Solar Panel Cost Guide in Rumford, ME (2024 Update)
- Rumford Solar Installation Cost: $14,648
- 25-Year Savings: $11,726
- Payback Period: 16.2 Years
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Average Cost of Solar Panels in Rumford
Let’s have a look at the average cost of solar in Rumford.
The national average cost of solar panels is $2.66 per watt, but in Rumford it’s 4 per watt.Using this figure, a typical 5.5-kW system would cost about $14,648 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Rumford homeowner. 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 large upfront cost, the average Rumford homeowner can save about $16,000 on their power bills over 20 years, which is one of the perks of solar.
To receive a free quote from a top solar installer in Rumford, you can click the button below.
Solar savings over time in Rumford
| Year | Return on Investment |
|---|---|
| 1 years | $-13,510 |
| 3 years | $-11,234 |
| 5 years | $-8,957 |
| 7 years | $-6,681 |
| 9 years | $-4,404 |
| 11 years | $-2,128 |
| 13 years | $149 |
| 15 years | $2,425 |
| 17 years | $4,702 |
| 19 years | $6,978 |
| 21 years | $9,255 |
| 23 years | $11,531 |
| 25 years | $13,808 |
Top Solar Installers in Rumford
Many homeowners opt for a solar installation company since trying to install solar panels by yourself can be hard. Plus, if you’d like to maximize your investment in solar energy, opting for a solar installer can help with that too. Different providers can offer warranties, expertise on how to install solar panels and sometimes even information on local incentives and net metering programs.
If you're searching for a solar company in Rumford, the EcoWatch team has compiled a list of our top suggestions here:
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 Rumford
Factors that Affect Solar Panel Costs in Rumford
There are several factors that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,800.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. However, more efficient panels 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 Rumford average.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are a solid choice because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The last major cost factor you should consider is the installer you choose. Given the growing popularity of sustainable energy solutions in Rumford, you’ll have many options to choose from, but each comes at various price points for labor and equipment.The size of the company sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes 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 | $8,063 | 16.8 years |
| 8 kW | $3.88 | $21,706 | $11,176 | 16.5 years |
| 10 kW | $3.80 | $26,600 | $14,502 | 16.2 years |
| 12 kW | $3.72 | $31,282 | $18,041 | 15.9 years |
| 14 kW | $3.65 | $35,750 | $21,793 | 15.5 years |
| 16 kW | $3.57 | $40,006 | $25,757 | 15.2 years |
| 18 kW | $3.50 | $44,050 | $29,935 | 14.9 years |
| 20 kW | $3.42 | $47,880 | $34,325 | 14.6 years |
How to Save on Solar Panels
The solar panel company you choose will impact not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should take into account, such as:
- Solar Panel Brands: Different companies offer different brands and models of panels. If you know you want a specific brand, make sure the solar company you’re considering has it.
- Contract: Before you sign a contract with a solar company, be sure to look it over carefully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years in most cases offer high-quality solar panel installation and expertise.
- Warranty: If you’re worried about the endurance of your solar system, making sure your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
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 Rumford, ME Solar Cost FAQs
How much does it cost to install solar panels in Rumford?
This is a hard question to answer precisely, because the cost depends on a variety of 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. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
What other factors should I consider other than cost when buying solar panels?
The initial cost is a crucial factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Can solar panels significantly reduce my power bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $822.05 per year.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house 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.