Solar Panel Cost Guide in Milford, OH (2024 Update)
- Milford Solar Installation Cost: $17,611
- 25-Year Savings: $10,968
- Payback Period: 18.2 Years
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Average Cost of Solar Panels in Milford
We break down average solar pricing in Milford.
The national average cost of solar panels is $2.66 per watt, but in Milford it’s 3 per watt.The average Milford homeowner needs a 7.4-kilowatt system, which would cost about $17,611 with the federal tax credit, or $25,184 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of going solar can vary based on multiple factors, such as how many panels you need, your energy consumption and what installation company you go with.Despite the significant initial cost, the average Milford homeowner can save around $12,000 on their energy bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a top solar panel company in Milford for a custom estimate.
Solar savings over time in Milford
| Year | Return on Investment |
|---|---|
| 1 years | $-16,446 |
| 3 years | $-14,116 |
| 5 years | $-11,786 |
| 7 years | $-9,456 |
| 9 years | $-7,126 |
| 11 years | $-4,796 |
| 13 years | $-2,466 |
| 15 years | $-136 |
| 17 years | $2,194 |
| 19 years | $4,524 |
| 21 years | $6,854 |
| 23 years | $9,184 |
| 25 years | $11,514 |
Top Solar Installers in Milford
When making the switch to solar, many homeowners choose to use a solar company since DIY solar panel installation can be a challenging project. Plus, if you aren’t sure what type of solar panels and equipment you need, a solar company can help you find the right equipment for you after a site survey and consultation.
If you're looking for a solar installer in Milford, we've compiled a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Milford
Factors that Affect Solar Panel Costs in Milford
There are a number of factors that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
When it comes to estimating the cost of solar panels in Milford, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can figure out by looking at past electricity bills. Your total cost can increase by around $3,410 for each additional kilowatt you need.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Milford, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. 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 big investment. That’s why many Milford homeowners choose to finance their solar panel systems to make going solar more affordable.However, the interest on solar loans also increases your all-in costs, so it’s important to take that into consideration 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
A final factor to consider when trying to evaluate 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 install new cabinets, for instance, there’s no shortage of solar installers that provide a range of services for different budgets.Additionally, some companies in Milford have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. 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 | $3.55 | $14,895 | $4,777 | 18.9 years |
| 8 kW | $3.48 | $19,478 | $6,751 | 18.6 years |
| 10 kW | $3.41 | $23,870 | $8,916 | 18.2 years |
| 12 kW | $3.34 | $28,071 | $11,272 | 17.8 years |
| 14 kW | $3.27 | $32,081 | $13,819 | 17.5 years |
| 16 kW | $3.21 | $35,900 | $16,557 | 17.1 years |
| 18 kW | $3.14 | $39,529 | $19,486 | 16.7 years |
| 20 kW | $3.07 | $42,966 | $22,606 | 16.4 years |
How to Save on Solar Panels
The company that does your solar panel 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 difficult, we have some tips to help you, such as:
- Reputation: Long-running companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project completion timeline.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you go with.
- Contract: Before signing a contract with a solar company, make sure you look it over fully so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Milford, OH Solar Cost FAQs
How much does it cost to install solar panels in Milford?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $17,050 for a 5-kW system and $34,100 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Milford?
Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The downside 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
How will having solar panels impact the value of my home?
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 Milford is currently $298,696, so you could be looking at a value of about $12,247 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Milford is a worthwhile investment.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.