Solar Panel Cost Guide in Waterboro, ME (2023 Update)
- Waterboro Solar Installation Cost: $10,222
- 25-Year Savings: $12,413
- Payback Period: 11.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Waterboro
Find out what the average cost of installing solar panels is in Waterboro.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Waterboro, the typical cost of a solar system is 2.83 per watt. Since a 5.2-kW system is needed to cover the energy consumption of a typical home in Waterboro, the average price of going solar will be about $10,222 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of the cost of solar panels. The true cost of making the switch to solar can vary based on a few factors, such as what size system you need, your energy usage and what installation company you go with. But, once you've paid the upfront cost of installation, the return on investment for most homeowners is usually good, with a net average savings of about $17,000 over 20 years on energy bills.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Waterboro
| Year | Return on Investment |
|---|---|
| 1 years | $-9,317 |
| 3 years | $-7,506 |
| 5 years | $-5,695 |
| 7 years | $-3,884 |
| 9 years | $-2,073 |
| 11 years | $-263 |
| 13 years | $1,548 |
| 15 years | $3,359 |
| 17 years | $5,170 |
| 19 years | $6,981 |
| 21 years | $8,791 |
| 23 years | $10,602 |
| 25 years | $12,413 |
Top Solar Installers in Waterboro
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Going with a solar panel installer can make swapping over to solar power much easier. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you'd like to make the switch to solar but still aren't sure which solar system installer to go with, here are our suggestions for providers in Waterboro:
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 Waterboro
Factors that Affect Solar Panel Costs in Waterboro
Though the average cost of a solar system in Waterboro is $10,222, your final cost may be higher or lower than that. There are many factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,830. The type of solar panels and equipment you want is another factor that will greatly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Furthermore, solar equipment is more than just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that falls within your budget.
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 Waterboro homeowners choose to finance their solar panel systems to make going solar more affordable. You'll have to consider the long-term cost of financing options, including the amount of 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 getting a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The last significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Waterboro, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Waterboro have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, 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 | $13,937 | 11.8 years |
| 8 kW | $2.89 | $16,165 | $18,900 | 11.5 years |
| 10 kW | $2.83 | $19,810 | $24,021 | 11.3 years |
| 12 kW | $2.77 | $23,297 | $29,301 | 11.1 years |
| 14 kW | $2.72 | $26,625 | $34,739 | 10.8 years |
| 16 kW | $2.66 | $29,794 | $40,335 | 10.6 years |
| 18 kW | $2.60 | $32,805 | $46,091 | 10.4 years |
| 20 kW | $2.55 | $35,658 | $52,004 | 10.2 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 find the right company for you, here are some tips to keep in mind:
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you choose.
- Contract: Look through the contract terms carefully to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Warranty: If you care about the endurance of your solar system, checking if your company offers a 25-year, all-inclusive warranty can help put you at ease.
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 Waterboro, ME Solar Cost FAQs
What is the average cost of installing solar panels in Waterboro?
The average cost of solar panels in Waterboro 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 consume.
Can you get solar panels for free in Waterboro?
You can't get solar panels for free in Waterboro. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
How will installing solar panels impact how much my home is worth?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Waterboro is currently $199,802, which means you can look forward to a value of about $8,192 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Waterboro is a fruitful investment.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can continue to use 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.