Solar Panel Cost Guide in Milford, NH (2023 Update)
- Milford Solar Installation Cost: $10,083
- 25-Year Savings: $14,917
- Payback Period: 10.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Milford
Find out how much it might cost to go solar in Milford.
The average cost of solar panels in Milford is 2.91 per watt. Using this figure, a typical 5.0-kW system would cost about $10,083 before the 30% federal solar tax credit is applied.
These figures are only estimates, and how much solar costs for you may look different based on your energy needs and what company you choose to go with. Despite the large initial cost, the average Milford homeowner can save about $19,000 on their energy bills over 20 years, which is one of the advantages of solar.
You can click the button below to get connected with a top solar company in Milford for a quote for your home.
Solar savings over time in Milford
| Year | Return on Investment |
|---|---|
| 1 years | $-9,083 |
| 3 years | $-7,083 |
| 5 years | $-5,083 |
| 7 years | $-3,083 |
| 9 years | $-1,083 |
| 11 years | $917 |
| 13 years | $2,917 |
| 15 years | $4,917 |
| 17 years | $6,917 |
| 19 years | $8,917 |
| 21 years | $10,917 |
| 23 years | $12,917 |
| 25 years | $14,917 |
Top Solar Installers in Milford
When going solar, many homeowners choose to hire a solar installation company since overseeing your solar installation yourself can be a time-consuming project. Plus, if you're unsure what type of solar panels and equipment you may need, a solar company can help you figure that out after a site survey and consultation.
Working with a professional solar company can make going solar easier. Here are our recommendations:
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
For many Milford homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Milford, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different 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 require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,910. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Milford, where sunlight isn't as abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Milford homeowners opt to finance their solar panel systems to make paying for solar more affordable. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Milford is the company you hire to install your solar panel system. As with choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that offer a range of services at different costs. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.03 | $12,711 | $17,583 | 10.5 years |
| 8 kW | $2.97 | $16,622 | $23,770 | 10.3 years |
| 10 kW | $2.91 | $20,370 | $30,120 | 10.1 years |
| 12 kW | $2.85 | $23,955 | $36,632 | 9.9 years |
| 14 kW | $2.79 | $27,377 | $43,308 | 9.7 years |
| 16 kW | $2.74 | $30,636 | $50,147 | 9.5 years |
| 18 kW | $2.68 | $33,733 | $57,148 | 9.3 years |
| 20 kW | $2.62 | $36,666 | $64,313 | 9.1 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can verify your installer's reputation is by reading reviews.
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
- Solar Panel Brands: The type of solar panel you need to get plays a role in which installer you should opt for, since different companies offer different panels.
- Contract: Review the contract terms carefully to make sure you understand the cost breakdown, project timeline incentives and warranties.
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, NH Solar Cost FAQs
What is the average cost of installing solar panels in Milford?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $14,550 for a 5-kW system and $29,100 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Milford?
Leasing solar panels can be an attractive choice, as it usually comes with low or $0 upfront payments. The drawback 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Does Milford have a net metering program?
The majority of states have net metering programs of some kind. Through these, you can either be compensated for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
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 amount 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.