Solar Panel Cost Guide in Milford, CT (2024 Update)
- Milford Solar Installation Cost: $11,885
- 25-Year Savings: $24,826
- Payback Period: 8.8 Years
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Average Cost of Solar Panels in Milford
We break down average solar pricing in Milford.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Milford, the typical cost of a solar system is 4 per watt.Using this figure, a typical 4.5-kW system would cost about $11,885 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of installing solar panels can vary depending on a few factors, such as how many panels you need, your energy usage and what installation company you go with.Many homeowners find going solar is a sound investment. The average homeowner in Milford can save around $28,000 on their energy bills over 20 years.
Click the button below to get connected to a vetted solar installer in your area for a personalized estimate.
Solar savings over time in Milford
| Year | Return on Investment |
|---|---|
| 1 years | $-9,663 |
| 3 years | $-5,220 |
| 5 years | $-777 |
| 7 years | $3,666 |
| 9 years | $8,110 |
| 11 years | $12,553 |
| 13 years | $16,996 |
| 15 years | $21,439 |
| 17 years | $25,882 |
| 19 years | $30,325 |
| 21 years | $34,769 |
| 23 years | $39,212 |
| 25 years | $43,655 |
Top Solar Installers in Milford
Many homeowners opt for a solar installation company since installing solar panels on your own can be challenging. Also, companies with a good reputation that cost more upfront could actually save you money in the long run with their warranties, repair services and expert design.
Working with a licensed solar installer can help you make the most of your investment in solar. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Milford
Factors that Affect Solar Panel Costs in Milford
For many Milford homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Milford, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. For that reason, it’s crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use.There are a lot of different solar panel brands and the one you pick also affects the cost. In many cases, the brands that are more efficient tend to also cost more. In addition, the type of equipment you choose can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That’s why many Milford homeowners opt to finance their solar panel systems to make paying for solar more affordable.When estimating your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The final key cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in Milford, you’ll have lots of options to choose from, but each comes at varying price points for labor and equipment.You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.90 | $16,380 | $28,280 | 9.2 years |
| 8 kW | $3.83 | $21,420 | $38,127 | 9.0 years |
| 10 kW | $3.75 | $26,250 | $48,184 | 8.8 years |
| 12 kW | $3.67 | $30,870 | $58,451 | 8.6 years |
| 14 kW | $3.60 | $35,280 | $68,927 | 8.5 years |
| 16 kW | $3.52 | $39,480 | $79,614 | 8.3 years |
| 18 kW | $3.45 | $43,470 | $90,511 | 8.1 years |
| 20 kW | $3.38 | $47,250 | $101,618 | 7.9 years |
How to Save on Solar Panels
There are a lot of companies available in Milford, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Warranty: If you care about the longevity of your solar panels, making sure your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you choose.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years most likely provide good-quality solar panel installation and expertise.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should acquire and how long the project will take.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Milford, CT Solar Cost FAQs
How much does it cost to install solar panels in Milford?
The average cost of solar panels in Milford is about $18,750 for a 5-kW system and $37,500 for a 10-kW system before the ITC, but the real cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Milford?
Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
How will having solar panels impact my property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Milford is currently $441,317, which means you could be looking at a value of about $18,094 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Milford is a worthwhile investment.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.