Solar Panel Cost Guide in Oxford, ME (2024 Update)
- Oxford Solar Installation Cost: $14,648
- 25-Year Savings: $11,726
- Payback Period: 16.2 Years
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Average Cost of Solar Panels in Oxford
Find out what the average cost of installing solar panels is in Oxford.
The national average cost of solar panels is $2.66 per watt, but in Oxford it’s 4 per watt.The average Oxford homeowner needs a 5.5-kilowatt system, which would cost about $14,648 with the federal tax credit, or $20,947 before the 0 tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Oxford 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.Many homeowners find installing a solar system is a rewarding investment. The average homeowner in Oxford can save about $16,000 on their power bills over 20 years.
For a customized 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 | $-13,510 |
| 3 years | $-11,234 |
| 5 years | $-8,957 |
| 7 years | $-6,681 |
| 9 years | $-4,404 |
| 11 years | $-2,128 |
| 13 years | $149 |
| 15 years | $2,425 |
| 17 years | $4,702 |
| 19 years | $6,978 |
| 21 years | $9,255 |
| 23 years | $11,531 |
| 25 years | $13,808 |
Top Solar Installers in Oxford
When going solar, many homeowners opt to use a solar installation company since putting up a solar system yourself can be a challenging project. Since solar panels are exposed to the elements every day, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some nearby:
See all of the solar companies in Oxford
Factors that Affect Solar Panel Costs in Oxford
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that will push your cost above or below the average in Oxford: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That’s why it’s important to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use.There are a lot of different solar panel brands and the one you pick also affects the cost. In general, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you choose can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a big investment. That’s why many Oxford homeowners decide to finance their solar panel systems to make paying for solar more affordable.However, the interest on solar loans also increases your overall costs, so it’s crucial to keep that in mind as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you select will play a role in your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor.The company’s size can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower 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 | $3.95 | $16,598 | $8,063 | 16.8 years |
| 8 kW | $3.88 | $21,706 | $11,176 | 16.5 years |
| 10 kW | $3.80 | $26,600 | $14,502 | 16.2 years |
| 12 kW | $3.72 | $31,282 | $18,041 | 15.9 years |
| 14 kW | $3.65 | $35,750 | $21,793 | 15.5 years |
| 16 kW | $3.57 | $40,006 | $25,757 | 15.2 years |
| 18 kW | $3.50 | $44,050 | $29,935 | 14.9 years |
| 20 kW | $3.42 | $47,880 | $34,325 | 14.6 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Warranty: A comprehensive, long-term warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can look into your installer’s reputation is by reading reviews.
- Installation Process: Make sure you’re on the same page with the installer with regard to how the installation process will go and what you need to do before your solar panel system is installed, such as repairing your electrical system or roof.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. While 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 be sure to ask for their list of options before making your decision.
EcoWatch's Oxford, ME Solar Cost FAQs
What is the average cost of installing solar panels in Oxford?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly 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 be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Oxford?
Solar panels can be a beneficial investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
How long do solar panels last in Oxford?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can keep using them at a lower efficiency.
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.