Solar Panel Cost Guide in Milton, IL (2023 Update)
- Milton Solar Installation Cost: $12,479
- 25-Year Savings: $10,543
- Payback Period: 13.6 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Milton
Let's have a look at the average cost of solar in Milton.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Milton, the typical cost of a solar system is 2.73 per watt. Since a 6.5-kW system is needed to cover the energy usage of a typical home in Milton, the average price of going solar will be about $12,479 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average Milton homeowner. 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. With average savings of about $13,000 on energy bills over 20 years, many homeowners in Milton find investing in solar can pay off big.
You can click the button below to get connected with a top solar company in Milton for a quote for your home.
Solar savings over time in Milton
| Year | Return on Investment |
|---|---|
| 1 years | $-11,558 |
| 3 years | $-9,716 |
| 5 years | $-7,875 |
| 7 years | $-6,033 |
| 9 years | $-4,191 |
| 11 years | $-2,349 |
| 13 years | $-508 |
| 15 years | $1,334 |
| 17 years | $3,176 |
| 19 years | $5,018 |
| 21 years | $6,859 |
| 23 years | $8,701 |
| 25 years | $10,543 |
Top Solar Installers in Milton
Although you can install solar panels yourself, it takes extra energy and know-how. Because of that, most homeowners choose to go with a solar panel installer. Also, companies with a good reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Milton
Factors that Affect Solar Panel Costs in Milton
Even though the average cost of a solar system in Milton is $12,479, your final cost may be above or below the average. There are several factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,730. The model of solar panels and equipment you choose is another factor that will largely affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Furthermore, solar equipment is more than just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Milton to be too steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also lead to higher prices over time because of interest. However, the interest on solar loans also adds to your overall costs, so it's important to consider that as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
Finally, the company you hire to install your solar panels can influence how much it costs. Milton's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle 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 | $2.84 | $11,925 | $9,217 | 14.1 years |
| 8 kW | $2.78 | $15,594 | $12,595 | 13.8 years |
| 10 kW | $2.73 | $19,110 | $16,126 | 13.6 years |
| 12 kW | $2.68 | $22,473 | $19,810 | 13.3 years |
| 14 kW | $2.62 | $25,684 | $23,646 | 13.0 years |
| 16 kW | $2.57 | $28,741 | $27,636 | 12.7 years |
| 18 kW | $2.51 | $31,646 | $31,778 | 12.5 years |
| 20 kW | $2.46 | $34,398 | $36,073 | 12.2 years |
How to Save on Solar Panels
There are a large number of companies to choose from in Milton, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Contract: Before you sign a contract with a solar installer, make sure you read it through fully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Solar Panel Brands: Different companies offer various brands and models of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Milton, IL Solar Cost FAQs
What is the average cost of installing solar panels in Milton?
The average cost of solar panels in Milton 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 certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
Cost is a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
How will solar panels impact my property value?
Solar panels can increase the value of your home significantly 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 often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can 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.