Solar Panel Cost Guide in Mill, OH (2024 Update)
- Mill Solar Installation Cost: $18,460
- 25-Year Savings: $19,115
- Payback Period: 14.0 Years
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Average Cost of Solar Panels in Mill
Find out what the average cost of solar panel installation is in Mill.
The national average cost of solar panels is $2.66 per watt, but in Mill it’s 3 per watt.Because a 7.7-kW system is needed to cover the energy consumption of a typical home in Mill, the average price of going solar will be about $18,460 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The true cost of installing solar panels can vary based on a few factors, such as how many panels you need, your energy consumption and what solar installer you go with.But, once you've paid the upfront cost of installation, the savings for most homeowners is typically fruitful, with a net average savings of about $16,000 over 20 years on power bills.
To get a free quote from a top solar installer in Mill, you can click the button below.
Solar savings over time in Mill
| Year | Return on Investment |
|---|---|
| 1 years | $-17,128 |
| 3 years | $-14,464 |
| 5 years | $-11,800 |
| 7 years | $-9,136 |
| 9 years | $-6,472 |
| 11 years | $-3,808 |
| 13 years | $-1,144 |
| 15 years | $1,520 |
| 17 years | $4,184 |
| 19 years | $6,848 |
| 21 years | $9,512 |
| 23 years | $12,176 |
| 25 years | $14,840 |
Top Solar Installers in Mill
Installing solar panels by yourself can be a difficult project, which is why getting a solar installation company is a good option for many homeowners. The payback period on a solar system will vary depending on factors like your location and energy needs, but working with a solar installer can shorten that period. Your provider will be able to help you get the most out of incentives available in your area.
Working with a licensed solar installer 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 Mill
Factors that Affect Solar Panel Costs in Mill
For many Mill homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Mill, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,410.The type of solar equipment you choose can increase or decrease your cost 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, such as solar batteries, can bring your total well above the Mill average.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are a popular option because they reduce your upfront costs and allow you to pay for your system over five to seven years on average.You’ll have to consider the long-term cost of financing options, including the total 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 more than the original cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panels can play a part in determining how much you pay. Mill’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Mill are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, 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 | $10,687 | 14.6 years |
| 8 kW | $3.48 | $19,478 | $14,631 | 14.3 years |
| 10 kW | $3.41 | $23,870 | $18,767 | 14.0 years |
| 12 kW | $3.34 | $28,071 | $23,093 | 13.7 years |
| 14 kW | $3.27 | $32,081 | $27,610 | 13.4 years |
| 16 kW | $3.21 | $35,900 | $32,318 | 13.2 years |
| 18 kW | $3.14 | $39,529 | $37,217 | 12.9 years |
| 20 kW | $3.07 | $42,966 | $42,307 | 12.6 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 picking a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Although there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of options before deciding.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely offer quality solar panel installation and expertise.
- Warranty: Warranties that cover panel repairs and maintenance over around 25 years are the gold standard in the business, and offering that kind of warranty is one mark of a quality company.
- Contract: It’s important to read through your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
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 Mill, OH Solar Cost FAQs
What is the average cost of installing solar panels in Mill?
The average cost of solar panels in Mill is about $17,050 for a 5-kW system and $34,100 for a 10-kW system before the ITC, but the actual cost will depend on things such as the type 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 Mill?
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 savings from going solar.
Is it worth going solar in Mill?
Solar panels can be a beneficial investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already pretty low, solar panels might not be for you.
How long do solar panels last in Mill?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.