Solar Panel Cost Guide in Wells, ME (2023 Update)
- Wells Solar Installation Cost: $10,222
- 25-Year Savings: $13,299
- Payback Period: 10.9 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Wells
Let's have a look at the average cost of solar in Wells.
In Wells, solar panels cost about 2.83 per watt on average. The average solar panel system size in Wells is around 5.2 kilowatts, meaning a cost of about $10,222 for a solar installation, or $14,617 before the 30% federal solar tax credit is applied.
The true cost of your system can go higher or lower than the average in Wells depending on several factors, such as the brand of solar panels you choose and the solar contractor you hire. Even with the high initial cost, the average Wells homeowner can save around $17,000 on their power bills over 20 years, which is one of the positives of solar.
You can click the button below to get connected with a top solar company in Wells for a quote for your home.
Solar savings over time in Wells
| Year | Return on Investment |
|---|---|
| 1 years | $-9,281 |
| 3 years | $-7,399 |
| 5 years | $-5,518 |
| 7 years | $-3,636 |
| 9 years | $-1,754 |
| 11 years | $127 |
| 13 years | $2,009 |
| 15 years | $3,891 |
| 17 years | $5,772 |
| 19 years | $7,654 |
| 21 years | $9,536 |
| 23 years | $11,418 |
| 25 years | $13,299 |
Top Solar Installers in Wells
Although it's possible to install solar panels yourself, it involves extra time and handiness. Because of that, almost all homeowners choose to go with a solar panel installer. A solar company can also help save you money in the long run by providing warranties, repairs and component replacements.
If you'd like to start using solar energy but still aren't sure which solar panel company to go with, here are our recommendations for providers in Wells:
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 Wells
Factors that Affect Solar Panel Costs in Wells
There are many factors that can determine your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That's why it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. There are several different solar panel brands and the one you pick also changes the cost. Generally, the brands that have better efficiency tend to also cost more. Additionally, 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
Most solar installers in Wells have solar loans, which reduce your upfront costs of installing solar. 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 more than the original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Wells is the company you hire to install your solar system. Similar to choosing a company to install new cabinets, for instance, there's no shortage of solar installers that provide a range of services at different costs. Additionally, some companies in Wells know more about local solar incentives and can help you make good use 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 | $14,967 | 11.3 years |
| 8 kW | $2.89 | $16,165 | $20,273 | 11.1 years |
| 10 kW | $2.83 | $19,810 | $25,737 | 10.9 years |
| 12 kW | $2.77 | $23,297 | $31,360 | 10.7 years |
| 14 kW | $2.72 | $26,625 | $37,141 | 10.4 years |
| 16 kW | $2.66 | $29,794 | $43,081 | 10.2 years |
| 18 kW | $2.60 | $32,805 | $49,180 | 10.0 years |
| 20 kW | $2.55 | $35,658 | $55,436 | 9.8 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 pick 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: Different companies will offer various brands and models of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
- Contract: When looking through your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or the company going out of business.
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 Wells, ME Solar Cost FAQs
What is the average cost of installing solar panels in Wells?
This is a tough question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $14,150 for a 5-kW system and $28,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Wells?
Leasing solar panels can be an option if you can't afford to pay upfront or get 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 savings from going solar.
How much can I save on power bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $910.94 per year.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of 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 buy between 20 and 35 panels to cover 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.