Solar Panel Cost Guide in Winthrop, ME (2023 Update)
- Winthrop 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 Winthrop
Let's have a look at the average cost of solar in Winthrop.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Winthrop, the typical cost of solar panels is 2.83 per watt. Since a 5.5-kW system is needed to cover the energy needs of a typical home in Winthrop, the average price of going solar will be about $10,796 after claiming the federal solar tax credit of 30%.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy consumption, the type of equipment you choose, your solar contractor and more. But, once you've paid the initial cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $16,000 over 20 years on power bills.
You can click the button below to get connected with a top solar installer in Winthrop that can help you get a more accurate cost estimate for your home.
Solar savings over time in Winthrop
| 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 Winthrop
Although it's possible to install solar panels by yourself, it requires extra effort and expertise. For that reason, almost all homeowners choose to go with a solar panel installer. Plus, if you're not certain what type of solar panels and equipment you want, a solar expert can help you figure that out after a site survey and consultation.
There are several licensed solar professionals that can take care of your solar installation project. 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 Winthrop
Factors that Affect Solar Panel Costs in Winthrop
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major 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 go over each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. That's why it's important to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your energy bills. In addition, extra products, such as solar batteries, can bring your total well above the Winthrop average.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are an affordable option because they lower your upfront costs and let you pay for your system over five to seven years on average. 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're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar company you opt for to handle your switch to sustainable 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. The size of the company can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down 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
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- 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 expectations you should have about the cost.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
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
What is the average cost of installing solar panels in Winthrop?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $14,150 for a 5-kW system and $28,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Are solar panels free in Winthrop?
You can't get solar panels for free in Winthrop. 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 want to own your solar panels, you can finance them with a solar loan.
Can you sell solar power back to the grid in Winthrop?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future electricity bills.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.