Maine Solar Information

Pros and Cons of Buying Solar Panels in Maine

Pros:

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  Relatively short payback period

  The average solar payback period in the USA is around 8 years. To calculate payback time you need to determine the gross cost of the solar system and annual benefits that will come with solar. Lower solar equipment prices and increased electricity rates are making the payback period shorter for many homeowners.
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  After the payback period, solar power is free

  When you break-even on your solar panel installation, you will start earning money. The solar energy system will not only generate free energy but also will potentially give you the opportunity to sell unused electricity.
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  Great savings on a monthly electric bill

  Because of increased utility electricity rates, you will start saving money the moment the solar energy system is installed since you will be generating your own electricity. The bigger PV system you put in, the greater the saving you might benefit from. Maine residents see their electric bill reduced by at least 50% after installing solar panels.
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  Helping the environment since solar energy is clean, sustainable, and renewable

  Solar power is a renewable and clean source of energy. Unlike tradition fossil fuel, the generation of solar energy does not pollute water and air since it does not produce greenhouses gases. Solar energy is available to us everywhere in the world and it is infinite, unlike fossil fuels resources that are very limited.
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  Support from the government and the state

  The price of solar panel installation continues to go down and has reached the most affordable rates in years. In addition, with the government support in a form of Tax Solar Credit and Net Metering program available from all utility companies in Maine, you can save thousands on the solar energy system.
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  Very low maintenance

  The majority of the solar panels require very minimal maintenance, which consists of only a light cleaning. Since solar panels have no moving parts, there is no wear and tear with usage, and the chances of any breakage are extremely low.
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  Excellent warranty protection

  Today all solar panels come with performance warranty and product guarantee. For the majority of solar panel brands, performance warranty guarantees efficient energy production for at least 25 years. Extended product warranties ensure repairs of any defective equipment for up to 25 years.
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  Increase in the property value

  A recent study by the Appraisal Institute found that homes with solar panels sell much faster and at higher prices compared to homes without solar energy systems. Homebuyers view solar arrays as an upgrade, and willing to pay on average $15,000 more for a house with an installed PV system.

Cons:

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  The possible high initial cost

  One of the main disadvantages of solar panels is their cost. The initial installation of a solar power system will include the cost of solar panels, battery, inverter, all the necessary accessories, mounting equipment, and the installation itself. That expense can be fairly high. Fortunately, there are federal solar tax credit and various state incentives that will bring the cost down by thousands of dollars. Moreover, with the technology moving forward, the prices are inevitable going down, making solar as affordable as never before.
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  Need to have a large, open area for installation

  Solar panels rely heavily on sunlight to generate solar energy; therefore, they have to be mounted on open, large spaces that are free from shade to work efficiently. Unfortunately, some people do not have that much space on the roof of their houses. The good news is that solar panels can also be installed on the ground if they still have access to sunlight.
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  Must be a property owner to install

  Unfortunately, if you are a renter, you might not be able to install solar power panels yet. As of today, solar energy system installations are only available for homeowners with good credit and good income.

Maine’s Solar Incentives

Net Metering- all utility companies in Maine provide their customers with Net Metering. This program allows for any excess energy that was generated by the solar panels to be credited back to the customer’s next month's electric bill.

Is It Worth It to Go Solar in Maine?

Looking at Maine’s solar energy advantages and disadvantages, one can see that the advantages clearly outweigh the disadvantages. With the prices lower than ever and the great support from the government, there is no reason not to become a part of the solar community and start making your own electricity.