Solar Panel Cost Guide in Lyman, ME (2023 Update)
- Lyman Solar Installation Cost: $10,222
- 25-Year Savings: $13,299
- Payback Period: 10.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lyman
See how much it might cost to switch to solar power in Lyman.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lyman, the average cost of a solar system is 2.83 per watt. The average Lyman homeowner needs a 5.2-kilowatt system, which would cost about $10,222 with the federal tax credit, or $14,617 before the 30% tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Lyman homeowners. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. For many homeowners, the upfront cost of solar is worth paying. On average Lyman homeowners see about $17,000 in savings on utility bills over 20 years.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Lyman
| Year | Return on Investment |
|---|---|
| 1 years | $-9,281 |
| 3 years | $-7,399 |
| 5 years | $-5,518 |
| 7 years | $-3,636 |
| 9 years | $-1,754 |
| 11 years | $127 |
| 13 years | $2,009 |
| 15 years | $3,891 |
| 17 years | $5,772 |
| 19 years | $7,654 |
| 21 years | $9,536 |
| 23 years | $11,418 |
| 25 years | $13,299 |
Top Solar Installers in Lyman
Although you can install solar panels by yourself, it takes extra time and handiness. That's one of the reasons almost all homeowners choose to go with a solar panel installer. Plus, if you aren't sure what kind of solar panels and equipment you need, a solar installer can help you figure that out after a site survey and consultation.
There are several licensed solar professionals that can help you install your solar panels. 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 Lyman
Factors that Affect Solar Panel Costs in Lyman
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that determine your overall cost in Lyman: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,830. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Lyman, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are offered by most installers in Lyman, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible. When estimating your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panel system can influence how much it costs. Lyman's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Lyman have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $14,967 | 11.3 years |
| 8 kW | $2.89 | $16,165 | $20,273 | 11.1 years |
| 10 kW | $2.83 | $19,810 | $25,737 | 10.9 years |
| 12 kW | $2.77 | $23,297 | $31,360 | 10.7 years |
| 14 kW | $2.72 | $26,625 | $37,141 | 10.4 years |
| 16 kW | $2.66 | $29,794 | $43,081 | 10.2 years |
| 18 kW | $2.60 | $32,805 | $49,180 | 10.0 years |
| 20 kW | $2.55 | $35,658 | $55,436 | 9.8 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you hire.
- Contract: When reading over your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years in most cases offer high-quality solar panel installation and expertise.
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
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 Lyman, ME Solar Cost FAQs
How much does it cost to install solar panels in Lyman?
This is a difficult question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $14,150 for a 5-kW system and $28,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Lyman?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
How will 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 $293,216, so you can look forward to a value of about $12,022 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Lyman is a rewarding investment.
How often do you have to replace solar panels?
Though 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 replace them after having 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.