As of July 2020, the average solar panel cost in China, ME is $2.93/W. Given a solar panel system size of 5 kilowatts (kW), an average solar installation in China, ME ranges in cost from $12,452 to $16,848, with the average gross price for solar in China, ME coming in at $14,650. After accounting for the 26% Federal Investment Tax Credit (ITC) and other state and local solar incentives, the net price you’ll pay for solar can fall by thousands of dollars.
Importantly, these costs are typical for solar shoppers comparing solar quotes on the EnergySage Marketplace. When you compare quotes for solar panels on EnergySage’s competitive solar marketplace, you can expect to see prices up to 20% lower than working with a single solar company.
Average solar panel cost by system size in China, ME
|System Size||System Cost||System Cost (after ITC)|
2020 average solar panel cost graph in China, ME
for a 5kW systemGreat Price
$12,452 or lessMarket Average
$16,848 or moreNote: Showing cost data for Kennebec County, ME.
Solar installation costs do not include the 26% Federal Investment Tax Credit or local incentives. Learn more about local ME incentives, tax credits & rebates.
Cost per Watt
The rate at which the cost of Chinese solar PV has been dropping may be a concern for western manufacturers and suppliers, but homeowners in the UK are reaping the benefits.
Gabriel Wondrausch, founder of Solar Gift Solar, an installation firm based in Exeter, said: “Prices are falling so fast that some buyers are holding off making purchases on the expectation they will come down even more.
“We have seen an average fall of around 33 per cent so far this year and I would expect to see a further 15 per cent decline in the last quarter”.
There is perhaps no better time than the present for homeowners in the UK to invest in solar technology. Not only are prices from Chinese manufacturers extremely competitive, but homeowners can still avail of the feed-in tariff system, which guarantees a fixed rate of payment for green electricity exported to the National Grid.
The emerging dominance of Chinese solar firms is not without its drawbacks, however, as several US and German firms have experienced. The USA and Germany had been in control of the Solar market, producing solar panels in various markets across the globe, but China’s competitive pricing structure has seen both countries cede ground to the Far East.
US and German solar companies have also encountered financial difficulties, with North American firms such as Evergreen and Solyndra Solar being declared bankrupt in recent months. German-based Conergy, meanwhile, is planning to shed around 100 jobs from its factory in Hamburg.
As western firms heap blame on China, the founder of Himin Solar Corporation, Huang Ming, noted that global market conditions are the cause of many a solar company’s downfall. Mr Ming also made clear that many small-scale Chinese manufacturers were being forced out of business.
Mr Ming said: “It’s nonsense that Chinese companies are thriving on the back of low credit from state-owned banks. You can get lower interest rates from local banks in the west – and governments from Germany to the US have been offering financial support to solar developments”.