing solar panels in Durham?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $19,000 for a 5-kW system and $38,000 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
What other factors should I consider other than cost when buying solar panels?
The upfront cost is a key factor to consider, but whether it’s the most important for you depends on your goals for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Do solar panels increase how much your home is worth?
Solar panels can increase your property’s value considerably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and how much 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 account for 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.