Solar Panel Cost Guide in Old Orchard Beach, ME (2024 Update)
- Old Orchard Beach Solar Installation Cost: $13,737
- 25-Year Savings: $12,405
- Payback Period: 15.2 Years
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Average Cost of Solar Panels in Old Orchard Beach
Let’s have a look at the average cost of solar panels in Old Orchard Beach.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Old Orchard Beach, the typical cost of solar panels is 4 per watt.To account for the typical energy usage of the average home in Old Orchard Beach, most homeowners require a 5.2-kilowatt system. Using the figure above, a solar installation costs around $13,737, or $19,644 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The exact cost of going solar can vary quite a bit based on several factors, such as how many panels you need, your energy usage and what company you go with.But, after you've paid the upfront cost of installation, the payback for most homeowners is quite good, with a net average savings of about $17,000 over 20 years on electricity bills.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Old Orchard Beach
| Year | Return on Investment |
|---|---|
| 1 years | $-12,598 |
| 3 years | $-10,322 |
| 5 years | $-8,045 |
| 7 years | $-5,769 |
| 9 years | $-3,492 |
| 11 years | $-1,216 |
| 13 years | $1,061 |
| 15 years | $3,337 |
| 17 years | $5,614 |
| 19 years | $7,890 |
| 21 years | $10,167 |
| 23 years | $12,443 |
| 25 years | $14,720 |
Top Solar Installers in Old Orchard Beach
When going solar, many homeowners opt to use a solar company since handling can be a difficult project. Also, if you’d like to maximize your investment in solar energy, going with a solar installer can help with that as well. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some nearby:
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 Old Orchard Beach
Factors that Affect Solar Panel Costs in Old Orchard Beach
For many Old Orchard Beach homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Old Orchard Beach, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most important 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 uses, the larger your system will likely need to be. You can expect to spend about $3,800 per kilowatt in Old Orchard Beach.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. On the other hand, higher efficiency could save you more over time on your power bills. In addition, extra products, such as solar batteries, can bump up your total well above the Old Orchard Beach average.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are offered by most installers in Old Orchard Beach, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar installation company you pick will affect your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor.Larger national companies typically have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric car 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 | $9,700 | 15.8 years |
| 8 kW | $3.88 | $21,706 | $13,359 | 15.5 years |
| 10 kW | $3.80 | $26,600 | $17,231 | 15.2 years |
| 12 kW | $3.72 | $31,282 | $21,316 | 14.9 years |
| 14 kW | $3.65 | $35,750 | $25,613 | 14.6 years |
| 16 kW | $3.57 | $40,006 | $30,123 | 14.3 years |
| 18 kW | $3.50 | $44,050 | $34,846 | 14.0 years |
| 20 kW | $3.42 | $47,880 | $39,782 | 13.7 years |
How to Save on Solar Panels
There are numerous companies available in Old Orchard Beach, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
- Warranty: If you care about the durability of your solar panel system, verifying that your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Long-standing companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Contract: When looking over your solar installer’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
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 Old Orchard Beach, ME Solar Cost FAQs
How much does it cost to install solar panels in Old Orchard Beach?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $19,000 for a 5-kW system and $38,000 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 above-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Are solar panels free in Old Orchard Beach?
Solar panels aren’t free in Old Orchard Beach, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home requires 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 home 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.