Maine is known for its cold winters and beautiful summers. What many people don’t know is that Maine is also a great place to install solar panels.
Not only are the cost of solar panels in Maine lower than the national average, but the state also offers tax credits and rebates to help offset the cost of installation.
In addition, there are a number of companies in Maine that offer solar panel installation services, making it easy to find someone to help you get started.
How much do solar panels cost in Maine?
The average cost of a solar panel installation in Maine ranges from $11,645 to $15,755. On a cost per watt ($/W) basis, a solar panel installation in Maine ranges in price from $2.33 to $3.15.
Why choose Maine solar power?
Lower energy costs
The average cost of electricity in Maine is $0.17 per kWh, which is less than the national average of $0.19 per kWh, making solar panels even more affordable!
Establish energy independence
Maine is a great place to make your home or business energy independent. Once you install solar panels, you generate your own electricity and don’t have to worry about high energy costs ever again!
Go green and support the environment
Solar panels help reduce greenhouse gas emissions by offsetting harmful amounts of carbon dioxide that would otherwise be released into the atmosphere.
Earn capital gains tax credits and incentives
Installing solar panels in Maine can result in large capital gains tax savings. In addition, there are also various state and local incentives available to qualifying individuals and businesses.
Most importantly, because Maine is such a great place to live and work, you can be confident that installing solar panels will enhance your quality of life even further!
What solar panels should I install in Maine?
There are many different types of solar panels available on the market, including standard crystalline silicon modules, thin film solar panels, and concentrating photovoltaic (CPV) panels that use mirrors to focus sunlight onto a smaller area of high-efficiency solar cells.
Solar panel costs vary based on size, output power, performance levels, warranties, and installation options.
What rebates and incentives are there in Maine for solar?
The federal government offers a 30% tax credit for residential and business solar installations. If you’re interested in installing solar panels on your home, then the federal government can help to offset the cost of installation through their Residential Renewable Energy Tax Credit program.
The state of Maine also offers rebates for residents who install solar energy systems. The Solar Energy Systems Incentive Program was created to compensate residents for the installation of solar panels or geothermal heat pumps.
Through this program, you can receive up to 50% back on your investment in renewable energy equipment.
What are the Maine state taxes on solar?
If you’re interested in leasing a solar panel system rather than buying it, then that’s a great option since you won’t have to pay any federal taxes on the income from your solar power system.
However, if you own and operate your own solar panel installation, then use IRS form 5695 to claim the federal tax credit when you file your next annual return.
What factors affect the cost of solar panels for your home?
The amount of electricity your home uses
The amount of electricity your home uses and the amount of direct sunlight your home receives on an annual basis will greatly affect the initial cost of solar panels.
For example, if you use a large amount of electricity each month then you’ll need to spend more money upfront for solar panels that can provide enough power.
On the other hand, if your roof receives a lot of direct sunlight then you can install smaller solar panels that will cost less to manufacture and install.
The type of solar panels you buy
The type of solar panels you buy will greatly affect the overall cost, but it’s important to consider that more expensive doesn’t always mean better.
Solar panel pricing varies by brand, size and output power. Crystalline silicon modules are among the most popular in the industry today because they offer higher efficiency levels than thin film solar panels and are more cost-effective than CPV systems.
The quality of your solar installation
If you’re hiring a solar panel installation company in Maine to install your panels, then the company you choose will affect the overall cost.
Not all installation companies are created equal and not every contractor is committed to providing quality products and services that meet industry standards. This can lead to weak solar panel frames, low-quality electrical components and a lack of durability.
Federal, state, and local solar incentives
Government incentives can help to offset the cost of installing solar panels, which is why many homeowners choose to take advantage of them.
While rebates and tax credits are important factors in determining the cost of your system, don’t forget about all the other benefits that come with owning a residential or business solar installation.
Solar power will lower your electricity bills, create more energy independence and protect you from rising electricity costs in the future.
How is the cost of solar panels for homes in Maine offset by solar tax credits?
Smaller solar installations may be eligible for a tax credit that covers up to 30% of the installation cost, which can help offset your initial investment.
The main factor that affects the overall cost of a residential solar panel system is the amount of energy it can provide and how much sunlight it gets on an annual basis. For example, if you use a lot of electricity each month then you’ll need larger solar panels that can generate more power.
On the other hand, if your roof has a great deal of direct sunlight then you can install smaller photo-voltaic cells to save on manufacturing and installation costs.
Conclusion
The cost of solar panels in Maine will vary depending on the type, quality, and size of your system. This is why it’s important to research different brands before you buy or hire a contractor for installation.
You can also save money by using federal, state, and local incentives that are available to offset the initial costs of installing residential solar power systems in your home.