Solar Panel Cost Guide in Monmouth, ME (2023 Update)
- Monmouth Solar Installation Cost: $10,796
- 25-Year Savings: $11,839
- Payback Period: 11.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Monmouth
Let's have a look at the average cost of solar in Monmouth.
The national average cost of solar panels is $2.66 per watt, but in Monmouth it's 2.83 per watt. Using this figure, a typical 5.5-kW system would cost about $10,796 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy needs, the type of solar panels you choose, your solar contractor and more. Many homeowners find adopting solar power is a sound investment. The average homeowner in Monmouth can save about $16,000 on their power bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Monmouth
| Year | Return on Investment |
|---|---|
| 1 years | $-9,891 |
| 3 years | $-8,080 |
| 5 years | $-6,269 |
| 7 years | $-4,459 |
| 9 years | $-2,648 |
| 11 years | $-837 |
| 13 years | $974 |
| 15 years | $2,785 |
| 17 years | $4,595 |
| 19 years | $6,406 |
| 21 years | $8,217 |
| 23 years | $10,028 |
| 25 years | $11,839 |
Top Solar Installers in Monmouth
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Going with a solar panel installer can make swapping over to solar power much easier. A solar company can also help save you money over time by offering warranties, repairs and part replacements.
If you're searching for a solar company in Monmouth, 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 Monmouth
Factors that Affect Solar Panel Costs in Monmouth
For many Monmouth homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Monmouth, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Monmouth, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can gauge by looking at past electricity bills. Your total cost can increase by around $2,830 for each additional kilowatt you need. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag 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 will be looking at 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
Many homeowners find the average cost of solar in Monmouth to be too costly, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in paying more over time due to interest. When estimating your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you hire to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar installation companies in Monmouth, and each can charge varying amounts for labor and equipment. The size of the company can sometimes play the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.
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 | $12,549 | 12.4 years |
| 8 kW | $2.89 | $16,165 | $17,050 | 12.2 years |
| 10 kW | $2.83 | $19,810 | $21,708 | 11.9 years |
| 12 kW | $2.77 | $23,297 | $26,525 | 11.7 years |
| 14 kW | $2.72 | $26,625 | $31,501 | 11.5 years |
| 16 kW | $2.66 | $29,794 | $36,635 | 11.2 years |
| 18 kW | $2.60 | $32,805 | $41,927 | 11.0 years |
| 20 kW | $2.55 | $35,658 | $47,378 | 10.7 years |
How to Save on Solar Panels
The solar panel company you opt for will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should consider, including:
- Warranty: Warranties that provide coverage for replacement parts and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one sign of a good company.
- Contract: Though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Reputation: Make sure your solar 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.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Although there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of offerings before making your decision.
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 Monmouth, ME Solar Cost FAQs
How much does it cost to install solar panels in Monmouth?
The average cost of solar panels in Monmouth is about $14,150 for a 5-kW system and $28,300 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the model of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Monmouth?
A solar panel system isn't free in Monmouth, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
How will installing solar panels impact my home value?
Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
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 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.