Solar Panel Cost Guide in Milford, OH (2023 Update)
- Milford Solar Installation Cost: $13,221
- 25-Year Savings: $10,968
- Payback Period: 13.7 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Milford
Let's take a look at the average cost of solar in Milford.
The national average cost of solar panels is $2.66 per watt, but in Milford it's 2.56 per watt. Since a 7.4-kW system is needed to cover the energy costs of a typical home in Milford, the average price of going solar will be about $13,225 after claiming the federal solar tax credit of 30%.
These figures are only estimates, and your own solar costs will differ based on your specific situation and what company you want to go with. But, after you've paid the initial cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $12,000 over 20 years on utility bills.
You can click the button below to get connected with a top solar installer in Milford that can help you get a more accurate cost estimate for your home.
Solar savings over time in Milford
| Year | Return on Investment |
|---|---|
| 1 years | $-13,140 |
| 3 years | $-12,979 |
| 5 years | $-12,818 |
| 7 years | $-12,656 |
| 9 years | $-12,495 |
| 11 years | $-12,334 |
| 13 years | $-12,173 |
| 15 years | $-12,011 |
| 17 years | $-11,850 |
| 19 years | $-11,689 |
| 21 years | $-11,528 |
| 23 years | $-11,366 |
| 25 years | $-11,205 |
Top Solar Installers in Milford
Although it's possible to install solar panels on your own, it requires extra energy and know-how. Because of that, almost all homeowners choose to go with a solar panel installer. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and system component replacements.
If you'd like to go solar but still aren't sure which solar system company to go with, here are our recommendations for providers in Milford:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 $13,225, your actual cost may differ. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The size of the solar system you need to offset your energy usage, 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 around $2,560. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your energy bills. Additionally, extra products, like solar batteries, can bring your total well above the Milford average.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That's why many Milford homeowners choose to finance their solar panel systems to offset upfront costs. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The solar company you hire to handle your switch to clean energy can play a part in your total costs. There are about 3 solar installation companies operating in Milford, and each can charge varying amounts for labor and equipment. Additionally, some companies in Milford have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $8,490 | 14.2 years |
| 8 kW | $2.61 | $14,623 | $11,606 | 13.9 years |
| 10 kW | $2.56 | $17,920 | $14,866 | 13.7 years |
| 12 kW | $2.51 | $21,074 | $18,269 | 13.4 years |
| 14 kW | $2.46 | $24,084 | $21,816 | 13.1 years |
| 16 kW | $2.41 | $26,952 | $25,506 | 12.8 years |
| 18 kW | $2.36 | $29,676 | $29,339 | 12.6 years |
| 20 kW | $2.30 | $32,256 | $33,316 | 12.3 years |
How to Save on Solar Panels
There are many companies available in Milford, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Contract: Before signing a contract with a solar company, be sure to read it through fully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Although there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of options before making your decision.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can research your installer's reputation is by reading reviews.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Milford, OH Solar Cost FAQs
How much does it cost to install solar panels in Milford?
This is a difficult question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $12,800 for a 5-kW system and $25,600 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Milford?
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 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 bang for your buck from going solar.
Can you sell solar power back to the grid in Milford?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future power bills.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses 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 home 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.