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 national average cost of solar panels is $2.66 per watt, but in Lebanon it’s 4 per watt.The average Lebanon homeowner needs a 5.2-kilowatt system, which would cost about $13,737 with the federal tax credit, or $19,644 before the 0 tax credit is applied.
These figures are only averages, and how much solar costs for you will look different based on factors unique to your home and what company you choose to go with.Even with the high upfront cost, the average Lebanon homeowner can save about $18,000 on their energy bills over 20 years, which is one of the positives of solar.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
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 takes extra effort and expertise. Because of that, most homeowners choose a solar panel installer. Local solar installation companies can also help you maximize your return on investment by walking you through any local incentives and by offering warranties and repairs.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
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 Lebanon
Factors that Affect Solar Panel Costs in Lebanon
While the average cost of a solar system in Lebanon is $13,737, your final cost may be above or below the average. There are many factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
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 crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use.Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Lebanon, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a popular route because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.Although solar loans make switching to solar energy more accessible for Lebanon homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. 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 opt for to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies in Lebanon, and each can charge varying amounts for labor and equipment.Larger national companies generally have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle 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 | $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 type of solar panels and the installer you choose has an impact on your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Different companies will offer different brands and types of panels. If you prefer a specific brand, make sure the solar company you’re considering has it.
- Contract: It’s important to read your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Warranty: A comprehensive, long-term warranty can help keep your solar system running for years to come and save you money on part replacement and repairs.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
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 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 $19,000 for a 5-kW system and $38,000 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider in addition to cost when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels significantly reduce my energy bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. 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 long do solar panels last in Lebanon?
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 higher 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.