Solar Panel Cost Guide in Milliken, CO (Jan 2023)
- Milliken Solar Installation Cost: $9,867
- 25-Year Savings: $16,895
- Payback Period: 9.2 Years
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Updated January 20, 2023
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Average Cost of Solar Panels in Milliken
Find out what the average cost of a solar system is in Milliken.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Milliken, the average cost of solar panels is $3 per watt. Because a 5.2-kW system is needed to cover the energy usage of a typical home in Milliken, the average price of going solar will be about $9,867 before claiming the federal solar tax credit of 30%.
How much you pay can go above or below the average in Milliken based on several factors, such as the type of solar panels you choose and the solar contractor you hire. But, after you've paid the initial cost of installation, the payback for most homeowners is typically rewarding, with a net average savings of about $19,000 over 20 years on energy bills.
To receive a free estimate from a highly rated solar installation company in Milliken, you can click the button below.
Solar savings over time in Milliken
| Year | Return on Investment |
|---|---|
| 1 years | $-8,796 |
| 3 years | $-6,656 |
| 5 years | $-4,515 |
| 7 years | $-2,374 |
| 9 years | $-233 |
| 11 years | $1,908 |
| 13 years | $4,049 |
| 15 years | $6,190 |
| 17 years | $8,331 |
| 19 years | $10,472 |
| 21 years | $12,613 |
| 23 years | $14,754 |
| 25 years | $16,895 |
Top Solar Installers in Milliken
Installing solar panels yourself can be a challenging undertaking, which is why hiring a solar installer is a good option for many homeowners. Plus, warranties and repairs from your solar panel installer can protect your investment and reduce the cost of maintenance over the lifespan of your panels.
If you're on the hunt for a solar installer in Milliken, the EcoWatch team has organized a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Milliken
Factors that Affect Solar Panel Costs in Milliken
There are a number of factors that can play into your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,690. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Milliken, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Milliken to be prohibitively costly, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to higher prices over time due to interest. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Milliken is the company you get to install your solar system. As with choosing a company to install new cabinets, for example, there are plenty of solar installers that offer a range of services at different price points. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.80 | $11,750 | $18,873 | 9.6 years |
| 8 kW | $2.74 | $15,365 | $25,465 | 9.4 years |
| 10 kW | $2.69 | $18,830 | $32,208 | 9.2 years |
| 12 kW | $2.64 | $22,144 | $39,102 | 9.0 years |
| 14 kW | $2.58 | $25,308 | $46,146 | 8.9 years |
| 16 kW | $2.53 | $28,320 | $53,341 | 8.7 years |
| 18 kW | $2.47 | $31,182 | $60,686 | 8.5 years |
| 20 kW | $2.42 | $33,894 | $68,182 | 8.3 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Contract: When reading through your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Installation Process: When making the switch to solar, it's necessary to keep an open line of communication with your solar installer. Confirm that you understand how the installation process will go and the project timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Milliken, CO Solar Cost FAQs
How much does it cost to install solar panels in Milliken?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $13,450 for a 5-kW system and $26,900 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Are solar panels free in Milliken?
A solar panel system isn't free in Milliken, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
How will solar panels impact how much my home is worth?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in Milliken?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.