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.
The national average cost of solar panels is $2.66 per watt, but in Winthrop it’s 4 per watt.To account for the typical energy usage of the average home in Winthrop, most homeowners require a 5.5-kilowatt system. Using the figure above, a solar installation costs about $14,502, or $20,738 before the federal solar tax credit of 0 is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Winthrop homeowners. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.With average savings of about $16,000 on electricity bills over 20 years, many homeowners in Winthrop find going solar can be quite rewarding.
To get a free quote from a pre-vetted solar 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
Many homeowners choose to use a solar installation company since installing solar panels yourself can be time-consuming. Another perk of utilizing a solar installer is that they can help you maximize your ROI by cutting back on future costs of repairs and replacements because of warranties and giving you information on local incentives you can take advantage of.
Working with a licensed solar installer can help you make the most of your investment in solar. Here are our recommendations:
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
While the average cost of a solar system in Winthrop is $14,502, your actual cost may be higher or lower than that. There are several factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,800. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Winthrop, where sunlight isn’t as abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar companies in Winthrop offer solar loans, which reduce the initial cost of installing solar panels.When estimating your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you go with to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar installation companies in Winthrop, and each can charge varying amounts for labor and equipment.Larger national companies generally 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
The solar panel company you opt for will be a major factor in determining not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most 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.
- Contract: It’s important to look over your solar installer’s contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Solar Panel Brands: The brand of solar panel you want to get plays a part in which installer you should opt for, since different companies have access to different panels.
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 stuff like 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 appealing choice, as it typically comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Do solar panels increase your home value?
Solar panels can increase your property’s value considerably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in Winthrop?
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 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.