Solar Panel Cost Guide in Sanford, ME (2023 Update)
- Sanford Solar Installation Cost: $10,230
- 25-Year Savings: $12,785
- Payback Period: 11.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Sanford
Let's have a look at the average cost of solar panels 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 account for 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 end up paying for solar may vary based on your household energy consumption, the type of equipment you choose, your solar contractor and more. For many homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $17,000 in savings on utility bills over 20 years.
To receive a free estimate from a highly rated solar company in Sanford, you can click the button below.
Solar savings over time in Sanford
| Year | Return on Investment |
|---|---|
| 1 years | $-9,092 |
| 3 years | $-6,815 |
| 5 years | $-4,539 |
| 7 years | $-2,262 |
| 9 years | $14 |
| 11 years | $2,291 |
| 13 years | $4,567 |
| 15 years | $6,844 |
| 17 years | $9,120 |
| 19 years | $11,397 |
| 21 years | $13,673 |
| 23 years | $15,950 |
| 25 years | $18,226 |
Top Solar Installers in Sanford
Many homeowners decide to hire a solar panel installer since trying to install solar panels on your own can be a lot of work. Plus, if you're not certain what kind of solar panels and equipment you may need, a solar expert can help you find the right equipment for you after a site survey and consultation.
There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:
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
Though the average cost of a solar system in Sanford is $10,222, your final cost may differ. There are quite a few factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it's crucial to accurately ascertain 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. Usually, the brands that offer higher efficiency tend to also cost more. Plus, 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
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are provided by most installers in Sanford, which can lower, or in some cases eliminate, your upfront costs to make solar more accessible. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar installer you go with to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies in Sanford, and each can charge varying amounts for labor and equipment. Additionally, some companies in Sanford are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: Although reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Solar Panel Brands: The type of solar panel you need plays a role in which company you should choose, since different companies have different panels.
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: Make sure you're aligned with the installer regarding how the installation process will go and what you need to do before your solar panel system is installed, such as updating your electrical system or roof.
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
What is the average cost of installing solar panels in Sanford?
The average cost of solar panels in Sanford 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 stuff such as the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Sanford?
Leasing solar panels can be an option if you are unable to pay upfront or secure 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 financial benefits from going solar.
Do solar panels increase your property value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Sanford is currently $197,304, which means you can expect a value of about $8,089 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Sanford is a fruitful investment.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home needs 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.