Solar Panel Cost Guide in Sanford, ME (Mar 2023)
- Sanford Solar Installation Cost: $10,222
- 25-Year Savings: $12,793
- Payback Period: 11.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Sanford
Let's have a look at the average cost of solar in Sanford.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Sanford, the typical cost of a solar system is 2.83 per watt. To cover the typical energy usage of the average home in Sanford, most homeowners require a 5.2-kilowatt system. Using the figure above, a solar installation costs about $10,222, or $14,617 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy consumption, the type of solar system you want, your solar contractor and more. Despite the high initial cost, the average Sanford homeowner can save around $17,000 on their power bills over 20 years, which is one of the benefits of solar.
To get a free estimate from a vetted solar installation company in Sanford, you can click the button below.
Solar savings over time in Sanford
| Year | Return on Investment |
|---|---|
| 1 years | $-9,301 |
| 3 years | $-7,460 |
| 5 years | $-5,619 |
| 7 years | $-3,778 |
| 9 years | $-1,937 |
| 11 years | $-95 |
| 13 years | $1,746 |
| 15 years | $3,587 |
| 17 years | $5,428 |
| 19 years | $7,269 |
| 21 years | $9,110 |
| 23 years | $10,952 |
| 25 years | $12,793 |
Top Solar Installers in Sanford
Although you can install solar panels by yourself, it requires extra energy and handiness. That's why most people choose a solar panel installer. A solar company can also help save you money over time by offering warranties, repairs and system component replacements.
If you'd like to start using solar energy but still aren't sure which solar system installer to go with, here are our recommendations for providers near you:
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 Sanford
Factors that Affect Solar Panel Costs in Sanford
The cost of installing a solar system in Sanford 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 equipment choices, financing options and the solar company you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with better 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. There are several different solar panel brands and the one you pick also affects the cost. In general, the brands that have better efficiency tend to also be more expensive. In addition, 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
If paying for solar panels in cash is too expensive, solar loans are a solid route because they cut back your upfront costs and let you pay for your system over five to seven years on average. However, the interest on solar loans also increases your total costs, so it's vital to consider that as well. You can always lower the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Sanford is the company you choose to install your PV system. As with choosing a company to renovate your kitchen, for example, there are plenty of solar installers that provide a range of services at different price points. The size of the company sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger 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 | $14,378 | 11.6 years |
| 8 kW | $2.89 | $16,165 | $19,488 | 11.3 years |
| 10 kW | $2.83 | $19,810 | $24,757 | 11.1 years |
| 12 kW | $2.77 | $23,297 | $30,183 | 10.9 years |
| 14 kW | $2.72 | $26,625 | $35,769 | 10.7 years |
| 16 kW | $2.66 | $29,794 | $41,512 | 10.4 years |
| 18 kW | $2.60 | $32,805 | $47,414 | 10.2 years |
| 20 kW | $2.55 | $35,658 | $53,475 | 10.0 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:
- Installation Process: Make sure you're on the same page with the company in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as repairing your electrical system or roof.
- Contract: Before you sign a contract with a solar installer, make sure you read it through carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Warranty: Warranties that provide coverage for replacement parts and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one mark of a good company.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
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 Sanford, ME Solar Cost FAQs
How much does it cost to install solar panels in Sanford?
This is a tough 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 other solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Sanford?
Leasing solar panels can be an attractive 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
How much can I save on power bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location 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 $891.33 per year.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home requires 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 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.