Solar Panel Cost Guide in Raymond, ME (2023 Update)
- Raymond Solar Installation Cost: $10,388
- 25-Year Savings: $12,247
- Payback Period: 11.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Raymond
Find out how much it might cost to make the switch to solar in Raymond.
The national average cost of solar panels is $2.66 per watt, but in Raymond it's 2.83 per watt. The average Raymond homeowner needs a 5.2-kilowatt system, which would cost about $10,380 with the federal tax credit, or $14,843 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of installing solar panels can vary based on a few factors, such as how many panels you need, your energy consumption and what company you go with. But, after you've paid the upfront cost of installation, the return on investment for most homeowners is usually rewarding, with a net average savings of about $16,000 over 20 years on electricity bills.
You can click the button below to get connected with a pre-vetted solar company in Raymond for a quote for your home.
Solar savings over time in Raymond
| Year | Return on Investment |
|---|---|
| 1 years | $-10,312 |
| 3 years | $-10,162 |
| 5 years | $-10,011 |
| 7 years | $-9,860 |
| 9 years | $-9,709 |
| 11 years | $-9,558 |
| 13 years | $-9,407 |
| 15 years | $-9,256 |
| 17 years | $-9,105 |
| 19 years | $-8,954 |
| 21 years | $-8,803 |
| 23 years | $-8,653 |
| 25 years | $-8,502 |
Top Solar Installers in Raymond
Although it's possible to install solar panels by yourself, it involves extra labor and knowledge. Because of that, almost all homeowners choose a solar panel installer. Companies can also have access to various kinds of the best solar panels and help you decide which one will be best for you.
If you'd like to switch to solar energy but still aren't sure which solar system company to go with, here are our suggestions for providers in Raymond:
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 Raymond
Factors that Affect Solar Panel Costs in Raymond
For many Raymond homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Raymond, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. For that reason, it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Raymond, where sunlight is relatively abundant, efficiency can quickly pay off. Also, 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
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are available from most installers in Raymond, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar installer you go with to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar installation companies in Raymond, and each can charge varying amounts for labor and equipment. You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $13,538 | 11.9 years |
| 8 kW | $2.89 | $16,165 | $18,367 | 11.7 years |
| 10 kW | $2.83 | $19,810 | $23,355 | 11.5 years |
| 12 kW | $2.77 | $23,297 | $28,502 | 11.2 years |
| 14 kW | $2.72 | $26,625 | $33,807 | 11.0 years |
| 16 kW | $2.66 | $29,794 | $39,270 | 10.8 years |
| 18 kW | $2.60 | $32,805 | $44,892 | 10.6 years |
| 20 kW | $2.55 | $35,658 | $50,673 | 10.3 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:
- Contract: Review the contract terms closely to make sure you understand the cost breakdown, completion timeline rebates and warranties.
- 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 model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of options before making your decision.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a couple decades are the gold standard in the business, and offering that kind of warranty is one indication of a quality company.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to do the job well. Another way you can verify your installer's reputation is by reading reviews.
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 Raymond, ME Solar Cost FAQs
How much does it cost to install solar panels in Raymond?
The average cost of solar panels in Raymond is about $14,150 for a 5-kW system and $28,300 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Raymond?
Leasing solar panels can be an appealing choice, because it commonly 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
How will having solar panels impact how much my home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Raymond is currently $280,000, which means you could be looking at a value of about $11,480 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Raymond is a fruitful investment.
How many solar panels should I get to power 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 generally produce about 250 to 400 watt-hours per hour, the average household 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.