Solar Panel Cost Guide in Milan, IL (2023 Update)
- Milan Solar Installation Cost: $12,333
- 25-Year Savings: $7,454
- Payback Period: 15.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Milan
Let's take a look at the average cost of solar panels in Milan.
The average cost of a solar system in Milan is 2.73 per watt. Using this figure, a typical 6.5-kW system would cost about $12,326 before the 30% federal solar tax credit is applied.
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 needs, the type of solar system you want, your solar contractor and more. Many homeowners find going solar is a sound investment. The average homeowner in Milan can save about $12,000 on their energy bills over 20 years.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Milan
| Year | Return on Investment |
|---|---|
| 1 years | $-12,267 |
| 3 years | $-12,135 |
| 5 years | $-12,003 |
| 7 years | $-11,871 |
| 9 years | $-11,739 |
| 11 years | $-11,607 |
| 13 years | $-11,475 |
| 15 years | $-11,343 |
| 17 years | $-11,211 |
| 19 years | $-11,080 |
| 21 years | $-10,948 |
| 23 years | $-10,816 |
| 25 years | $-10,684 |
Top Solar Installers in Milan
Many homeowners decide to use a solar panel installer since trying to install solar panels yourself can be time-consuming. Plus, if you're not certain what type of solar panels and equipment you may need, a solar expert can help you find the right equipment for you after a site survey and consultation.
If you'd like to switch to solar energy but still aren't certain which solar panel company to go with, here are our recommendations for providers near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Milan
Factors that Affect Solar Panel Costs in Milan
There are several factors that can play into your solar panel 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
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,730. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose 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 Milan average.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are available from most installers in Milan, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also adds to your overall costs, so it's crucial to take that into consideration as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you pick will play a role in your total cost to go solar. Different companies will charge different amounts for the equipment and labor. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and choose a company that has the products, warranties and services you're looking for and also fit into 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 | $2.84 | $11,925 | $6,471 | 16.2 years |
| 8 kW | $2.78 | $15,594 | $8,934 | 15.9 years |
| 10 kW | $2.73 | $19,110 | $11,550 | 15.6 years |
| 12 kW | $2.68 | $22,473 | $14,318 | 15.3 years |
| 14 kW | $2.62 | $25,684 | $17,240 | 15.0 years |
| 16 kW | $2.57 | $28,741 | $20,314 | 14.6 years |
| 18 kW | $2.51 | $31,646 | $23,541 | 14.3 years |
| 20 kW | $2.46 | $34,398 | $26,921 | 14.0 years |
How to Save on Solar Panels
There are a large number of companies available in Milan, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: If you're worried about the endurance of your solar system, making sure your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. While there are many options for which kind 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 peruse their list of options before making your decision.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years in most cases offer quality solar panel installation and expertise.
- Contract: It's important to read your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Milan, IL Solar Cost FAQs
How much does it cost to install solar panels in Milan?
The average cost of solar panels in Milan is about $13,650 for a 5-kW system and $27,300 for a 10-kW system before the ITC, but the real cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to consider when buying solar panels?
The upfront cost is a crucial factor to consider, but whether it's the most important for you depends on your goals for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Does Milan have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future electricity bills.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.