Solar Panel Cost Guide in Raymond, ME (2024 Update)
- Raymond Solar Installation Cost: $13,948
- 25-Year Savings: $12,247
- Payback Period: 15.4 Years
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Average Cost of Solar Panels in Raymond
Let’s take a look at the average cost of solar in Raymond.
The average cost of a solar system in Raymond is 4 per watt.To cover the typical energy usage of the average home in Raymond, most homeowners require a 5.2-kilowatt system. Using the figure above, a solar installation costs around $13,948, or $19,946 before the federal solar tax credit of 0 is applied.
Keep in mind 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 equipment you want, your solar contractor and more.Despite the large upfront cost, the average Raymond homeowner can save about $16,000 on their energy bills over 20 years, which is one of the benefits of solar.
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Solar savings over time in Raymond
| Year | Return on Investment |
|---|---|
| 1 years | $-12,810 |
| 3 years | $-10,534 |
| 5 years | $-8,257 |
| 7 years | $-5,981 |
| 9 years | $-3,704 |
| 11 years | $-1,428 |
| 13 years | $849 |
| 15 years | $3,125 |
| 17 years | $5,402 |
| 19 years | $7,678 |
| 21 years | $9,955 |
| 23 years | $12,231 |
| 25 years | $14,508 |
Top Solar Installers in Raymond
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Using a solar company can make swapping over to solar power much easier. Another advantage of using a solar installer is that they can help you make the most of your ROI by cutting back on future costs of repairs and replacements with the help of warranties and helping you learn about local incentives you can take advantage of.
There are various licensed solar professionals that can take care of your solar installation project. 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 Raymond
Factors that Affect Solar Panel Costs in Raymond
For many Raymond homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Raymond, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
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 a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use.There are many different solar panel brands and the one you pick also affects the cost. Typically, the brands that have better efficiency tend to also cost more. Additionally, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are a popular route because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also increases your overall costs, so it’s vital to take that into consideration as well. You can always lower the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panel system can play a part in determining how much it costs. Raymond’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger companies.
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 | $9,301 | 16.0 years |
| 8 kW | $3.88 | $21,706 | $12,827 | 15.7 years |
| 10 kW | $3.80 | $26,600 | $16,565 | 15.4 years |
| 12 kW | $3.72 | $31,282 | $20,517 | 15.1 years |
| 14 kW | $3.65 | $35,750 | $24,681 | 14.8 years |
| 16 kW | $3.57 | $40,006 | $29,058 | 14.5 years |
| 18 kW | $3.50 | $44,050 | $33,648 | 14.2 years |
| 20 kW | $3.42 | $47,880 | $38,451 | 13.9 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 pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Installation Process: Make sure you’re aligned with the installer regarding how the installation process will go and what needs to be done before your solar panel system is installed, such as updating your electrical system or roof.
- Warranty: A comprehensive, long-term warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
- Reputation: Companies that have been in business for many years likely have a good 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.
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 Raymond, ME Solar Cost FAQs
How much does it cost to install solar panels in Raymond?
This is a hard 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. You can expect to pay more if you want extra solar equipment or more efficient 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.
What other factors should I consider aside from cost when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Raymond?
The majority of states offer net metering programs of some kind. Through these, you can get paid for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can 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 install between 20 and 35 panels to cover 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.