Solar Panel Cost Guide in Caribou, ME (2024 Update)
- Caribou Solar Installation Cost: $15,252
- 25-Year Savings: $9,789
- Payback Period: 18.0 Years
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Average Cost of Solar Panels in Caribou
We break down average solar pricing in Caribou.
The national average cost of solar panels is $2.66 per watt, but in Caribou it’s 4 per watt.Because a 5.7-kW system is needed to cover the energy usage of a typical home in Caribou, the average price of going solar will be about $15,252 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 Caribou homeowners. The price 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.Even with the high initial cost, the average Caribou homeowner can save about $15,000 on their electricity bills over 20 years, which is one of the advantages of solar.
You can click the button below to get connected with a vetted solar installer in Caribou for a quote for your home.
Solar savings over time in Caribou
| Year | Return on Investment |
|---|---|
| 1 years | $-14,142 |
| 3 years | $-11,920 |
| 5 years | $-9,699 |
| 7 years | $-7,478 |
| 9 years | $-5,257 |
| 11 years | $-3,035 |
| 13 years | $-814 |
| 15 years | $1,407 |
| 17 years | $3,628 |
| 19 years | $5,849 |
| 21 years | $8,071 |
| 23 years | $10,292 |
| 25 years | $12,513 |
Top Solar Installers in Caribou
Although you can install solar panels yourself, it requires extra effort and know-how. For that reason, most homeowners choose to go with a solar panel installer. Plus, warranties and repairs from your solar panel company can protect your investment and lower the cost of maintenance over the lifespan of your panels.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Caribou
Factors that Affect Solar Panel Costs in Caribou
The cost of installing a solar system in Caribou can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. Because of that, 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 kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get 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 electric bills. Additionally, extra products, like solar batteries, can bump up your total well above the Caribou average.
Solar Financing Terms
Many homeowners find the average cost of solar in Caribou to be prohibitively expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest.However, the interest on solar loans also adds to your overall costs, so it’s crucial to keep that in mind 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 final major cost factor you should consider is the installer you choose. Given the growing popularity of clean energy solutions in Caribou, you’ll have plenty of options to choose from, but each comes at various price points for labor and equipment.You may see national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $5,531 | 18.8 years |
| 8 kW | $3.88 | $21,706 | $7,800 | 18.4 years |
| 10 kW | $3.80 | $26,600 | $10,282 | 18.0 years |
| 12 kW | $3.72 | $31,282 | $12,976 | 17.7 years |
| 14 kW | $3.65 | $35,750 | $15,884 | 17.3 years |
| 16 kW | $3.57 | $40,006 | $19,004 | 16.9 years |
| 18 kW | $3.50 | $44,050 | $22,337 | 16.6 years |
| 20 kW | $3.42 | $47,880 | $25,883 | 16.2 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: Warranties that cover panel repairs and maintenance over around 25 years are the gold standard in the business, and offering that kind of warranty is one mark of a good company.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be done and how long it will take.
- 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 you can expect about your solar system’s energy production.
- Reputation: Your solar installer should have a good 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 that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
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 Caribou, ME Solar Cost FAQs
What is the average cost of installing solar panels in Caribou?
The average cost of solar panels in Caribou 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 certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How will solar panels impact my home value?
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 Caribou is currently $156,743, so you can look forward to a value of about $6,426 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Caribou is a worthwhile investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can take a 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 account for 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.