Solar Panel Cost Guide in Hampden, ME (2024 Update)
- Hampden Solar Installation Cost: $14,992
- 25-Year Savings: $12,499
- Payback Period: 15.8 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Hampden
Here’s how much it might cost to go solar in Hampden.
Although the national average of solar panels is $2.66 per watt, solar panels in Hampden generally cost around 4.The average Hampden homeowner needs a 5.6-kilowatt system, which would cost about $14,992 with the federal tax credit, or $21,439 before the 0 tax credit is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy use, the type of equipment you want to get, your solar contractor and more.For many homeowners, the upfront investment in solar power is worth paying. On average Hampden homeowners see about $16,000 in savings on energy bills over 20 years.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Hampden
| Year | Return on Investment |
|---|---|
| 1 years | $-13,961 |
| 3 years | $-11,900 |
| 5 years | $-9,839 |
| 7 years | $-7,778 |
| 9 years | $-5,716 |
| 11 years | $-3,655 |
| 13 years | $-1,594 |
| 15 years | $467 |
| 17 years | $2,529 |
| 19 years | $4,590 |
| 21 years | $6,651 |
| 23 years | $8,712 |
| 25 years | $10,774 |
Top Solar Installers in Hampden
Although it's possible to install solar panels yourself, it takes extra labor and know-how. That's why almost all homeowners choose to hire a solar panel installer. Another advantage of working with a solar installer is that they can help you optimize your ROI by reducing your future costs of repairs and replacements with the help of warranties and helping you learn about local incentives you can take advantage of.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some nearby:
See all of the solar companies in Hampden
Factors that Affect Solar Panel Costs in Hampden
For many Hampden homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Hampden, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $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 choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your energy bills. In addition, extra products, such as solar batteries, can bring your total well above the Hampden average.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That’s why many Hampden homeowners choose to finance their solar panel systems to make paying for solar more affordable.While solar loans make switching to solar energy more accessible for Hampden homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can impact the cost. Hampden’s solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those larger 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 | $8,593 | 16.5 years |
| 8 kW | $3.88 | $21,706 | $11,883 | 16.2 years |
| 10 kW | $3.80 | $26,600 | $15,386 | 15.8 years |
| 12 kW | $3.72 | $31,282 | $19,102 | 15.5 years |
| 14 kW | $3.65 | $35,750 | $23,030 | 15.2 years |
| 16 kW | $3.57 | $40,006 | $27,172 | 14.9 years |
| 18 kW | $3.50 | $44,050 | $31,526 | 14.6 years |
| 20 kW | $3.42 | $47,880 | $36,092 | 14.3 years |
How to Save on Solar Panels
The solar panel company you go with will affect not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, including:
- Reputation: Long-running companies likely have a good 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 support, such as part repairs and replacements.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- 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.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
EcoWatch's Hampden, ME Solar Cost FAQs
How much does it cost to install solar panels in Hampden?
The average cost of solar panels in Hampden is about $19,000 for a 5-kW system and $38,000 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Hampden?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Do solar panels increase your property value?
Solar panels can increase the value of your home 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."
How long do solar panels last in Hampden?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down 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.