Maine Solar Power Facts in 2024
Solar panels Maine are the energy source of the future. As solar energy makes a larger portion of the electricity produced in the USA year after year, installing solar panels becomes a more viable and more reasonable decision. If you would like to join thousands with residential solar installations and take control over your energy bills, installing solar panels is the way to go. With a short payback period, low cost, and significant solar incentives, solar panels are the best investment you can make.
Maine Solar Energy Data
Maine ranks 36th by the total solar power installed. With over 279 MW of solar PV systems, Maine can produce 1.83% of its energy needs and supply power to 50,000 Maine homeowners. As the price of solar panels keeps declining, more renewable energy systems will likely be installed on more homes and produce more Maine electricity than now.
Maine still has a long way to go. You can compare solar panels in Maine to solar panels in California or Solar Panels in Maryland to better understand how Maine ranks in the USA. Furthermore, electricity rates in Maine are almost 30% higher than electricity rates in Texas, which is another great incentive for solar.
56 solar companies are working in the state. 4 of these manufacture solar system equipment and ensure that the solar demand in the state is being made. 28 of these companies install solar panels and other components of a solar panels system. Additional 24 companies do work related to solar panel installations.
In the past decade, the price of solar has declined between 73% and 80%. Maine solar now costs as little as $12,000 for a 5 kWh system, and the payback period is as short as nine years. During this time, you will see an offset of around 65%+ of your energy bill and will be able to enjoy the benefits that renewable energy offers to you.
Solar electricity is :
- cheaper than coal or natural gas,
- it produces almost no carbon dioxide, and
- it is good for your wallet and nature.
Maine DC Solar Statistics
| Description | Status |
|---|---|
| Maine DC National Ranking | 36th |
| Solar Panels Installed(MW) | 279.5 MW |
| Can Supply Power to: (No. of Homes) | +50,000 |
| % of State's Electricity from Solar | 1.83% |
| Solar Companies in the State | 56 (4 Manufacturers, 28 Installers and Developers, and 24 Others) |
| Solar Jobs Created | 590 |
| Total Solar Investment in the State | $405 million |
| Out of Pocket Cost for a 5kWh system | $12,000 – $17,300 |
| Net 20-year savings | $12,200 – $16,500 |
| Average Payback Period | 9-12.5 years |
| Electricity Bill Offset for a 5kWh system | + 65% |
| Number of Solar Installations | + 3,100 |
Source: SEIA: Maine
Is it Worth it to Buy Solar Panels in Maine?
Yes, it is worth it to buy solar panels in Maine. Solar power is the energy of the future, and even 1kWh of solar power can reduce your energy bill by more than 850 kWh per year. Solar panels have never been as cheap, with the average price having dropped by a remarkable 45% in the past five years.
Average Cost of Solar Energy Systems
A solar panel system costs less now than a few years back. You can get solar energy for your home for as little as $2.76 per watt of DC installed. This means that a 10 kWh solar energy system can cost you as little as $27,600 but can reduce your power bill by 100%.
On top of this price, you should consider significant savings, solar incentives, and tax credit, as well as increasing the energy efficiency of your home and reducing your carbon footprint. Combined with solar batteries, solar electricity can also take you off-grid for those who may prefer a simpler way of life or live far away from urbanized areas.
Solar Panel Energy Production in Maine
As with any other technology, it takes time to adopt it. Solar panels in Maine are not an exception here. In 2007, Maine had a total solar capacity of 0.2 MW or 200kW of solar installation capacity. Five years later, the number grew to 2.8MW.
Then, five more years later, in 2017, the total solar installation capacity jumped to 42.5 MW, and in 2020 it increased to 170.7 MW. This type of growth can also be observed in other states: solar panels in California and solar panels in Washington DC follow similar trends. With the federal tax credit and a wish for energy independence, Maine households will likely keep going solar in the upcoming years.
Maine Solar Policy History
Maine has a long solar policy history:
- Maine was one of the first states to adopt the Solar Easement Act in 1981,
- Maine implemented net-metering in 1987,
- In 1997, the Electric utility restructuring law was passed,
- In 2017, gross metering was introduced, and it sparked much controversy,
- In 2019, regular net metering policies were reinstated.
