Solar Panel Cost Guide in Hollis, ME (2024 Update)
- Hollis 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 Hollis
Let’s have a look at the average cost of solar in Hollis.
The average cost of a solar panel system in Hollis is 4 per watt.Using this figure, a typical 5.2-kW system would cost about $13,737 before the 0 federal solar tax credit is applied.
These figures are just estimates, and your own solar costs will look different based on your specific situation and what company you go with.Many homeowners find adopting solar power is a solid investment. The average homeowner in Hollis can save about $17,000 on their electricity bills over 20 years.
You can click the button below to get connected with a vetted solar company in Hollis that can help you get a more accurate cost estimate for your home.
Solar savings over time in Hollis
| 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 Hollis
Although you can install solar panels yourself, it requires extra energy and handiness. That's why most homeowners choose a solar panel installer. Solar warranties and repairs are typically included in the cost of installation when you go with a solar company as well, which can save you more money over time.
If you're looking for a solar company in Hollis, we've organized a list of our top suggestions here:
See all of the solar companies in Hollis
Factors that Affect Solar Panel Costs in Hollis
For many Hollis homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Hollis, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar panel system in Hollis, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy usage, which you can figure out by looking at past power bills. Your overall cost can increase by around $3,800 for each additional kilowatt you need.There are a lot of different solar panel brands and the one you choose also affects the cost. In general, the brands that have better efficiency tend to also cost more. Plus, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are available from most installers in Hollis, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable.It’s a good idea to factor the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Hollis is the company you choose to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, you’ll have many options for solar installers that provide a range of services for different budgets.The size of the company sometimes plays the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down 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
Since the model of solar panels and the company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: The model of solar panel you’d like plays a role in which installer you should opt for, since different companies offer different panels.
- Installation Process: Make sure you’re on the same page with the installer regarding how the installation process will go and what needs to be done before your solar system is installed, such as repairing your electrical system or roof.
- Contract: Although reading through a contract can take a lot of time, it’s important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: If you’re concerned about the longevity of your solar panel system, making sure your company offers a 25-year, all-inclusive warranty can help put you at ease.
EcoWatch's Hollis, ME Solar Cost FAQs
How much does it cost to install solar panels in Hollis?
This is a tough question to answer precisely, because the cost depends on many 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. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
What other factors should I consider aside from cost when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Does Hollis have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future energy bills.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.