Solar Panel Cost Guide in Eliot, ME (2023 Update)
- Eliot Solar Installation Cost: $10,222
- 25-Year Savings: $12,413
- Payback Period: 11.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Eliot
Let's have a look at the average cost of solar panels in Eliot.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Eliot, the typical cost of a solar system is 2.83 per watt. The average solar panel system size in Eliot is around 5.2 kilowatts, meaning a cost of about $10,222 for a solar installation, or $14,617 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Eliot homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. Even with the large upfront cost, the average Eliot homeowner can save around $17,000 on their electricity bills over 20 years, which is one of the perks of solar.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Eliot
| Year | Return on Investment |
|---|---|
| 1 years | $-9,317 |
| 3 years | $-7,506 |
| 5 years | $-5,695 |
| 7 years | $-3,884 |
| 9 years | $-2,073 |
| 11 years | $-263 |
| 13 years | $1,548 |
| 15 years | $3,359 |
| 17 years | $5,170 |
| 19 years | $6,981 |
| 21 years | $8,791 |
| 23 years | $10,602 |
| 25 years | $12,413 |
Top Solar Installers in Eliot
Although you can install solar panels on your own, it involves extra time and handiness. For that reason, most homeowners choose a solar panel installer. Companies can also provide access to a large variety of the best solar panels and help you choose which one will be best for your family.
There are a number of licensed solar professionals that can take care of your solar installation project. 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 Eliot
Factors that Affect Solar Panel Costs in Eliot
For many Eliot homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Eliot, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most significant 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 energy your household uses, the larger your system will likely need to be. You can expect to pay around $2,830 per kilowatt in Eliot. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Eliot, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, 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
If paying for a solar system in cash is too expensive, solar loans are a solid option because they cut back your upfront costs and allow you to pay for your system over five to seven years on average. When estimating your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Eliot is the company you get to install your solar panel system. Similar to choosing a company to install new cabinets, for example, there are plenty of solar installers that provide a range of services at different price points. You may see national solar installers that have lower prices due to their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $13,937 | 11.8 years |
| 8 kW | $2.89 | $16,165 | $18,900 | 11.5 years |
| 10 kW | $2.83 | $19,810 | $24,021 | 11.3 years |
| 12 kW | $2.77 | $23,297 | $29,301 | 11.1 years |
| 14 kW | $2.72 | $26,625 | $34,739 | 10.8 years |
| 16 kW | $2.66 | $29,794 | $40,335 | 10.6 years |
| 18 kW | $2.60 | $32,805 | $46,091 | 10.4 years |
| 20 kW | $2.55 | $35,658 | $52,004 | 10.2 years |
How to Save on Solar Panels
There are many companies to choose from in Eliot, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- 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.
- Contract: Review the contract terms carefully to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases offer quality solar panel installation and expertise.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
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 Eliot, ME Solar Cost FAQs
How much does it cost to install solar panels in Eliot?
The average cost of solar panels in Eliot 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 like the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost when buying solar panels?
Cost is a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Do solar panels increase how much your home is worth?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How often do you have to replace solar panels?
Even though 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 the amount of energy they produce will have decreased significantly after that point. You can choose to replace them once you've had 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.