Solar Panel Cost Guide in Milford, NH (2023 Update)
- Milford Solar Installation Cost: $10,086
- 25-Year Savings: $14,914
- Payback Period: 10.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Milford
Find out what the average cost of installing solar panels is in Milford.
In Milford, solar panels cost about 2.91 per watt on average. The average Milford homeowner needs a 5.0-kilowatt system, which would cost about $10,083 with the federal tax credit, or $14,419 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy needs, the type of equipment you choose, your solar contractor and more. Even with the significant initial cost, the average Milford homeowner can save around $19,000 on their power bills over 20 years, which is one of the benefits of solar.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Milford
| Year | Return on Investment |
|---|---|
| 1 years | $-10,003 |
| 3 years | $-9,836 |
| 5 years | $-9,670 |
| 7 years | $-9,503 |
| 9 years | $-9,336 |
| 11 years | $-9,170 |
| 13 years | $-9,003 |
| 15 years | $-8,836 |
| 17 years | $-8,670 |
| 19 years | $-8,503 |
| 21 years | $-8,336 |
| 23 years | $-8,170 |
| 25 years | $-8,003 |
Top Solar Installers in Milford
Installing solar panels on your own can be a difficult task, which is why getting a solar installation company is a good option for many homeowners. Plus, if you aren't sure what kind 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 vetted 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
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 the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The size of the solar energy system you need for your home, 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 about $2,910. There are several different solar panel brands and the one you choose also changes the cost. Typically, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many Milford homeowners opt to finance their solar panel systems to make going solar more affordable. Even though solar loans make switching to solar energy more accessible for Milford homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar panel installation company you choose will impact your total cost to make the switch to solar energy. Different companies will bill different amounts for the equipment and labor. Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra 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 | $3.03 | $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.