Solar Panel Cost Guide in Milford, IA (2023 Update)
- Milford Solar Installation Cost: $18,843
- 25-Year Savings: $28,436
- Payback Period: 10.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Milford
Find out what the average cost of installing solar panels is in Milford.
The national average cost of solar panels is $2.66 per watt, but in Milford it's 2.77 per watt. Since a 9.7-kW system is needed to cover the energy needs of a typical home in Milford, the average price of going solar will be about $18,847 after claiming the federal solar tax credit of 30%.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy use, the type of equipment you choose, your solar contractor and more. Even with the high initial cost, the average Milford homeowner can save around $18,000 on their electricity bills over 20 years, which is one of the benefits of solar.
You can click the button below to get connected with a vetted solar installer in Milford that can help you get a more accurate cost estimate for your home.
Solar savings over time in Milford
| Year | Return on Investment |
|---|---|
| 1 years | $-18,686 |
| 3 years | $-18,370 |
| 5 years | $-18,055 |
| 7 years | $-17,740 |
| 9 years | $-17,425 |
| 11 years | $-17,110 |
| 13 years | $-16,794 |
| 15 years | $-16,479 |
| 17 years | $-16,164 |
| 19 years | $-15,849 |
| 21 years | $-15,534 |
| 23 years | $-15,218 |
| 25 years | $-14,903 |
Top Solar Installers in Milford
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Going with a solar panel installer can make swapping over to solar power much easier. Plus, if you're unsure what brand of solar panels and equipment you may need, a solar installer can help you find the right equipment for you after a site survey and consultation.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some near you:
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 Milford
Factors that Affect Solar Panel Costs in Milford
There are many criteria that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
One of the most significant 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 consumes, the larger your system will likely need to be. You can expect to pay about $2,770 per kilowatt in Milford. The 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, higher efficiency could save you more over time on your electric bills. Additionally, add-on products, like solar batteries, can bring your total well above the Milford average.
Solar Financing Terms
Many homeowners find the average cost of solar in Milford to be prohibitively expensive, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The final major cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Milford, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. The size of the company sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.88 | $12,099 | $17,091 | 10.4 years |
| 8 kW | $2.83 | $15,822 | $23,099 | 10.2 years |
| 10 kW | $2.77 | $19,390 | $29,261 | 10.0 years |
| 12 kW | $2.71 | $22,803 | $35,579 | 9.8 years |
| 14 kW | $2.66 | $26,060 | $42,052 | 9.6 years |
| 16 kW | $2.60 | $29,163 | $48,680 | 9.4 years |
| 18 kW | $2.55 | $32,110 | $55,462 | 9.2 years |
| 20 kW | $2.49 | $34,902 | $62,401 | 9.0 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: The model of solar panel you want to install plays a role in which company you should go with, since different companies have different panels.
- Contract: It's important to look over your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
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 Milford, IA Solar Cost FAQs
What is the average cost of installing solar panels in Milford?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Milford?
Leasing solar panels can be an appealing choice, because it typically 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Do solar panels increase your home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Milford is currently $202,900, so you could be looking at a value of about $8,319 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 long do solar panels last in Milford?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.