Solar Panel Cost Guide in Madawaska, ME (2024 Update)
- Madawaska Solar Installation Cost: $15,252
- 25-Year Savings: $9,789
- Payback Period: 18.0 Years
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Average Cost of Solar Panels in Madawaska
Let’s have a look at the average cost of solar in Madawaska.
The average cost of solar panels in Madawaska is 4 per watt.The average Madawaska homeowner needs a 5.7-kilowatt system, which would cost about $15,252 with the federal tax credit, or $21,810 before the 0 tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Madawaska homeowners. The price 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.But, after you've paid the initial cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $15,000 over 20 years on energy bills.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Madawaska
| Year | Return on Investment |
|---|---|
| 1 years | $-14,142 |
| 3 years | $-11,920 |
| 5 years | $-9,699 |
| 7 years | $-7,478 |
| 9 years | $-5,257 |
| 11 years | $-3,035 |
| 13 years | $-814 |
| 15 years | $1,407 |
| 17 years | $3,628 |
| 19 years | $5,849 |
| 21 years | $8,071 |
| 23 years | $10,292 |
| 25 years | $12,513 |
Top Solar Installers in Madawaska
Although it's possible to install solar panels by yourself, it requires extra effort and expertise. That's one of the reasons almost all homeowners choose a solar panel installer. Another upside of utilizing a solar company is that they can help you maximize your ROI by reducing your future costs of repairs and replacements because of warranties and informing you of local incentives you can take advantage of.
If you’d like to make the switch to solar but still aren’t sure which solar system installer to go with, here are our recommendations for providers in Madawaska:
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 Madawaska
Factors that Affect Solar Panel Costs in Madawaska
There are many factors that can influence your solar panel 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
The size of the solar panel system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $3,800. The brand and kind of equipment you get for your solar system can increase or decrease 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 limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are a popular route because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years.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’re only able to 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 getting a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The last major cost factor you should take into consideration is the installer you choose. Given the growing popularity of green energy solutions in Madawaska, you’ll have many options to choose from, but each comes at varying price points for labor and equipment.Additionally, some companies in Madawaska have more knowledge about local solar incentives and can help you take advantage 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 | $3.95 | $16,598 | $5,531 | 18.8 years |
| 8 kW | $3.88 | $21,706 | $7,800 | 18.4 years |
| 10 kW | $3.80 | $26,600 | $10,282 | 18.0 years |
| 12 kW | $3.72 | $31,282 | $12,976 | 17.7 years |
| 14 kW | $3.65 | $35,750 | $15,884 | 17.3 years |
| 16 kW | $3.57 | $40,006 | $19,004 | 16.9 years |
| 18 kW | $3.50 | $44,050 | $22,337 | 16.6 years |
| 20 kW | $3.42 | $47,880 | $25,883 | 16.2 years |
How to Save on Solar Panels
There are numerous companies to choose from in Madawaska, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Contract: It’s important to read through your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what you can expect about your solar system’s energy production.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Solar Panel Brands: Different companies have different brands and kinds of panels. If you prefer a specific brand, make sure the solar installer you’re considering has it.
- Warranty: If you’re concerned about the durability of your solar energy system, making sure your installer offers a 25-year, all-inclusive warranty can help put you at ease.
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 Madawaska, ME Solar Cost FAQs
What is the average cost of installing solar panels in Madawaska?
This is a hard 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 other solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Are solar panels free in Madawaska?
A solar panel system isn’t free in Madawaska, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
How will installing solar panels impact my property value?
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 Madawaska is currently $153,536, which means you can look forward to a value of about $6,295 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Madawaska is a rewarding investment.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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 higher amount 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.