Solar Panel Cost Guide in Winthrop, ME (2024 Update)
- Winthrop 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 Winthrop
We break down average solar pricing in Winthrop.
Although the national average of solar panels is $2.66 per watt, solar panels in Winthrop generally cost about 4.Since a 5.5-kW system is needed to cover the energy consumption of a typical home in Winthrop, the average price of going solar will be about $14,502 after claiming the federal solar tax credit of 0.
Keep in mind that the figures above are only estimates based on the average energy use of Winthrop homeowners. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.Many homeowners find going solar is a sound investment. The average homeowner in Winthrop can save around $16,000 on their energy bills over 20 years.
To get a free quote from a vetted solar installation company in Winthrop, you can click the button below.
Solar savings over time in Winthrop
| 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 Winthrop
When making the switch to solar, many homeowners decide to hire a solar installer since DIY solar panel installation can be a time-consuming project. Another advantage of going with a solar installer is that they can help you optimize your return of investment by cutting back on future costs of repairs and replacements with the help of warranties and helping you learn about local incentives you can take advantage of.
Working with a licensed solar company can help your solar project go smoothly. Here are our recommendations:
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 Winthrop
Factors that Affect Solar Panel Costs in Winthrop
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that will push your cost above or below the average in Winthrop: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy 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 pay around $3,800 per kilowatt in Winthrop.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Winthrop, where sunlight isn’t as abundant, efficiency can quickly pay off. Plus, 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 solid route because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.Even though solar loans make adopting solar energy more accessible for Winthrop homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The last key cost factor you should keep in mind is the installer you choose. Given the growing popularity of renewable energy solutions in Winthrop, you’ll have many options to choose from, but each comes at various price points for labor and equipment.Larger national companies usually have lower costs, but some local companies keep up with them by offering 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
There are a large number of companies to choose from in Winthrop, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running for years to come and save you money on repairs and maintenance.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years most likely offer high-quality solar panel installation and expertise.
- Contract: It’s important to read through your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Solar Panel Brands: Different companies have different brands and kinds of panels. If you prefer a specific brand, make sure the solar panel company you’re considering has it.
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 Winthrop, ME Solar Cost FAQs
How much does it cost to install solar panels in Winthrop?
The average cost of solar panels in Winthrop is about $19,000 for a 5-kW system and $38,000 for a 10-kW system before the ITC, but the real cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Winthrop?
Leasing solar panels can be an option if you can’t 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 will installing solar panels impact how much my home is worth?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Winthrop is currently $353,419, so you can expect a value of about $14,490 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Winthrop is a fruitful investment.
How often do you have to replace solar panels?
On average, solar panels can last 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 larger 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.