Solar Panel Cost Guide in Milford, CT (2023 Update)
- Milford Solar Installation Cost: $11,885
- 25-Year Savings: $24,826
- Payback Period: 8.8 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Milford
We break down average solar pricing in Milford.
The average cost of a solar panel system in Milford is 4 per watt.Because a 4.5-kW system is needed to cover the energy costs of a typical home in Milford, the average price of going solar will be about $11,885 after claiming the federal solar tax credit of 0.
These figures are just averages, and your own solar costs may differ based on your energy needs and what company you choose to go with.For many homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Milford see about $28,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in Milford for a quote for your home.
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
DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Going with a solar panel installer can make switching to solar power much easier. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long term because of their warranties, repair services and expert design.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some near you:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Milford
Factors that Affect Solar Panel Costs in Milford
For many Milford homeowners, the decision to adopt solar energy rests 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 a few factors that considerably 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 influences the overall cost of going solar. Because of that, it’s crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs.The brand of solar panels and equipment you get is another factor that will considerably affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Moreover, solar equipment consists of more than just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that’s in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Milford to be prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar company in the area provides access to financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest.However, the interest on solar loans also adds to your all-in costs, so it’s vital to keep that in mind as well. You can always bring down the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Milford is the company you get to install your PV system. As with choosing a company to renovate your kitchen, for example, there are plenty of solar installers that offer a range of services at different price points.You may come across national solar installers that have lower prices due to their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions 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 | $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 large number of companies to choose from in Milford, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Warranty: Warranties that provide coverage for replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a quality company.
- Solar Panel Brands: The brand of solar panel you want to get plays a role in which installer you should go with, since different companies have access to different panels.
- Reputation: Long-running companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should secure and what the project timeline is.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Milford, CT Solar Cost FAQs
What is the average cost of installing 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 actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Milford?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The downside 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 way to go if you want to maximize your savings.
How will installing solar panels impact how much my home is worth?
Solar panels can increase your property’s value considerably as long as you buy or finance your panels and don’t choose 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 many solar panels do I need to power my home?
To figure out how many solar panels you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house 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.