Solar Panel Cost Guide in Lebanon, ME (Mar 2023)
- Lebanon Solar Installation Cost: $10,222
- 25-Year Savings: $14,507
- Payback Period: 10.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lebanon
Find out what the average cost of installing solar panels is in Lebanon.
The average cost of solar panels in Lebanon is 2.83 per watt. The average solar panel system size in Lebanon 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.
The true cost of your system can go higher or lower than the average in Lebanon based on several factors, such as the brand of solar panels you choose and the solar installer you hire. Even with the large initial cost, the average Lebanon homeowner can save around $18,000 on their power bills over 20 years, which is one of the perks of solar.
To get a free quote from a top solar installation company in Lebanon, you can click the button below.
Solar savings over time in Lebanon
| Year | Return on Investment |
|---|---|
| 1 years | $-9,233 |
| 3 years | $-7,254 |
| 5 years | $-5,276 |
| 7 years | $-3,298 |
| 9 years | $-1,320 |
| 11 years | $659 |
| 13 years | $2,637 |
| 15 years | $4,615 |
| 17 years | $6,594 |
| 19 years | $8,572 |
| 21 years | $10,550 |
| 23 years | $12,529 |
| 25 years | $14,507 |
Top Solar Installers in Lebanon
When going solar, many homeowners choose to hire a solar company since handling can be a difficult project. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and part replacements.
There are various 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 Lebanon
Factors that Affect Solar Panel Costs in Lebanon
There are several criteria that can affect your solar system 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
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. Because of that, it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. The model of solar panels and equipment you choose is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond 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
Most solar installers in Lebanon offer solar loans, which reduce the initial cost of installing solar panels. When estimating your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installation company you select will play a role in your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor. Larger national companies typically have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
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 | $16,370 | 10.8 years |
| 8 kW | $2.89 | $16,165 | $22,144 | 10.5 years |
| 10 kW | $2.83 | $19,810 | $28,076 | 10.3 years |
| 12 kW | $2.77 | $23,297 | $34,167 | 10.1 years |
| 14 kW | $2.72 | $26,625 | $40,416 | 9.9 years |
| 16 kW | $2.66 | $29,794 | $46,823 | 9.7 years |
| 18 kW | $2.60 | $32,805 | $53,389 | 9.5 years |
| 20 kW | $2.55 | $35,658 | $60,114 | 9.3 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Warranty: Warranties that provide coverage for panel repairs and maintenance over around 25 years are the best you can get in the business, and offering that kind of warranty is one sign of a quality company.
- Solar Panel Brands: Different companies offer different brands and kinds of panels. If you want a specific brand, make sure the solar panel installer you're considering has it.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should acquire and how long the project will take.
- Contract: Read the contract terms carefully to make sure you understand how much it will cost, project timeline incentives and warranties.
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 Lebanon, ME Solar Cost FAQs
How much does it cost to install solar panels in Lebanon?
The average cost of solar panels in Lebanon 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 things like the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Lebanon?
Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Can you sell solar power back to the grid in Lebanon?
Most states have net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
Although 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 the amount of energy they produce will have decreased significantly after that point. You can opt 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.