Solar Panel Cost Guide in Lebanon, ME (2024 Update)
- Lebanon Solar Installation Cost: $13,737
- 25-Year Savings: $14,499
- Payback Period: 13.9 Years
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Average Cost of Solar Panels in Lebanon
Here’s how much it might cost to go solar in Lebanon.
The average cost of a solar panel system in Lebanon is 4 per watt.The average solar panel system size in Lebanon 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.
How much you pay can go above or below the average in Lebanon depending on several factors, such as the model of solar panels you choose and the solar contractor you hire.But, after you've paid the initial cost of installation, the return on investment for most homeowners is typically rewarding, with a net average savings of about $18,000 over 20 years on utility bills.
Click the button below to get connected to a top solar company in your area for a custom quote.
Solar savings over time in Lebanon
| Year | Return on Investment |
|---|---|
| 1 years | $-12,516 |
| 3 years | $-10,076 |
| 5 years | $-7,636 |
| 7 years | $-5,196 |
| 9 years | $-2,755 |
| 11 years | $-315 |
| 13 years | $2,125 |
| 15 years | $4,566 |
| 17 years | $7,006 |
| 19 years | $9,446 |
| 21 years | $11,886 |
| 23 years | $14,327 |
| 25 years | $16,767 |
Top Solar Installers in Lebanon
Although it's possible to install solar panels on your own, it involves extra effort and know-how. For that reason, most homeowners choose a solar panel installer. Some solar companies, especially local ones, can help you make the most of incentives in Lebanon, thereby optimizing your ROI.
If you're on the hunt for a solar company in Lebanon, the EcoWatch team has compiled a list of our top suggestions here:
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
The cost of installing a solar system in Lebanon can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production use 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 brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar companies in Lebanon provide solar loans, which reduce your upfront costs of installing solar.You’ll have to consider the long-term cost of loans, including the amount of 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 securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar installer you go with to handle your switch to green energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Lebanon, and each can charge different amounts for labor and equipment.You may see national solar installers that have lower prices because of their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $12,133 | 14.4 years |
| 8 kW | $3.88 | $21,706 | $16,603 | 14.2 years |
| 10 kW | $3.80 | $26,600 | $21,286 | 13.9 years |
| 12 kW | $3.72 | $31,282 | $26,182 | 13.6 years |
| 14 kW | $3.65 | $35,750 | $31,290 | 13.3 years |
| 16 kW | $3.57 | $40,006 | $36,611 | 13.1 years |
| 18 kW | $3.50 | $44,050 | $42,145 | 12.8 years |
| 20 kW | $3.42 | $47,880 | $47,892 | 12.5 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose considerably affects your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Look through the contract terms carefully to make sure you understand how much it will cost, project completion timeline incentives and warranties.
- Warranty: Warranties that provide coverage for replacement parts and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one mark of a good company.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to install your solar system. Another way you can verify your installer’s reputation is by reading reviews.
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?
This is a difficult question to answer precisely, because the cost depends on a few different 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. It will cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is a very important factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $957.72 per year.
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 level 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.