Solar Panel Cost Guide in Waldoboro, ME (2023 Update)
- Waldoboro Solar Installation Cost: $10,519
- 25-Year Savings: $12,116
- Payback Period: 11.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Waldoboro
Find out how much it might cost to switch to solar power in Waldoboro.
The national average cost of solar panels is $2.66 per watt, but in Waldoboro it's 2.83 per watt. The average Waldoboro homeowner needs a 5.3-kilowatt system, which would cost about $10,519 with the federal tax credit, or $15,042 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy consumption, the type of solar system you want, your solar contractor and more. But, after you've paid the initial cost of installation, the return on investment for most homeowners is typically good, with a net average savings of about $16,000 over 20 years on power bills.
You can click the button below to get connected with a top solar installer in Waldoboro that can help you get a more accurate cost estimate for your home.
Solar savings over time in Waldoboro
| Year | Return on Investment |
|---|---|
| 1 years | $-9,380 |
| 3 years | $-7,104 |
| 5 years | $-4,827 |
| 7 years | $-2,551 |
| 9 years | $-274 |
| 11 years | $2,002 |
| 13 years | $4,279 |
| 15 years | $6,555 |
| 17 years | $8,832 |
| 19 years | $11,108 |
| 21 years | $13,385 |
| 23 years | $15,661 |
| 25 years | $17,938 |
Top Solar Installers in Waldoboro
Many homeowners choose to hire a solar panel company since installing solar panels on your own can be challenging. Companies can also provide access to quality options of the best solar panels and help you decide which one will be right for your family.
There are several licensed solar professionals that can install solar panels for you. 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 Waldoboro
Factors that Affect Solar Panel Costs in Waldoboro
There are many factors that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Waldoboro homeowners decide to finance their solar panel systems to make going solar more affordable. When estimating your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you hire to install your solar panels can play a role in determining your pricing. Waldoboro's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Waldoboro have more knowledge about local solar incentives and can help you make good use 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 | $13,216 | 12.1 years |
| 8 kW | $2.89 | $16,165 | $17,938 | 11.8 years |
| 10 kW | $2.83 | $19,810 | $22,819 | 11.6 years |
| 12 kW | $2.77 | $23,297 | $27,858 | 11.4 years |
| 14 kW | $2.72 | $26,625 | $33,056 | 11.2 years |
| 16 kW | $2.66 | $29,794 | $38,412 | 10.9 years |
| 18 kW | $2.60 | $32,805 | $43,927 | 10.7 years |
| 20 kW | $2.55 | $35,658 | $49,600 | 10.5 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 brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running smoothly and save you money on repairs and maintenance.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years in most cases provide quality solar panel installation and expertise.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you choose.
- Contract: It's important to read through your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the cost.
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 Waldoboro, ME Solar Cost FAQs
How much does it cost to install solar panels in Waldoboro?
The average cost of solar panels in Waldoboro is about $14,150 for a 5-kW system and $28,300 for a 10-kW system before the ITC, but the actual cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider aside from cost when buying solar panels?
The upfront cost is a very important factor to consider, but whether it's the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Do solar panels increase how much your 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 Waldoboro is currently $170,200, so you could be looking at a value of about $6,978 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Waldoboro is a worthwhile investment.
How long do solar panels last in Waldoboro?
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 once you've had 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.