Solar Panel Cost Guide in Eliot, ME (2024 Update)
- Eliot Solar Installation Cost: $13,737
- 25-Year Savings: $12,405
- Payback Period: 15.2 Years
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Average Cost of Solar Panels in Eliot
See how much it might cost to switch to solar power in Eliot.
The national average cost of solar panels is $2.66 per watt, but in Eliot it’s 4 per watt.The average solar panel system size in Eliot is around 5.2 kilowatts, meaning a cost of about $13,737 for a solar installation, or $19,644 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of going solar can vary quite a bit depending on a few factors, such as what size system you need, your energy usage and what company you go with.But, after you've paid the initial cost of installation, the payback for most homeowners is usually good, with a net average savings of about $17,000 over 20 years on electricity bills.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Eliot
| Year | Return on Investment |
|---|---|
| 1 years | $-12,598 |
| 3 years | $-10,322 |
| 5 years | $-8,045 |
| 7 years | $-5,769 |
| 9 years | $-3,492 |
| 11 years | $-1,216 |
| 13 years | $1,061 |
| 15 years | $3,337 |
| 17 years | $5,614 |
| 19 years | $7,890 |
| 21 years | $10,167 |
| 23 years | $12,443 |
| 25 years | $14,720 |
Top Solar Installers in Eliot
When going solar, many homeowners choose to go with a solar company since handling can be a difficult project. Also, companies with a high reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
There are many factors that can determine your total 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
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,800.The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your energy bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Eliot average.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are a popular choice because they reduce your upfront costs and allow you to pay for your system over five to seven years on average.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 above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar installation company you select will play a role in your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor.The size of the company sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to more resources and bulk 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 discount can bring their pricing lower to compete with bigger names.
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 | $9,700 | 15.8 years |
| 8 kW | $3.88 | $21,706 | $13,359 | 15.5 years |
| 10 kW | $3.80 | $26,600 | $17,231 | 15.2 years |
| 12 kW | $3.72 | $31,282 | $21,316 | 14.9 years |
| 14 kW | $3.65 | $35,750 | $25,613 | 14.6 years |
| 16 kW | $3.57 | $40,006 | $30,123 | 14.3 years |
| 18 kW | $3.50 | $44,050 | $34,846 | 14.0 years |
| 20 kW | $3.42 | $47,880 | $39,782 | 13.7 years |
How to Save on Solar Panels
There are a large number of companies to choose from in Eliot, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running for a long time and save you money on part replacement and repairs.
- 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 large role in the company you go with.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
- Contract: Review the contract terms thoroughly to make sure you understand the overall cost, completion timeline incentives and warranties.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
What is the average cost of installing solar panels in Eliot?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $19,000 for a 5-kW system and $38,000 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Eliot is currently $583,370, which means you can expect a value of about $23,918 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Eliot is a worthwhile investment.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.