Solar Panels Cost $3.0k-$15k in Hancock County, ME | November, 2024
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How much do solar panels cost in Hancock County, ME in 2024?
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In Hancock County, ME in November, 2024, the average price per watt for solar systems is at $4.29/W
Applying the cost per watt, you are able to conclude that for every 1 kW (1000 watts) your solar panel system can generate, you will have to spend, on average, $4,290 to have it installed. In Hancock County, the price of a 5 kW solar panel system is generally $15,015, after the 30% federal tax credit. Your electricity use habits may need a bigger system.
Select your county from the menu on the left to find the typical roof size and maximum solar panel capacity for homes in your area. The following summary, below, highlights the costs, payback period, and 20-year average savings for a 5 kW system installed in your county.
Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Hancock County: $15,015US Average: $12,523
Average Payback Period The number of years until you break even on the solar investment.
Hancock County: 8 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Hancock County: $14,826US Average: $16,169
Solar Potential in Hancock County
Estimated system size and solar electricity production per median viable roof in Hancock County.
Roof size 429sq. ft.
Capacity 6kW DC
Electricity 6.8kkWh AC per yr.
Electricity Costs in Hancock County, ME & What that Means for Your Solar Panel Pricing
On average, Hancock County residents pay 151.15 for their electric bill each month and use 506 kWh. Please note that the energy consumption for apartments and other smaller living spaces is included in this statistic.
In November 2024, the electricity rate in Hancock County, ME is 29.86¢ per kWh.
Installing a a 5 kW solar panel system will be priced at about $21,450 initially, but with the 30% federal tax credit, you can receive a 30% reimbursement, bringing the total to $15,015.
Go Solar for less than your cell phone bill.
Average solar panel costs by system size in Hancock County
On the left side below, the price breakdown for multiple sizes of solar panel systems installed in Hancock County can be seen. A more extensive solar array will expectedly cost more, but it will also yield more significant electricity savings and more substantial income tax credits.
The solar panel cost calculator to the right and below details costs and benefits, using an average $151.15 electric bill in Hancock County Replace the $151.15 with your average electricity bill for personalized results.
System Size
Roof Size Min. space required
Electricity Value Annual Production
Est. Price
System Size 1kW
Roof Size Min. space required
72 ft²
Electricity Value Annual Production $406 a year
Est. Price
$3,003
Savings from a 1kWthis system
Est. yearly production 1,354 kWh
Est. monthly savings $34
Full payback in 2 years
Environmental Impacts
Reduces CO2 emissions by 0.04 tons a year
Equivalent to planting 2 trees a year
Equivalent to driving 110 mi less a year
System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $812 a year
Est. Price
$6,006
Savings from a 2kWthis system
Est. yearly production 2,708 kWh
Est. monthly savings $68
Full payback in 3 years
Environmental Impacts
Reduces CO2 emissions by 0.09 tons a year
Equivalent to planting 4 trees a year
Equivalent to driving 220 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $1,219 a year
Est. Price
$9,009
Savings from a 3kWthis system
Est. yearly production 4,062 kWh
Est. monthly savings $102
Full payback in 5 years
Environmental Impacts
Reduces CO2 emissions by 0.13 tons a year
Equivalent to planting 6 trees a year
Equivalent to driving 330 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $1,625 a year
Est. Price
$12,012
Savings from a 4kWthis system
Est. yearly production 5,417 kWh
Est. monthly savings $135
Full payback in 7 years
Environmental Impacts
Reduces CO2 emissions by 0.18 tons a year
Equivalent to planting 8 trees a year
Equivalent to driving 440 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $2,031 a year
Est. Price
$15,015
Savings from a 5kWthis system
Est. yearly production 6,771 kWh
Est. monthly savings $151
Full payback in 8 years
Environmental Impacts
Reduces CO2 emissions by 0.2 tons a year
Equivalent to planting 9 trees a year
Equivalent to driving 491 mi less a year
Hancock County Solar Panel Installation Incentives & Rebates | 2024
Rural entrepreneurs and farmers might find that the REAP Grant pays for 80% to 100% of their costs when installing solar or wind energy systems. Unsure if you're eligible? Check your status with our REAP Grant eligibility tool.
A 30% federal tax credit is accessible to most homeowners for residential solar installations, which renders solar energy a feasible choice in various regions across the United States. Apart from the federal incentives, state and local programs also aim to boost solar energy uptake.
Maine provides 6 solar rebates and incentives from different utility companies and government departments.
Solar incentives in MEIncentive Description Value
Solar and Wind Energy Property Tax Exemption
Value:Varies
Solar photovoltaic equipment and wind turbines in Maine are exempt from state property taxes. The only conditions are that the generated energy must be used on-site and that the panels/turbines are interconnected to the state's power grid under a net metering contract. Additional information is available from the Maine Department of Revenue.
Renewable Portfolio Standard
Value:Varies
Maine first adopted a mandatory renewable portfolio standard in 1997. Currently, the standard requires 80% of the state's energy to be generated from renewable sources by 2030, with conventional sources phased out completely by 2050. Eligible technologies to meet the standard include solar, wind, geothermal, biomass, CHP, waste burning, and hydroelectric. Compliance with the standard is measured using a renewable energy credit (REC) and thermal credit (TREC) system pegging electrical and heat capacity to dollar values. Utilities are responsible for procuring their credit quota from customers through net metering or other purchasing contracts.