Maine Solar Incentives, Rebates, and Tax Credits
Although solar panels cost has halved in price in the past several years, solar is still a bigger investment, especially for an average household. To increase Maine solar capacity and allow solar installers to create more solar jobs through installing solar panel arrays, Maine has introduced several solar incentives and rebates that can help you reduce your energy bills and your energy independence. Here are all Maine solar incentives:
The Federal Solar Tax Credit
When buying solar panels, make sure to get an opinion on the Federal solar tax credit. This credit awards you federal tax credits for every purchase concerned with renewable resources and using solar, wind, and hydro as an energy source. By the end of 2022, you can expect to get up to 26% of the total value of your investment back. You can rollover the credits you cannot immediately use for up to 10 years.
PACE Loans
PACE or Property-Assessed Clean Energy Loan, you can enjoy a cheap loan with no down payment and only 4.99% interest. PACE loans are available for up to $15,000, and you can repay them for up to 15 years. You do not make any payments straight away, but the repayment is made through an annual assessment of your property value.
Community Solar in Maine
Community solar in Maine allows you to have access to solar energy even without installing solar panels on your rooftop. With regulations encouraging community-shared solar, you can buy access to larger solar projects in the state. This way, you avoid the problems of shading and maintenance on your solar panels as well.
Net Metering
The net-metering policy in Maine allows you to send excess energy from your solar panels to the utility grid. Your energy provider will then allocate energy credits to you. When you consume more electricity than you produce, you can use those solar credits and enjoy your solar power night and day. Any unused credits are rolled over to the next month and are restarted at the end of the year.
| Description | Equivalent Cost |
|---|---|
| The Cost of PV - 10kWh at the average of per watt of DC installed | $27,600 |
| The Federal Solar Tax Credit @26% by the end of 2022 | $7,176 |
| Net-metering Savings @100% offset (larger household, 2000kWh a month @$0.1145) | $2,748 |
| TOTAL cost for a 10kWh home solar system at the end of year 1 | $17,676 |
| Years before a 10kWh system pays off if all Maine solar incentives are taken | 6.43 years |
Top Solar Companies in Maine
If you want to install a Maine solar panel system, you will be faced with choosing between 28 different solar installers working in the state. The best thing to do is find a balance between local solar incentives to help you save money, finding a medium-priced solar installer, and the best solar power system for your needs. To help you out, here are the best solar installers in Maine:
- Maine Solar Solutions, Durham,
- ACE Solar, multi-state,
- Maine Solar, Starks,
- Invaleon Solar, multi-state, and
- All Solar Energy Solutions LLC, Topsham.
FAQs
Is Tesla solar available in Maine?
Yes, Tesla solar is available in Maine. Although they do not serve the entire state, you can check your ZIP code and get an average cost for your area. If you would like to store your solar power and use it to drive down your electric bill further or power heat pumps, there are certified Tesla powerwall installers with great customer service.
Is Maine a good place for solar?
On average, there are 192 sunny days in Maine. Although this is a bit under the USA average of 205 sunny days, this is just enough to make the overall cost-effective investment and reduce your dependency on fossil fuels. Combined with a Tesla powerwall, this is also enough to go off-grid.
Are solar repairs tax deductible?
Solar repairs are not necessarily tax-deductible. However, if your solar reparation means replacing old and damaged solar panels with new solar panels, your solar investment will be eligible for a tax deduction. You have to be aware that you must OWN the panels.
What happens when you pay off your solar panels?
The usual time it takes to pay off your solar panels is between 9 and 12 years in Maine, depending on the system size and the solar electric inverter. Now consider that average PV solar panels last 20-25 years. This means that for an average of 10-15 years after you’ve paid off your solar panels, you will be able to enjoy completely free power and will reduce your living cost in Maine.
Conclusion
When going solar, you should make an informed decision and bring in experts to help. Reducing your power consumption will reduce your solar electric needs and drive down your solar installation costs. Homeowners in Maine can then expect to save money on the installation and drive down their electric bills. If you would like to get some of the best solar quotes, free power, and an installation that does not cost much money, follow our advice and always ask for several quotes to help you gain energy independence.
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