Solar Panel Cost Guide in Milford, MA (2023 Update)
- Milford Solar Installation Cost: $9,220
- 25-Year Savings: $16,794
- Payback Period: 8.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Milford
We break down average solar pricing in Milford.
In Milford, solar panels cost about 2.94 per watt on average. Since a 4.5-kW system is needed to cover the energy usage of a typical home in Milford, the average price of going solar will be about $9,220 after claiming the federal solar tax credit of 30%.
How much you pay can be higher or lower than the average in Milford depending on several factors, such as the model of solar panels you choose and the solar installer you hire. But, after you've paid the upfront cost of installation, the ROI for most homeowners is usually fruitful, with a net average savings of about $22,000 over 20 years on utility bills.
Click the button below to get connected to a top solar company in Milford for a customized quote.
Solar savings over time in Milford
| Year | Return on Investment |
|---|---|
| 1 years | $-8,179 |
| 3 years | $-6,098 |
| 5 years | $-4,017 |
| 7 years | $-1,936 |
| 9 years | $145 |
| 11 years | $2,226 |
| 13 years | $4,307 |
| 15 years | $6,388 |
| 17 years | $8,470 |
| 19 years | $10,551 |
| 21 years | $12,632 |
| 23 years | $14,713 |
| 25 years | $16,794 |
Top Solar Installers in Milford
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Hiring an installer can make swapping over to solar power much easier. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and system component replacements.
If you'd like to switch to solar energy but still aren't certain which solar panel installer to go with, here are our suggestions for providers nearby:
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 biggest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. Because of that, it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. The type of solar panels and equipment you want is another factor that will significantly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are provided by most installers in Milford, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible. Even though solar loans make going solar more accessible for Milford homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Milford is the company you get to install your solar system. Similar to choosing a company to build a deck or pool, for instance, there's no shortage of solar installers that offer a range of services for different budgets. Additionally, some companies in Milford know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.06 | $12,842 | $22,015 | 9.2 years |
| 8 kW | $3.00 | $16,793 | $29,682 | 9.0 years |
| 10 kW | $2.94 | $20,580 | $37,515 | 8.9 years |
| 12 kW | $2.88 | $24,202 | $45,511 | 8.7 years |
| 14 kW | $2.82 | $27,660 | $53,673 | 8.5 years |
| 16 kW | $2.76 | $30,952 | $61,999 | 8.3 years |
| 18 kW | $2.70 | $34,080 | $70,490 | 8.1 years |
| 20 kW | $2.65 | $37,044 | $79,145 | 8.0 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Even though there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of offerings before deciding.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to install your solar system. Another way you can research your installer's reputation is by reading reviews.
- Contract: Read the contract terms carefully to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
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, MA Solar Cost FAQs
What is the average cost of installing solar panels in Milford?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $14,700 for a 5-kW system and $29,400 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels significantly reduce my energy bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Milford, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Milford?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.