Efficiency Maine Trust - Energy Efficiency and Renewable Resource Fund
Value:Varies
The Efficiency Maine Trust is a public benefits fund for energy efficiency projects in the state. Unique to many other states, it is supported by voluntary contributions of up to $10 on monthly energy bills. A large portion of the trust supports grant programs for renewable energy and energy efficiency for local governments, nonprofits, and school districts. The trust's administrators produce an annual report for the Maine legislature detailing budget items and spending initiatives. Additional information is available from the trust website.
Maine Green Power Program
Value:Varies
The Maine Green Power (MGP) program was established through a public-private partnership with 3 Degrees Group. MGP allows the state government to directly purchase renewable energy credits; however, these credits may not be used to meet the renewable portfolio standard. Currently, the program funds large-scale renewable energy generation facilities throughout the state, including a major hydroelectric project. Any Central Maine Power or Emera customer may directly purchase power from MGP in blocks. Additional information is available through the MGP website.
Local Option - Property Assessed Clean Energy
Value:Varies
City and county governments in Maine may offer their own property-assessed clean energy (PACE) financing programs for energy efficiency improvements and equipment. Depending on the specific program, residential and commercial property owners alike have access to an open market of available lenders offering competitive loans and terms. Effectively, funding comes from the government; repayment will therefore take the form of a tax lien senior to the property's mortgage. Maine has standardized PACE loan terms. Available principal ranges from $6,500 to $15,000 at 4.99% APR. Loans can be repaid over up to a 15-year period. While single-family homes may receive PACE funding, they also face more regulations and concerns from the FHFA. Fannie Mae and Freddie Mac cannot take ownership of a mortgage with an active PACE lien, and it is up to the locality to establish loss reserve funds or other safeguards. Interested property owners should consult with their local or county government, as not every jurisdiction offers PACE loans.
Green Power Purchasing
Value:Varies
Any Mainer can opt into the Maine Green Power program to source their energy from local renewable facilities. The program is supported by a surcharge on subscribers' energy bills and pegs consumption to RECs. Governments can purchase RECs through the public-sector arm of the program. Currently, the state government is purchasing RECs from a hydroelectric project to meet a majority of its renewable portfolio standard. Since 2007, 100% of Maine's energy is sourced renewably. Additional information is available through the Maine Green Power website.
Are solar panels worth it in Hancock County, ME?
For homeowners in Hancock County looking to stay beyond the payback period of their solar system, solar panels are the best choice. Installing a 5 kW solar system in Hancock County, ME will, on average, save you $21,261 over 20 years, and you can expect to break even in about 8 years.
The cost of not having solar panels in Hancock County, ME
Failing to have solar panels or an alternative backup energy means missing the savings mentioned earlier and being entirely reliant on your electric utility for electricity. As recent news articles have highlighted, full dependence on your utility provider isn't always ideal.
Lately, utilities in Hancock County have had an average of 1.75 outages per customer annually. The average length of an outage is 215.75 minutes. In events like winter storms, construction accidents, or grid management errors, this duration can extend significantly.
See the info below to see the number of current electricity customers without power in Hancock County.
A solar energy system could mitigate the effects of future outages, whether or not it has a backup battery.
Power Outages
Currently, 0 customers are being tracked in Hancock County.
What impacts the cost of solar panels in Hancock County, ME?
Your Energy Needs - Larger solar panel systems come with a larger upfront cost, but the price per watt is reduced. Homeowners often discover that installing a solar system that can offset their entire electric bill is advantageous, ensuring optimal savings.
Make & Model - There are many brands and models of solar panels. Because the installer you select might have specific brand preferences, picking a highly rated company is especially important. The utilization of high-quality materials is likely to result in a more positive long-term experience for buyers.
Solar Panel Type - It's understandable that monocrystalline panels are now the industry standard. They are pricier but generate more energy. Most professionals in solar installation work with panels constructed from this material.
Your Property - Trees, uneven ground, or additional considerations can increase the complexity of the installation. Most solar installers today use satellite imagery to evaluate your home and integrate these elements into the preliminary cost estimate.
Labor Rates - Different companies offer varying wages to their employees, and these costs are inevitably borne by the consumers. Businesses that invest in higher wages often see higher reviews for their work and customer service.
Permitting & Interconnection - Depending on the area, local permitting and utility interconnection fees will affect the cost of your installation. Quality local installers will include these figures in your preliminary estimates to provide transparency.
See what solar panels cost in other Hancock County cities
The typical cost per watt for solar panels in Hancock County, ME as of November, 2024 is $4.29/W. After the federal tax credit, the estimated cost for a 5 kW solar panel system in Hancock County, ME is roughly $15,015.
Currently, Maine residents can benefit from 6 rebates and incentives available through various utilities and government bodies. On top of that, most individuals are eligible for the 30% federal income tax credit.
Cash payments yield the highest savings, yet several financing options now available for solar panels are advantageous as well. Installers often have partnerships with financing companies and will include this information in your initial quotes.
Yes, in Hancock County, ME, the average time for 5 kWsolar panel systems to pay for themselves is 8 years, leading to electricity savings of $21,261 over a 20-year period.
Savings from 
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