Solar Panel Cost Guide in Milan, IL (2024 Update)
- Milan Solar Installation Cost: $16,986
- 25-Year Savings: $7,454
- Payback Period: 21.5 Years
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Average Cost of Solar Panels in Milan
Let’s take a look at the average cost of solar in Milan.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Milan, the average cost of solar panels is 4 per watt.The average Milan homeowner needs a 6.5-kilowatt system, which would cost about $16,986 with the federal tax credit, or $24,290 before the 0 tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Milan homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.But, after you've paid the initial cost of installation, the savings for most homeowners is typically rewarding, with a net average savings of about $12,000 over 20 years on power bills.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Milan
| Year | Return on Investment |
|---|---|
| 1 years | $-16,145 |
| 3 years | $-14,463 |
| 5 years | $-12,781 |
| 7 years | $-11,099 |
| 9 years | $-9,417 |
| 11 years | $-7,735 |
| 13 years | $-6,053 |
| 15 years | $-4,371 |
| 17 years | $-2,689 |
| 19 years | $-1,007 |
| 21 years | $675 |
| 23 years | $2,357 |
| 25 years | $4,039 |
Top Solar Installers in Milan
When making the switch to solar, many homeowners choose to use a solar installer since putting up solar panels yourself can be a time-consuming project. Solar installers provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Milan
Factors that Affect Solar Panel Costs in Milan
While the average cost of a solar system in Milan is $16,986, your actual cost may be higher or lower than that. There are many factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to consider.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $3,760. There are several different solar panel brands and the one you pick also changes the cost. In many cases, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you’re looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Milan have solar loans, which reduce the initial cost of installing a solar system.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar company you choose to handle your switch to clean energy can play a part in your total costs. There are about 3 solar panel companies in Milan, and each can charge varying amounts for labor and equipment.Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.91 | $16,424 | $1,972 | 22.3 years |
| 8 kW | $3.84 | $21,477 | $3,051 | 21.9 years |
| 10 kW | $3.76 | $26,320 | $4,340 | 21.5 years |
| 12 kW | $3.68 | $30,952 | $5,839 | 21.0 years |
| 14 kW | $3.61 | $35,374 | $7,549 | 20.6 years |
| 16 kW | $3.53 | $39,585 | $9,470 | 20.2 years |
| 18 kW | $3.46 | $43,586 | $11,602 | 19.7 years |
| 20 kW | $3.38 | $47,376 | $13,943 | 19.3 years |
How to Save on Solar Panels
There are numerous companies available in Milan, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Installation Process: When making the switch to solar energy, it’s important to maintain an open line of communication with your solar panel installer. Confirm that you understand how the installation process works and the project timeline.
- Warranty: If you’re worried about the endurance of your solar panels, making sure your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to install your solar system. Another way you can check your installer’s reputation is by reading reviews.
- Contract: When reading over your solar company’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Milan, IL Solar Cost FAQs
What is the average cost of installing solar panels in Milan?
The average cost of solar panels in Milan is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on things 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 Milan?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Do solar panels increase how much your home is worth?
Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and how much 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 install between 20 and 35 panels to account for 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.