Solar Panels in Maine | 2022 Cost and Incentives | SaveOnEnergy®

Maine Solar Panels: Pricing and Incentives

How much do solar panels cost in Maine?

home with solar panels on the roof

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Solar power in Maine

Despite being an early adopter of solar policies, Maine still lags behind much of the country in terms of solar power. The good news is that homeowners in Maine can still save money by investing in solar power, and many people have embraced solar over the past few years.

Maine solar panel cost

The cost of solar panels in Maine depends on several factors, including the size and components in your solar system, as well as the local labor and permitting costs. On average, homeowners pay between $3 and $5 per watt for solar panels, and the average 5-kW system costs between $15,000 and $25,000. Between energy savings, tax credits, and other financial incentives, the average payback period for solar panels is between six and nine years.
Are you considering installing solar panels on your home in Maine? Keep reading to learn some of the costs and benefits of solar power and whether it’s right for you.

Get an exact quote from our solar advisors

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Maine solar incentives or rebates

Solar panels are a significant financial investment, but the federal government and many state and local governments have enacted policies to incentivize homeowners to invest in solar power.

First, the federal government offers a 26% tax credit for homeowners who invest in solar infrastructure. This tax credit can save you thousands of dollars on your solar panel purchase. The tax credit will be reduced to 22% in 2023 and will disappear in 2024 if Congress doesn’t renew it. 

The state of Maine also has a few programs in place to help homeowners save money on solar power. First, the state helps homeowners finance their solar panel purchases with a low-interest loan program. The state also has community solar programs to make solar power more accessible. Finally, Maine’s net metering policy allows homeowners to sell their excess energy back to the grid for credits on their energy bills.

Why choose Maine solar power?

Choosing solar power in Maine has a few key benefits, including reduced energy costs, the ability to achieve energy independence, and a reduced environmental footprint.

Lower energy costs 

One of the most important benefits of investing in solar power is the potential energy savings. With solar panels on your home, you can save on energy costs, which can add up to tens of thousands of dollars in the long run. Additionally, solar panels can increase your home’s resale value, which is additional money in your pocket if you choose to sell.

Establish energy independence 

Another benefit of installing solar panels is that you can establish energy independence, meaning you’re not fully reliant on the traditional electricity grid to power your home. You can worry less about price hikes when electricity demand is high. Also, you don’t have to worry about power outages due to storms or downed power lines if you have a solar battery with stored energy from your solar system.

Go green

Traditional electricity generation emits harmful greenhouse gases that contribute to climate change. However, solar power is a renewable energy source, and its production doesn’t have those same harmful environmental effects. As a result, investing in solar panels can reduce your home’s carbon footprint.

Should I buy or lease my solar panels?

You may be wondering whether it’s better to buy or lease your solar panels. While both have their advantages, buying solar panels is ultimately the most cost-effective. First, buying your own solar panels allows you to take advantage of the federal tax credit, which doesn’t apply when you lease your panels or enter into a PPA. Buying solar panels will also provide the greatest long-term energy savings since you won’t always have a monthly payment on your panels. Finally, solar panels can increase your home’s resale value by $15,000, on average.

While leasing solar panels isn’t quite as cost-effective as buying, it’s a great option for many consumers and helps to make solar power more accessible. First, leasing solar panels helps eliminate the large upfront cost of buying panels, meaning it’s more affordable. Additionally, leasing might make more sense for those who rent their homes instead of owning them.

While buying and leasing solar panels are both great options, Maine residents also have the option of community solar projects. When consumers join one of these projects, they all share in the solar power created by the program. It’s more affordable than buying solar panels and doesn’t require consumers to install solar panels on their own homes.

Maine solar panel companies

There are close to 50 solar companies in Maine, including five manufacturers and nearly 25 installers. Before choosing from these companies, you’ll want to research all your options for solar panels for your home at SaveOnEnergy.

The history of solar power in Maine

Like many states, Maine began implementing its first solar policies in the early 1980s with the passage of its solar easements law. Less than a decade later, the state created its net metering policy, which was its first financial incentive for homeowners installing solar panels. Over the next several decades, other solar policies the state passed included its Renewable Portfolio Standard (RPS), community solar farms, and clean energy loans.

Today, Maine is ranked 36th in the nation for solar energy generation. Roughly 2% of the state’s electricity comes from solar power. That’s enough to power more than 58,000 homes. In recent years, the state has seen an increase in utility, commercial, residential, and community solar projects. The state has especially pushed the creation of community solar projects that can benefit a larger number of consumers.

Important solar factors to consider

Solar power can be an excellent investment, but it’s not right for everyone. Here are a few things to consider before installing solar panels on your home:

  • According to the Department of Energy, solar panels are most effective on south-facing roofs with slopes between 15 and 40 degrees, as well as those in good condition.
  • The amount of sunlight your home gets greatly impacts how much you can save. More overcast areas may not be as good for solar panels.
  • Some homeowners associations have restrictions around the use of solar panels, including limits on the size of your system or approval needed to install solar panels.

Solar power FAQs

How much would solar cost in Maine? Expand / Collapse Toggle

On average, Maine residents can expect to pay between $15,000 and $25,000 for a 5-kW solar panel system. Some of the factors that will affect your costs will include the size of your system, local labor and permitting costs, and the installer you work with.

Is solar power a good investment in Maine? Expand / Collapse Toggle

Solar panels can help you save money on energy, but they aren’t always a good investment. To determine if solar panels are a worthwhile purchase for you, consider the amount of sunlight your home gets and your energy usage habits.

How much could I save by investing in solar? Expand / Collapse Toggle

Maine residents have some of the lowest electricity bills in the state, with an average bill of about $104. Depending on how much solar power you produce, the average homeowner could save around $885 a year.

Where can I find a good solar panel installer in Maine? Expand / Collapse Toggle

If you’re in the market for a solar installer, SaveOnEnergy can help. To get started, just enter your information in the form on the screen, and we’ll connect you with a local solar installer.

How does solar power help the environment? Expand / Collapse Toggle

Unlike traditional electricity generation, solar power is a renewable resource and its production doesn’t emit harmful greenhouse gases into the atmosphere.