Solar Panel Cost Guide in Maine, NY (2023 Update)
- Maine Solar Installation Cost: $9,582
- 25-Year Savings: $5,218
- Payback Period: 16.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Maine
Find out what the average cost of solar panel installation is in Maine.
While the national average of solar panels is $2.66 per watt, solar panels in Maine generally cost around 2.95. To cover the typical energy usage of the average home in Maine, most homeowners require a 4.6-kilowatt system. Using the per-watt figure above, a solar installation costs about $9,582, or $13,702 before the federal solar tax credit of 30% is applied.
Bear in mind that the figures above are only estimates based on the average Maine homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. For many homeowners, the upfront cost of solar panels is worth paying. On average Maine homeowners see about $12,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in Maine for a quote for your home.
Solar savings over time in Maine
| Year | Return on Investment |
|---|---|
| 1 years | $-8,990 |
| 3 years | $-7,806 |
| 5 years | $-6,622 |
| 7 years | $-5,438 |
| 9 years | $-4,254 |
| 11 years | $-3,070 |
| 13 years | $-1,886 |
| 15 years | $-702 |
| 17 years | $482 |
| 19 years | $1,666 |
| 21 years | $2,850 |
| 23 years | $4,034 |
| 25 years | $5,218 |
Top Solar Installers in Maine
Although it's possible to install solar panels yourself, it requires extra time and know-how. Because of that, most homeowners choose a solar panel installer. The expertise that solar installers provide can be valuable as well, particularly if you don't quite know what type of solar equipment would be right for your home.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in Maine:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Maine
Factors that Affect Solar Panel Costs in Maine
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that determine your overall cost in Maine: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
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 pay about $2,950 per kilowatt in Maine. There are a lot of different solar panel brands and the one you pick also changes the cost. In general, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Maine offer solar loans, which reduce your upfront costs of installing a solar system. However, the interest on solar loans also increases your total costs, so it's vital to include that in your estimate as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The last major cost factor you should take into consideration is the installer you choose. Given the growing popularity of green energy solutions in Maine, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Maine are more knowledgeable about local solar incentives and can help you take advantage 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 help you save 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 | $3.07 | $12,886 | $6,249 | 16.8 years |
| 8 kW | $3.01 | $16,850 | $8,662 | 16.5 years |
| 10 kW | $2.95 | $20,650 | $11,241 | 16.2 years |
| 12 kW | $2.89 | $24,284 | $13,984 | 15.9 years |
| 14 kW | $2.83 | $27,754 | $16,893 | 15.5 years |
| 16 kW | $2.77 | $31,058 | $19,967 | 15.2 years |
| 18 kW | $2.71 | $34,196 | $23,207 | 14.9 years |
| 20 kW | $2.66 | $37,170 | $26,611 | 14.6 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:
- Warranty: If you're concerned about the endurance of your solar panel system, making sure your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: Look through the contract terms carefully to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Maine, NY Solar Cost FAQs
What is the average cost of installing solar panels in Maine?
This is a tough question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $14,750 for a 5-kW system and $29,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Maine?
Leasing solar panels can be an attractive 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Do solar panels increase the value of your home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Maine is currently $114,982, so you can look forward to a value of about $4,714 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Maine is a worthwhile investment.
How often do you have to replace solar panels?
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 level 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.