Solar Panel Cost Guide in Milan, OH (Mar 2023)
- Milan Solar Installation Cost: $12,454
- 25-Year Savings: $15,168
- Payback Period: 11.3 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated March 14, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Milan
Find out what the average cost of solar panels are in Milan.
The average cost of a solar panel system in Milan is 2.56 per watt. Because a 7.0-kW system is needed to cover the energy costs of a typical home in Milan, the average price of going solar will be about $12,454 after claiming the federal solar tax credit of 30%.
These figures are only estimates, and the cost of going solar for you will look different based on factors unique to your home and what company you go with. But, after you've paid the upfront cost of installation, the ROI for most homeowners is usually good, with a net average savings of about $15,000 over 20 years on electricity bills.
To receive a free quote from a top solar installer in Milan, you can click the button below.
Solar savings over time in Milan
| Year | Return on Investment |
|---|---|
| 1 years | $-11,350 |
| 3 years | $-9,140 |
| 5 years | $-6,930 |
| 7 years | $-4,720 |
| 9 years | $-2,510 |
| 11 years | $-300 |
| 13 years | $1,909 |
| 15 years | $4,119 |
| 17 years | $6,329 |
| 19 years | $8,539 |
| 21 years | $10,749 |
| 23 years | $12,958 |
| 25 years | $15,168 |
Top Solar Installers in Milan
Although it's possible to install solar panels yourself, it takes extra energy and knowledge. That's why most homeowners choose a solar panel installer. Local solar installation companies can also help you maximize your return on investment by walking you through any local incentives and by providing warranties and repairs.
Working with a vetted solar company can help you make the most of your investment in solar. Here are our recommendations:
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 Milan
Factors that Affect Solar Panel Costs in Milan
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that determine your overall cost in Milan: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. For that reason, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Milan, where sunlight is relatively 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
If paying for solar panels in cash is too expensive, solar loans are a solid route because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installation company you choose will impact your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. Additionally, some companies in Milan have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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 | $2.66 | $11,182 | $12,657 | 11.7 years |
| 8 kW | $2.61 | $14,623 | $17,163 | 11.5 years |
| 10 kW | $2.56 | $17,920 | $21,812 | 11.3 years |
| 12 kW | $2.51 | $21,074 | $26,604 | 11.1 years |
| 14 kW | $2.46 | $24,084 | $31,540 | 10.8 years |
| 16 kW | $2.41 | $26,952 | $36,619 | 10.6 years |
| 18 kW | $2.36 | $29,676 | $41,841 | 10.4 years |
| 20 kW | $2.30 | $32,256 | $47,207 | 10.1 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. Because picking a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Review the contract terms closely to make sure you understand the cost breakdown, completion timeline incentives and warranties.
- Reputation: Companies that have been operating for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Milan, OH Solar Cost FAQs
What is the average cost of installing solar panels in Milan?
The average cost of solar panels in Milan is about $12,800 for a 5-kW system and $25,600 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to 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 can't take advantage of 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?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Milan is currently $130,340, which means you can look forward to a value of about $5,344 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Milan is a fruitful investment.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.