Solar Panel Cost Guide in Milford, CT (2023 Update)
- Milford Solar Installation Cost: $8,879
- 25-Year Savings: $24,821
- Payback Period: 6.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Milford
See how much it might cost to switch to solar power in Milford.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Milford, the average cost of a solar system is 2.8 per watt. To cover the typical energy usage of the average home in Milford, most homeowners require a 4.5-kilowatt system. Using the figure above, a solar installation costs about $8,879, or $12,697 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of going solar can vary quite a bit based on a few factors, such as how many panels you need, your energy usage and what company you go with. For most homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $28,000 in savings on electricity bills over 20 years.
To receive a free quote from a top solar company in Milford, you can click the button below.
Solar savings over time in Milford
| Year | Return on Investment |
|---|---|
| 1 years | $-7,531 |
| 3 years | $-4,835 |
| 5 years | $-2,139 |
| 7 years | $557 |
| 9 years | $3,253 |
| 11 years | $5,949 |
| 13 years | $8,645 |
| 15 years | $11,341 |
| 17 years | $14,037 |
| 19 years | $16,733 |
| 21 years | $19,429 |
| 23 years | $22,125 |
| 25 years | $24,821 |
Top Solar Installers in Milford
Installing solar panels by yourself can be a time-consuming undertaking, which is why hiring a solar installer is a good option for many homeowners. Also, companies with a good reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you'd like to go solar but still aren't sure which solar system installer to go with, here are our suggestions for providers in Milford:
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
The cost of installing a solar system in Milford can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to pay around $2,800 per kilowatt in Milford. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your power bills. Additionally, extra products, such as solar batteries, can bring your total well above the Milford average.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Milford homeowners opt to finance their solar panel systems to offset upfront costs. However, the interest on solar loans also adds to your total costs, so it's important to take that into consideration as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar company you opt for to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Milford, and each can charge varying amounts for labor and equipment. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and decide on the company that offers the products, warranties and services you want and also fits within your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.91 | $12,230 | $32,430 | 6.8 years |
| 8 kW | $2.86 | $15,994 | $43,553 | 6.7 years |
| 10 kW | $2.80 | $19,600 | $54,834 | 6.6 years |
| 12 kW | $2.74 | $23,050 | $66,271 | 6.5 years |
| 14 kW | $2.69 | $26,342 | $77,865 | 6.3 years |
| 16 kW | $2.63 | $29,478 | $89,616 | 6.2 years |
| 18 kW | $2.58 | $32,458 | $101,523 | 6.1 years |
| 20 kW | $2.52 | $35,280 | $113,588 | 5.9 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: When looking through your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Even though there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of offerings before deciding.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to do the job well. Another way you can look into your installer's reputation is by reading reviews.
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to clarify 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
How much does it cost to install solar panels in Milford?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $14,000 for a 5-kW system and $28,000 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to think about when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Milford?
Most states have net metering programs of some kind. Through these, you can either be compensated for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
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 generally 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.