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.
In Milford, solar panels cost about 3 per watt on average.Since a 7.4-kW system is needed to cover the energy consumption of a typical home in Milford, the average price of going solar will be about $17,611 after claiming the federal solar tax credit of 0.
These figures are just estimates, and the cost of going solar for you will most likely differ based on the amount of energy your home requires and what company you want to go with.For most homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Milford see about $12,000 in savings on electricity bills over 20 years.
Click the button below to get connected to a vetted solar installer in Milford for a personalized 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
DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Taking advantage of a solar company can make converting to solar power much easier. The expertise that solar installers provide can be valuable as well, particularly if you don’t quite know what type of solar equipment would be right for your home.
Working with a vetted solar company can make going solar easier. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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
Although the average cost of a solar system in Milford is $17,611, your actual cost may be higher or lower than that. There are several factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
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 determine by looking at past power bills. Your total cost can increase by around $3,410 for each additional kilowatt you need.Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Milford, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don’t have a lot of 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
Most solar installers in Milford offer solar loans, which reduce your upfront costs of installing solar.However, the interest on solar loans also adds to your overall costs, so it’s important to consider that as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you choose to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies operating in Milford, and each can charge different amounts for labor and equipment.Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and go with the company that offers the products, warranties and services you want and also fits within your budget.
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 system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be a challenge, we have some tips to help you, such as:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to do the job well. Another way you can look into your installer’s reputation is by reading reviews.
- Installation Process: Make sure you’re on the same page with the company regarding how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Solar Panel Brands: Not all solar companies 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 read it through completely so you understand the terms. Also, ask questions if you’re not certain 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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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, OH Solar Cost FAQs
How much does it cost to install solar panels in Milford?
This is a hard question to answer exactly, 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. You can expect to pay more if you want other 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 want 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 option if you can’t afford to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property 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 savings from going solar.
How will having solar panels impact my property value?
Installing solar panels on 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 can look forward to a value of about $12,247 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Milford is a rewarding investment.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.