Solar Panel Cost Guide in Monmouth, ME (2024 Update)
- Monmouth Solar Installation Cost: $14,502
- 25-Year Savings: $11,835
- Payback Period: 16.0 Years
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Average Cost of Solar Panels in Monmouth
See how much it might cost to switch to solar power in Monmouth.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Monmouth, the average cost of solar panels is 4 per watt.Since a 5.5-kW system is needed to cover the energy usage of a typical home in Monmouth, the average price of going solar will be about $14,502 after claiming the federal solar tax credit of 0.
Keep in mind that the figures above are only estimates based on the average Monmouth homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.Despite the significant upfront cost, the average Monmouth homeowner can save about $16,000 on their electricity bills over 20 years, which is one of the benefits of solar.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Monmouth
| Year | Return on Investment |
|---|---|
| 1 years | $-13,364 |
| 3 years | $-11,087 |
| 5 years | $-8,811 |
| 7 years | $-6,534 |
| 9 years | $-4,258 |
| 11 years | $-1,981 |
| 13 years | $295 |
| 15 years | $2,572 |
| 17 years | $4,848 |
| 19 years | $7,125 |
| 21 years | $9,401 |
| 23 years | $11,678 |
| 25 years | $13,954 |
Top Solar Installers in Monmouth
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a headache. Taking advantage of a solar company can make converting to solar power much easier. Also, if you’d like to maximize your investment in solar, going with a solar installer can help with that as well. Different providers can offer repairs, expertise on installation and sometimes even information on local incentives.
If you're searching for a solar installer in Monmouth, we've organized 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
There are several criteria that can determine your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay about $3,800 per kilowatt in Monmouth.Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Monmouth, where sunlight isn’t as abundant, efficiency can quickly pay off. Also, 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
Many homeowners find the average cost of solar in Monmouth to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest.While solar loans make switching to solar energy more accessible for Monmouth homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Monmouth is the company you get to install your solar system. As with choosing a company to renovate your kitchen, for instance, there’s no shortage of solar installers that offer a range of services for different budgets.Additionally, some companies in Monmouth have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. 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 | $8,312 | 16.7 years |
| 8 kW | $3.88 | $21,706 | $11,509 | 16.3 years |
| 10 kW | $3.80 | $26,600 | $14,918 | 16.0 years |
| 12 kW | $3.72 | $31,282 | $18,540 | 15.7 years |
| 14 kW | $3.65 | $35,750 | $22,375 | 15.4 years |
| 16 kW | $3.57 | $40,006 | $26,423 | 15.1 years |
| 18 kW | $3.50 | $44,050 | $30,683 | 14.7 years |
| 20 kW | $3.42 | $47,880 | $35,156 | 14.4 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you choose.
- Contract: It’s important to look over your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about your solar system’s energy production.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should secure and what the project timeline is.
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
What is the average cost of installing solar panels in Monmouth?
This is a hard question to answer precisely, because the cost depends on a variety of 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 more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
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 viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Does Monmouth have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future energy bills.
How long do solar panels last in Monmouth?
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 larger 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.