Solar Panel Cost Guide in Waldoboro, ME (2024 Update)
- Waldoboro Solar Installation Cost: $14,124
- 25-Year Savings: $12,116
- Payback Period: 15.6 Years
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Average Cost of Solar Panels in Waldoboro
Here’s how much it might cost to install solar panels in Waldoboro.
The average cost of solar panels in Waldoboro is 4 per watt.To cover the typical energy usage of the average home in Waldoboro, most homeowners require a 5.3-kilowatt system. Using the figure above, a solar installation costs around $14,124, or $20,197 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 true cost of installing solar panels can vary quite a bit based on several factors, such as what size system you need, your energy usage and what installation company you go with.For many homeowners, the upfront investment in solar power is worth paying. On average Waldoboro homeowners see about $16,000 in savings on electricity bills over 20 years.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Waldoboro
| Year | Return on Investment |
|---|---|
| 1 years | $-12,986 |
| 3 years | $-10,709 |
| 5 years | $-8,433 |
| 7 years | $-6,156 |
| 9 years | $-3,880 |
| 11 years | $-1,603 |
| 13 years | $673 |
| 15 years | $2,950 |
| 17 years | $5,226 |
| 19 years | $7,503 |
| 21 years | $9,779 |
| 23 years | $12,056 |
| 25 years | $14,332 |
Top Solar Installers in Waldoboro
When going solar, many homeowners prefer to hire a solar installer since DIY solar panel installation can be a time-consuming project. Plus, warranties and repairs from your solar panel company can protect your investment and reduce the cost of maintenance in the long run.
If you're searching for a solar company in Waldoboro, we've 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 Waldoboro
Factors that Affect Solar Panel Costs in Waldoboro
The cost of installing a solar system in Waldoboro can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production need 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 brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are a popular choice because they lower your upfront costs and allow you to pay for your system over five to seven years on average.While solar loans make adopting solar energy more accessible for Waldoboro homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The remaining major cost factor you should take into consideration is the installer you choose. Given the growing popularity of renewable energy solutions in Waldoboro, you’ll have many options to choose from, but each comes at different price points for labor and equipment.Larger national companies usually have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle 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 | $8,979 | 16.2 years |
| 8 kW | $3.88 | $21,706 | $12,398 | 15.9 years |
| 10 kW | $3.80 | $26,600 | $16,029 | 15.6 years |
| 12 kW | $3.72 | $31,282 | $19,873 | 15.3 years |
| 14 kW | $3.65 | $35,750 | $23,930 | 15.0 years |
| 16 kW | $3.57 | $40,006 | $28,200 | 14.7 years |
| 18 kW | $3.50 | $44,050 | $32,683 | 14.4 years |
| 20 kW | $3.42 | $47,880 | $37,378 | 14.0 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a challenge, we have some tips to help you, such as:
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years likely provide quality solar panel installation and expertise.
- Contract: It’s important to read through your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Warranty: If you’re concerned 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.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
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 Waldoboro, ME Solar Cost FAQs
What is the average cost of installing solar panels in Waldoboro?
This is a difficult question to answer exactly, because the cost depends on many 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 be more expensive 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 cheaper solar panels.
Are solar panels free in Waldoboro?
Solar panels aren’t free in Waldoboro, 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 can further reduce the cost.
Does Waldoboro have a net metering program?
Most states have net metering programs of some kind. Through these, you can either be compensated for the extra power your system produces or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
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 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.