Is Electrification Worth It in Maine?

Maine is the most oil-dependent state in America. That needs to change.

Over 60% of Maine homes heat with oil at $3.80-4.50/gallon. You get 7,500+ heating degree days in Portland, 8,500+ in Bangor. Efficiency Maine offers up to $9,000 in rebates for cold-climate heat pumps. CMP electricity costs $0.18/kWh. This is the test case for whether heat pumps can replace oil in cold climates.

Yes, they can. Mitsubishi Hyper-Heat systems are everywhere in Maine now—contractors know how to install them correctly. You'll save $1,800-2,800 per year switching from oil. Payback after rebates: 3-5 years. Maine is quietly becoming a heat pump success story. Join the movement.

Updated December 2024•Data from EIA, DSIRE, NREL
Heat Pump Payback
Not Recommended
With incentives
Annual Savings
$2,692
Full electrification
Available Incentives
$16,000
Federal + state + utility
CO₂ Reduction
14.3 tons
Per year

Maine Energy Costs

Electricity Rate
$0.198/kWh
Natural Gas Rate
$2.15/therm
Average Electric Bill
$165/month
Average Gas Bill
$125/month
Climate Zone
cold
Heating Degree Days
7,600
Cooling Degree Days
450
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Visual ROI Analysis

Payback Period Comparison

Lower is better • Shortest payback = fastest return on investment

Annual Savings Comparison

Higher is better • More annual savings = greater long-term benefit

Cumulative Net Savings Over Time

Point where line crosses $0 = payback achieved • Steeper line = faster savings growth

Return on Investment by Upgrade

🌡️

Heat Pump HVAC

Upfront Cost$12,000 - $22,000
Total Incentives-$6,500
Net Cost$5,500 - $15,500
Annual Savings$173/yr
Payback PeriodNot Recommended
Lifetime ROI22%
CO₂ Reduction4.7 tons/yr
☀️

Solar Panels

Upfront Cost$15,000 - $30,000
Total Incentives-$4,500
Net Cost$10,500 - $21,000
Annual Savings$1,283/yr
Payback Period12.9 years
Lifetime ROI166%
CO₂ Reduction3.1 tons/yr
💧

Heat Pump Water Heater

Upfront Cost$2,500 - $4,500
Total Incentives-$3,500
Net Cost$-1,000 - $1,000
Annual Savings$348/yr
Payback Period0.4 years
Lifetime ROI113%
CO₂ Reduction1.8 tons/yr
⚡

EV Charger + Electric Vehicle

Upfront Cost$800 - $2,500
Total Incentives-$1,500
Net Cost$-700 - $1,000
Annual Savings$888/yr
Payback Period0.3 years
Lifetime ROI1163%
CO₂ Reduction4.8 tons/yr

Full Electrification Package

Total Upfront Cost
$30,300 - $59,000
Total Incentives
-$16,000
Net Cost After Incentives
$14,300 - $43,000
Annual Energy Savings
$2,692/year
Lifetime Savings (18 years)
$48,456
Simple Payback
12.0 years
💡

Best ROI for Maine

Based on your state's energy costs and climate, EV Charger offers the best return on investment with an average payback of 0.3 years and an ROI of 1163%.

0.0 years slower than average compared to the national average.

Ready to electrify your Maine home?

Get free quotes from local contractors who specialize in heat pumps, solar, and electrification.

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