Solar Panel Cost Guide in Oxford, ME (2023 Update)
- Oxford Solar Installation Cost: $10,909
- 25-Year Savings: $11,726
- Payback Period: 12.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Oxford
We break down average solar pricing in Oxford.
In Oxford, solar panels cost about 2.83 per watt on average. Using this figure, a typical 5.5-kW system would cost about $10,915 before the 30% federal solar tax credit is applied.
These figures are just estimates, and your own solar costs will most likely vary based on your energy needs and what company you want to go with. Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Oxford 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 EcoWatch, click the button below.
Solar savings over time in Oxford
| Year | Return on Investment |
|---|---|
| 1 years | $-10,834 |
| 3 years | $-10,683 |
| 5 years | $-10,532 |
| 7 years | $-10,381 |
| 9 years | $-10,230 |
| 11 years | $-10,079 |
| 13 years | $-9,928 |
| 15 years | $-9,778 |
| 17 years | $-9,627 |
| 19 years | $-9,476 |
| 21 years | $-9,325 |
| 23 years | $-9,174 |
| 25 years | $-9,023 |
Top Solar Installers in Oxford
Although you can install solar panels by yourself, it requires extra energy and handiness. That's why almost all homeowners choose to go with a solar panel installer. Companies can also have access to a large variety of the best solar panels and help you choose which one will be best for your home.
If you'd like to start using solar energy but still aren't certain which solar panel 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 Oxford
Factors that Affect Solar Panel Costs in Oxford
The cost of installing a solar system in Oxford can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require 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 brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Oxford, where sunlight isn't as abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited 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
If paying for solar panels out of pocket is out of reach, solar loans are a popular route because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. Though solar loans make going solar more accessible for Oxford homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can affect how much you pay. Oxford's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional 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 | $12,300 | 12.5 years |
| 8 kW | $2.89 | $16,165 | $16,717 | 12.3 years |
| 10 kW | $2.83 | $19,810 | $21,292 | 12.0 years |
| 12 kW | $2.77 | $23,297 | $26,026 | 11.8 years |
| 14 kW | $2.72 | $26,625 | $30,919 | 11.6 years |
| 16 kW | $2.66 | $29,794 | $35,969 | 11.3 years |
| 18 kW | $2.60 | $32,805 | $41,179 | 11.1 years |
| 20 kW | $2.55 | $35,658 | $46,547 | 10.8 years |
How to Save on Solar Panels
The solar company you choose will impact not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, such as:
- Solar Panel Brands: Different companies carry various brands and types of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
- Contract: When reading through your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Installation Process: When going solar, it's essential to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process will go and the project completion timeline.
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 Oxford, ME Solar Cost FAQs
What is the average cost of installing solar panels in Oxford?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Generally 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 extra solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Oxford?
Leasing solar panels can be an attractive choice, as it often comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $822.05 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.