Solar Panel Cost Guide in Farmington, ME (2024 Update)
- Farmington Solar Installation Cost: $14,955
- 25-Year Savings: $12,589
- Payback Period: 15.8 Years
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Average Cost of Solar Panels in Farmington
We go over average solar pricing in Farmington.
The national average cost of solar panels is $2.66 per watt, but in Farmington it’s 4 per watt.Using this figure, a typical 5.6-kW system would cost about $14,955 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy use, the type of solar panels you choose, your solar contractor and more.Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Farmington can save about $16,000 on their power bills over 20 years.
You can click the button below to get connected with a vetted solar installer in Farmington that can help you get a more accurate cost estimate for your home.
Solar savings over time in Farmington
| Year | Return on Investment |
|---|---|
| 1 years | $-13,816 |
| 3 years | $-11,540 |
| 5 years | $-9,263 |
| 7 years | $-6,987 |
| 9 years | $-4,710 |
| 11 years | $-2,434 |
| 13 years | $-157 |
| 15 years | $2,119 |
| 17 years | $4,396 |
| 19 years | $6,672 |
| 21 years | $8,948 |
| 23 years | $11,225 |
| 25 years | $13,501 |
Top Solar Installers in Farmington
When going solar, many homeowners prefer to use a solar installer since putting up solar panels yourself can be a difficult project. A solar installer can also help save you money over time by providing warranties, repairs and part replacements.
Working with a professional solar company can help you make the most of your investment in solar. 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 Farmington
Factors that Affect Solar Panel Costs in Farmington
For many Farmington homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Farmington, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need for your home, 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. The type of solar panels and equipment you get is another factor that will considerably affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are a solid route because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
Finally, the company you hire to install your solar panels can impact the cost. Farmington’s solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and find a company that offers the products, warranties and services you want and also fits within your budget.
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 | $8,723 | 16.4 years |
| 8 kW | $3.88 | $21,706 | $12,056 | 16.1 years |
| 10 kW | $3.80 | $26,600 | $15,602 | 15.8 years |
| 12 kW | $3.72 | $31,282 | $19,360 | 15.4 years |
| 14 kW | $3.65 | $35,750 | $23,332 | 15.1 years |
| 16 kW | $3.57 | $40,006 | $27,516 | 14.8 years |
| 18 kW | $3.50 | $44,050 | $31,913 | 14.5 years |
| 20 kW | $3.42 | $47,880 | $36,523 | 14.2 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 models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for a long time and save you money on repairs and maintenance.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: Though reading through a contract can be tedious, it’s important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. While there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of options before deciding.
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 Farmington, ME Solar Cost FAQs
What is the average cost of installing solar panels in Farmington?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $19,000 for a 5-kW system and $38,000 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Farmington?
Leasing solar panels can be an attractive choice, because it often 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 get the most savings.
Is switching to solar power worth it?
Solar panels can be a good investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How long do solar panels last in Farmington?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down 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.