Solar Panel Cost Guide in Waterville, ME (2023 Update)
- Waterville Solar Installation Cost: $10,800
- 25-Year Savings: $11,835
- Payback Period: 11.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Waterville
Find out how much it might cost to switch to solar power in Waterville.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Waterville, the typical cost of a solar system is 2.83 per watt. Using this figure, a typical 5.5-kW system would cost about $10,796 before the 30% federal solar tax credit is applied.
These figures are just estimates, and your own solar costs will most likely vary based on your specific situation and what company you choose to go with. With typical savings of about $16,000 on power bills over 20 years, many homeowners in Waterville find going solar can pay off big.
To receive a free estimate from a top solar installer in Waterville, you can click the button below.
Solar savings over time in Waterville
| Year | Return on Investment |
|---|---|
| 1 years | $-9,662 |
| 3 years | $-7,385 |
| 5 years | $-5,109 |
| 7 years | $-2,832 |
| 9 years | $-556 |
| 11 years | $1,721 |
| 13 years | $3,997 |
| 15 years | $6,274 |
| 17 years | $8,550 |
| 19 years | $10,827 |
| 21 years | $13,103 |
| 23 years | $15,380 |
| 25 years | $17,656 |
Top Solar Installers in Waterville
Many homeowners opt for a solar installer since trying to install solar panels by yourself can be a lot of work. Companies can also provide access to quality options of the best solar panels and help you pick which one will be best for your home.
There are several licensed solar professionals that can help you install your solar panels. 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 Waterville
Factors that Affect Solar Panel Costs in Waterville
There are several criteria that can influence your solar panel 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
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to spend about $2,830 per kilowatt in Waterville. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Waterville to be too costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in higher prices over time because of interest. However, the interest on solar loans also increases your all-in costs, so it's crucial to consider that as well. You can always bring down the total you pay in interest and in some cases 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 Waterville is the company you get to install your solar panel system. Similar to choosing a company to install new cabinets, for example, there's no shortage of solar installers that provide a range of services at different costs. The company's size sometimes plays the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices 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 promotion can bring their pricing lower to compete with bigger names.
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 | $12,549 | 12.4 years |
| 8 kW | $2.89 | $16,165 | $17,050 | 12.2 years |
| 10 kW | $2.83 | $19,810 | $21,708 | 11.9 years |
| 12 kW | $2.77 | $23,297 | $26,525 | 11.7 years |
| 14 kW | $2.72 | $26,625 | $31,501 | 11.5 years |
| 16 kW | $2.66 | $29,794 | $36,635 | 11.2 years |
| 18 kW | $2.60 | $32,805 | $41,927 | 11.0 years |
| 20 kW | $2.55 | $35,658 | $47,378 | 10.7 years |
How to Save on Solar Panels
There are a lot of companies available in Waterville, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
- Warranty: If you're worried about the longevity of your solar panels, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
- 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 aren't sure about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
- Solar Panel Brands: Different companies will have different brands and kinds of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
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
What is the average cost of installing solar panels in Waterville?
The average cost of solar panels in Waterville 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.
Is it better to lease or buy solar panels in Waterville?
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 home 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.
Is it worth going solar in Waterville?
Solar panels can be a beneficial investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already reasonably low, solar panels might not be for you.
How long do solar panels last in Waterville?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.