Home Solar in Maine:
Local installers, tax credits, and rebates.
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Maine residents who experienced power outages in a span of ten years¹
Prices have fallen 54% over the last 10 years²
Average yearly savings for homeowner's who switch to solar³
Maine, with its stunning landscapes and vibrant communities, has some of the highest electricity prices in the United States. This has got more homeowners looking at solar as an alternative. The solar potential in Maine holds the promise of alleviating the burden of expensive electricity bills while also contributing to environmental sustainability.
To encourage solar adoption, Maine offers various incentives such as net metering and tax credits, which make transitioning to solar more financially appealing.By embracing solar power, Maine not only addresses its high electricity prices but also sets an example for other regions facing similar challenges, showcasing the potential for renewable energy to transform the energy landscape while benefiting both wallets and the planet.
Let’s learn about home solar incentives, the utility policies associated with interconnection and setup, and solar financing plans for solar panels and battery systems in Maine.
Incentive Programs, Tax Credits, and
Solar Rebates in Maine
|Federal ITC - 30%
|Solar PV systems installed in 2022 - 2032 are eligible for a 30% tax credit. The credit can only be claimed by on the original installation of the solar equipment located at a residence of yours. You must also purchase it using cash or financing, but you're not leasing the system or paying a solar company for the electricity produced by the system.
|Instant Rebate from EnergyPal
|EnergyPal secures group discounts by leveraging the depth of our network. We pass these savings onto homeowners every day!
|Solar and Wind Energy Property Tax Exemption
|Exempts the value added by your solar power system when assessing your taxes, thereby preventing them from going up as a result of solar conversion.
|Credits your utilities account for every kilowatt-hour (kWh) you overproduce and send to the grid. Credits can pay down future bills.
|Property-Assessed Clean Energy (PACE) Financing
|A low-cost financing option for low-income households to switch to solar. Bills are added to the property tax bill for easy payment.
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Other Solar Energy Incentives
The US federal government helps residents and businesses pay for their solar systems. The federal investment tax credit (ITC) allows for a tax deduction of 30% of the cost of a solar system currently. Tax credits can be rolled over if you can’t use the whole credit this year. The ITC cannot be claimed for solar leases or power purchase agreements (PPAs) where the third party financier takes the credits themselves, but that is typically baked into a reduced lease/PPA monthly for you.
If you purchased a $20,000 system, your savings from the federal tax credit would look like this:
$20,000 X 0.30 = $6,000 savings
Home Solar Financing in Maine
There are three pathways to powering your home with solar energy in Maine: purchasing the solar system outright, obtaining a loan for its financing, or opting for a leasing program. Solar systems can be financed by bank loans, solar installer financing, new home mortgages, energy loans and home equity loans or lines of credit. Cash works too. Regardless of your choice, solar panels can reduce your home energy expenses, contributing to financial savings and a cleaner power supply. Our Energy Advisors can guide you to the best solar deals in Maine. Here's a comparison:
- Optimal Return-On-Investment
- Potential Reduction of Bills to near $0
- Enhances Property Value
Outright Solar Purchase: Homeowners with a stronger financial position often cover the full cost of solar upfront, yielding the highest return-on-investment over the system's lifespan. By paying in cash, homeowners in Maine can claim tax credits and rebates, avoid interest charges, and directly enjoy the savings on their electricity bills. Some of our customers experience virtually no electricity expenses from the moment they install solar. We offer top-tier products at attractive cash prices.
- No Initial Expenses
- Ownership of the System
- Appreciates Property Value
Solar Loan Financing: Utilizing a solar loan enables you to save and own your solar system, as our financiers cover the upfront expenses (similar to an auto loan). Homes equipped with solar systems command higher value due to their lower operational costs. Depending on the chosen solar loan, you can achieve greater monthly savings or complete your financing earlier. Our team will help you secure the most favorable rates and terms to match your requirements. To learn about our latest offerings, connect with us
- No Initial Investment Required
- Complete Maintenance Coverage
- Lower Monthly Payments
- Guaranteed Rates
Solar Leasing: Leasing solar panels provides an accessible and cost-effective path to solar adoption. With zero upfront costs—often referred to as “$0 down solar financing“—installation and maintenance are entirely managed, and your home benefits from the energy generated by the solar panels. You pay a consistent monthly fee and save compared to your existing electricity bill. The reduced electricity rate are what many homeowners like about this option.
Talk to your EnergyPal Advisor about financing solar options in Maine. We regularly source the best deals and terms for our customers. Let us guide you through the finance and application process from A-Z.
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Frequently Asked Questions
Is it worth going solar in Maine?
In most cases, yes, solar will save you a significant amount of money. Solar panels produce electricity and reduce how much power you have to purchase from your electric company. The typical homeowner in Maine pays around 29.26¢ cents per Kilowatthour.
What is the payback period for solar panels in Maine?
Homeowners who install a solar array sized to meet 100 percent of their energy needs can still pay off the upfront cost in as little as 5-6 years. The typical payback period in Maine averages 7.6 years.
How much are solar panels in Maine?
As of August 2023, the average solar panel cost in Maine is $3.45/W. Given a solar panel system size of 6 kilowatts (kW), an average solar installation in Maine is $14,490 with 30% tax credit applied.
What incentives are available for solar in Maine?
Solar installations in Maine are eligible for the 30% solar tax credit. Connect with us to learn more about all the local Maine incentives, tax credits & rebates you qualify for.