Solar Panel Cost Guide in Waterville, ME (2024 Update)
- Waterville Solar Installation Cost: $14,502
- 25-Year Savings: $11,835
- Payback Period: 16.0 Years
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Average Cost of Solar Panels in Waterville
Let’s take a look at the average cost of solar panels in Waterville.
In Waterville, solar panels cost about 4 per watt on average.The average Waterville homeowner needs a 5.5-kilowatt system, which would cost about $14,502 with the federal tax credit, or $20,738 before the 0 tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Waterville homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.With average savings of about $16,000 on energy bills over 20 years, many homeowners in Waterville find installing solar panels can pay off big.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Waterville
| Year | Return on Investment |
|---|---|
| 1 years | $-13,364 |
| 3 years | $-11,087 |
| 5 years | $-8,811 |
| 7 years | $-6,534 |
| 9 years | $-4,258 |
| 11 years | $-1,981 |
| 13 years | $295 |
| 15 years | $2,572 |
| 17 years | $4,848 |
| 19 years | $7,125 |
| 21 years | $9,401 |
| 23 years | $11,678 |
| 25 years | $13,954 |
Top Solar Installers in Waterville
Many homeowners choose to hire a solar installer since trying to install solar panels on your own can be challenging. Companies can also offer access to quality options of the best solar panels and help you decide which one will be best for your family.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some nearby:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Waterville
Factors that Affect Solar Panel Costs in Waterville
The cost of installing a solar system in Waterville can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is your system size, and other factors include the equipment you choose, 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 main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation use 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 $3,800.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Waterville, where sunlight isn’t as abundant, efficiency can quickly pay off. Also, if you have a small roof or you don’t have a lot of 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
If paying for solar panels out of pocket is too expensive, solar loans are a popular option because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years.It’s a good idea to add 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
A final consideration when trying to evaluate the cost of solar for your home or business in Waterville is the company you get to install your solar system. Similar to choosing a company to install new cabinets, for example, there are plenty of solar installers that offer a range of services for different budgets.Larger national companies typically have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.95 | $16,598 | $8,312 | 16.7 years |
| 8 kW | $3.88 | $21,706 | $11,509 | 16.3 years |
| 10 kW | $3.80 | $26,600 | $14,918 | 16.0 years |
| 12 kW | $3.72 | $31,282 | $18,540 | 15.7 years |
| 14 kW | $3.65 | $35,750 | $22,375 | 15.4 years |
| 16 kW | $3.57 | $40,006 | $26,423 | 15.1 years |
| 18 kW | $3.50 | $44,050 | $30,683 | 14.7 years |
| 20 kW | $3.42 | $47,880 | $35,156 | 14.4 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be a tough decision, we have some tips to help you, such as:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done well. Another way you can research your installer’s reputation is by reading reviews.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Contract: Look through the contract terms thoroughly to make sure you understand the overall cost, project timeline incentives and warranties.
- Warranty: Warranties that cover defective panels and repairs over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one mark of a good company.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Waterville, ME Solar Cost FAQs
How much does it cost to install solar panels in Waterville?
The average cost of solar panels in Waterville is about $19,000 for a 5-kW system and $38,000 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 Waterville?
You can’t get solar panels for free in Waterville. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Can you sell solar power back to the grid in Waterville?
Most states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.