Solar Panel Cost Guide in Old Orchard Beach, ME (2023 Update)
- Old Orchard Beach Solar Installation Cost: $10,230
- 25-Year Savings: $12,405
- Payback Period: 11.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Old Orchard Beach
Find out what the average cost of installing solar panels is in Old Orchard Beach.
In Old Orchard Beach, solar panels cost about 2.83 per watt on average. Since a 5.2-kW system is needed to cover the energy needs of a typical home in Old Orchard Beach, the average price of going solar will be about $10,222 after claiming the federal solar tax credit of 30%.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy consumption, the type of solar system you want, your solar contractor and more. Despite the large initial cost, the average Old Orchard Beach homeowner can save about $17,000 on their power bills over 20 years, which is one of the perks of solar.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Old Orchard Beach
| Year | Return on Investment |
|---|---|
| 1 years | $-10,155 |
| 3 years | $-10,004 |
| 5 years | $-9,853 |
| 7 years | $-9,702 |
| 9 years | $-9,551 |
| 11 years | $-9,400 |
| 13 years | $-9,249 |
| 15 years | $-9,098 |
| 17 years | $-8,947 |
| 19 years | $-8,797 |
| 21 years | $-8,646 |
| 23 years | $-8,495 |
| 25 years | $-8,344 |
Top Solar Installers in Old Orchard Beach
Many homeowners decide to hire a solar installer since trying to install solar panels yourself can be a labor-intensive endeavor. A solar installer can also help save you money over time by offering warranties, repairs and system component replacements.
If you'd like to make the switch to solar but still aren't sure which solar company to go with, here are our suggestions for providers nearby:
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 Old Orchard Beach
Factors that Affect Solar Panel Costs in Old Orchard Beach
The cost of installing a solar system in Old Orchard Beach can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, 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 $2,830. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Old Orchard Beach, where sunlight is relatively 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 Old Orchard Beach to be prohibitively costly, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in paying more over time because of interest. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
The solar installer you hire to handle your switch to clean energy can play a part in your total costs. There are about 3 solar installation companies operating throughout Old Orchard Beach, and each can charge varying amounts for labor and equipment. Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
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 | $13,937 | 11.8 years |
| 8 kW | $2.89 | $16,165 | $18,900 | 11.5 years |
| 10 kW | $2.83 | $19,810 | $24,021 | 11.3 years |
| 12 kW | $2.77 | $23,297 | $29,301 | 11.1 years |
| 14 kW | $2.72 | $26,625 | $34,739 | 10.8 years |
| 16 kW | $2.66 | $29,794 | $40,335 | 10.6 years |
| 18 kW | $2.60 | $32,805 | $46,091 | 10.4 years |
| 20 kW | $2.55 | $35,658 | $52,004 | 10.2 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a challenge, we have some tips to help you, such as:
- Contract: When looking over your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Solar Panel Brands: The model of solar panel you need plays a part in which installer you should go with, since different companies have different panels.
- Installation Process: When making the switch to solar power, it's important to maintain an open line of communication with your solar company. See to it that you understand how the installation process works and the completion timeline.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
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 Old Orchard Beach, ME Solar Cost FAQs
How much does it cost to install solar panels in Old Orchard Beach?
The average cost of solar panels in Old Orchard Beach 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 kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Old Orchard Beach?
Leasing solar panels can be an option if you are unable to 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 bang for your buck from going solar.
Can you sell solar power back to the grid in Old Orchard Beach?
Most states have net metering programs of some kind. Through these, you can either get paid for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.