How to Pay for Solar in Maine: Cash, Solar Loan, or Propel — Key Differences & Costs
Updated May 2026
Energy independence. Predictable monthly costs. Long-term savings. A more sustainable home. The benefits of going solar are clear — but for many Maine homeowners, the bigger question is how to pay for solar in Maine.
What most people don’t realize is that paying in full with cash isn’t the only option. There are three primary ways to pay for solar in Maine: cash, a traditional solar loan, and the Propel Program. Each works differently and comes with its own costs, ownership timeline, and flexibility.
In the end, the right choice depends on your budget, your goals, and how long you plan to stay in your home. Here’s a closer look at each option, so you can choose the one that makes the most sense for you.
The Three Ways to Pay for Solar in Maine
1. Cash Purchase
Paying upfront in cash is the most straightforward option. You own your system immediately, with no loans, contracts, or monthly payments. You also have full flexibility over the equipment — panels, inverters, batteries — from day one.
Cash typically offers the lowest overall system cost because you avoid interest and fees entirely. Once your system is paid off, the electricity it generates is essentially free. If you can afford the upfront investment, this option delivers the strongest long-term return.
Cash is best for homeowners who:
- Want immediate, outright ownership with no ongoing payments
- Want to maximize long-term savings
- Prefer to avoid loans or contracts
2. Traditional Solar Loan
A traditional solar loan gives you immediate ownership of your system with predictable monthly payments — similar to a home improvement loan. You own your system from day one and have full flexibility to add panels or batteries at any time.
Your monthly payment depends on your system size, which is based on your electricity usage and what you’re trying to cover. For example, a home running heat pumps or EV charging will need a larger system than one covering basic electricity use. In many cases, your loan payment is comparable to — or lower than — your current CMP bill. Either way, you’re building long-term value in a system you own.
The total cost over time is higher than a cash purchase due to interest and fees. However, for homeowners who prefer to keep cash on hand, it’s a flexible and accessible path to solar ownership.
A solar loan is best for homeowners who:
- Want to own their system immediately
- Want flexibility to add panels or batteries at any time
- Prefer predictable monthly payments over a large upfront cost
3. The Propel Program
The Propel Program is an ownership-based financing option that can reduce your total system cost by 20–30% in many cases cases. This makes it one of the lowest overall cost options available.
Here’s how it works: during the first five years, the project uses a short-term ownership structure that allows certain commercial solar incentives to be applied to your residential system. Those savings are built directly into the cost of your installation. After five years, full ownership transfers to you automatically — with no change to your loan terms.
That said, there are a few things to keep in mind during the first five years. The program requires specific equipment, and adding panels is not possible until ownership transfers. Propel also includes a system production guarantee for the first five years, giving you added peace of mind.
Propel is best for homeowners who:
- Want the lowest overall system cost
- Are comfortable with ownership transferring after five years
- Plan to stay in their home for at least five years
- Want built-in incentive savings without navigating them independently
Side-by-Side Comparison
| Feature | Cash Purchase | Traditional Solar Loan | Propel Program |
|---|---|---|---|
| Upfront cost | Full system cost upfront | Varies by loan | $0 upfront |
| Total cost over time | Low overall cost | Higher due to interest & fees | Lowest if paid off early |
| Monthly payments | None | Predictable (fixed terms) | Predictable loan payment |
| Payment escalation | No | No | No |
| System ownership | Immediate | Immediate | After 5 years |
| System production guarantee | Not included | Not included | Included for first 5 years |
| Monitoring | Included | Included | Included |
| Ability to capture federal incentives | No | No | Yes |
| Add panels anytime | Yes | Yes | After first 5 years |
How to Choose the Right Option for Your Home
Ultimately, the best financing option depends on your situation — there’s no single right answer. Here’s a simple way to think about it:
- Choose cash if you want the simplest path to ownership and can afford the upfront cost
- Choose a solar loan if you want immediate ownership and flexibility without a large upfront investment
- Choose Propel if you want the lowest overall cost and are comfortable with the five-year ownership timeline
Frequently Asked Questions: Solar Financing in Maine
Still have questions about solar financing in Maine? Here are the ones we hear most.
The best option depends on your budget and goals. For example, cash offers the lowest overall cost and immediate ownership. A traditional solar loan gives you immediate ownership with predictable monthly payments. The Propel Program can reduce your total system cost by 20–30% with ownership transferring after five years. Our team will walk you through all three options during a free site assessment.
Yes. Both traditional solar loans and the Propel Program offer $0-down options. With a solar loan, you own your system from day one. With Propel, ownership transfers to you automatically after five years.
Propel is an ownership-based solar financing option that uses a short-term ownership structure during the first five years to qualify for certain commercial solar incentives. Those savings — typically 20–30% — are built into your system cost. After five years, full ownership transfers to you with no change to your loan terms.
In most cases, buying is more cost-effective than leasing. Both options reduce your electric bill, but ownership builds long-term value. When you own your system, it typically pays for itself in 8–12 years. After that, the electricity it generates is essentially free. With a lease, you pay for the panels for the full lease term with no path to ownership. Maine Solar Solutions only offers ownership-based options — cash, solar loans, and the Propel Program — because we believe ownership delivers the best long-term value for Maine homeowners.
Yes. Maine’s net metering program gives solar homeowners a one-for-one credit for every kilowatt-hour sent to the grid. As CMP rates rise, the value of those credits grows too. With the Propel Program also captures certain commercial solar incentives that reduce your total system cost — making solar a strong long-term investment even without the residential tax credit.
Want to See How the Numbers Work for Your Home?
For a deeper look at how to pay for solar in Maine, watch our recent webinar, including a side-by-side breakdown of all three options with real examples.
And if you’d like help comparing these options for your specific situation, our team can walk you through what to expect. There’s no pressure, just clear information so you can make the best choice for your home.
Schedule your free site assessment or call (207) 871-7191.
