Solar Panel Cost Guide in Lyman, ME (2024 Update)
- Lyman Solar Installation Cost: $13,737
- 25-Year Savings: $13,291
- Payback Period: 14.6 Years
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Average Cost of Solar Panels in Lyman
Find out how much it might cost to make the switch to solar in Lyman.
In Lyman, solar panels cost about 4 per watt on average.The average Lyman 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 the cost of going solar for you may look different based on factors unique to your home and what company you want to go with.With average savings of about $17,000 on energy bills over 20 years, many homeowners in Lyman find installing solar panels has a decent ROI.
Click the button below to get connected to a top solar installer in Lyman for a personalized quote.
Solar savings over time in Lyman
| 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 Lyman
Putting up solar panels by yourself can be a challenging task, which is why hiring a solar installation company is a good option for many homeowners. Solar companies provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
Working with a vetted solar company can make going solar easier. Here are our recommendations:
See all of the solar companies in Lyman
Factors that Affect Solar Panel Costs in Lyman
The cost of installing a solar system in Lyman can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $3,800. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your power bills. In addition, extra products, such as solar batteries, can bump up your total well above the Lyman average.
Solar Financing Terms
Many homeowners find the average cost of solar in Lyman to be too expensive, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in higher prices over time because of interest.However, the interest on solar loans also increases your all-in costs, so it’s crucial to take that into consideration as well. You can always bring down the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Lyman is the company you hire to install your PV system. Similar to choosing a company to build a deck or pool, for example, there’s no shortage of solar installers that offer a range of services at different price points.You may notice national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $10,730 | 15.2 years |
| 8 kW | $3.88 | $21,706 | $14,732 | 14.9 years |
| 10 kW | $3.80 | $26,600 | $18,947 | 14.6 years |
| 12 kW | $3.72 | $31,282 | $23,375 | 14.3 years |
| 14 kW | $3.65 | $35,750 | $28,016 | 14.0 years |
| 16 kW | $3.57 | $40,006 | $32,869 | 13.7 years |
| 18 kW | $3.50 | $44,050 | $37,935 | 13.4 years |
| 20 kW | $3.42 | $47,880 | $43,214 | 13.1 years |
How to Save on Solar Panels
The solar installer you opt for will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, such as:
- Installation Process: When making the switch to solar power, it’s essential to maintain an open line of communication with your solar company. Confirm that you understand how the installation process works and the completion timeline.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Warranty: If you’re concerned about the longevity of your solar system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years likely offer good-quality solar panel installation and expertise.
EcoWatch's Lyman, ME Solar Cost FAQs
What is the average cost of installing solar panels in Lyman?
This is a difficult question to answer precisely, because the cost depends on many factors. Broadly 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 extra solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Lyman?
You can’t get solar panels for free in Lyman. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
How will having solar panels impact how much my home is worth?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lyman is currently $448,569, which means you can expect a value of about $18,391 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Lyman is a worthwhile investment.
How long do solar panels last in Lyman?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use 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.