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
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Average Cost of Solar Panels in Hampden
Here’s how much it might cost to go solar in Hampden.
In Hampden, solar panels cost about 4 per watt on average.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.
These figures are only averages, and how much solar costs for you may differ based on your specific situation and what company you go with.For most homeowners, the upfront cost of solar power is worth paying. On average Hampden homeowners see about $16,000 in savings on energy bills over 20 years.
Click the button below to get connected to a top solar company in your area for a custom estimate.
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
Many homeowners opt for a solar panel installer since figuring out how to install solar panels yourself can be challenging. Some solar installers, particularly local ones, can help you make the most of incentives in Hampden, thereby optimizing your ROI.
If you’d like to make the switch to solar but still aren’t certain which solar panel installer to go with, here are our recommendations for providers in Hampden:
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 Hampden
Factors that Affect Solar Panel Costs in Hampden
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few key factors that affect your total cost in Hampden: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That’s why it’s important to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use.The brand of solar panels and equipment you want is another factor that will largely affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment consists of more than just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that’s in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Hampden to be prohibitively expensive, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in a higher cost over time because of interest.Even though solar loans make going solar more accessible for Hampden homeowners, they can also raise the total you pay for your system due to interest. 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
The solar company you select will impact your total cost to make the switch to solar . Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Hampden are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $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
There are many companies to choose from in Hampden, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Installation Process: When making the switch to solar power, it’s important to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process works and the project completion timeline.
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Different companies will offer various brands and models of panels. If you know you want a specific brand, make sure the solar company you’re considering has it.
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 Hampden, ME Solar Cost FAQs
What is the average cost of installing 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 certain factors like the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Hampden?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property 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 savings from going solar.
How will solar panels impact my property value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Hampden is currently $331,894, which means you can look forward to a value of about $13,608 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Hampden is a rewarding investment.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them after having 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.