Solar Panel Cost Guide in Milton, IL (2024 Update)
- Milton Solar Installation Cost: $17,196
- 25-Year Savings: $10,536
- Payback Period: 18.7 Years
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Average Cost of Solar Panels in Milton
We go over average solar pricing in Milton.
While the national average of solar panels is $2.66 per watt, solar panels in Milton generally cost around 4.The average solar panel system size in Milton is around 6.5 kilowatts, meaning a cost of about $17,196 for a solar installation, or $24,590 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Milton homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.For most homeowners, the upfront investment in solar panels is worth paying. On average Milton homeowners see about $13,000 in savings on utility bills over 20 years.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Milton
| Year | Return on Investment |
|---|---|
| 1 years | $-16,040 |
| 3 years | $-13,728 |
| 5 years | $-11,415 |
| 7 years | $-9,103 |
| 9 years | $-6,791 |
| 11 years | $-4,478 |
| 13 years | $-2,166 |
| 15 years | $146 |
| 17 years | $2,459 |
| 19 years | $4,771 |
| 21 years | $7,083 |
| 23 years | $9,396 |
| 25 years | $11,708 |
Top Solar Installers in Milton
When switching to solar energy, many homeowners choose to go with a solar installation company since installing solar panels yourself can be a time-consuming project. Companies can also have access to various kinds of the best solar panels and help you choose which one will be best for you.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Milton
Factors that Affect Solar Panel Costs in Milton
Even though the average cost of a solar system in Milton is $17,196, your final cost may differ. There are many factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production require 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 $3,760.The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose 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 in the long run on your power bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Milton average.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a solid option because they lower your upfront costs and let you pay for your system over five to seven years on average.However, the interest on solar loans also increases your total costs, so it’s vital to include that in your estimate as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Milton is the company you choose to install your PV system. Similar to choosing a company to build a deck or pool, for instance, there are plenty of solar installers that provide a range of services at different price points.You may see national solar installers that have lower prices due to their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.91 | $16,424 | $4,718 | 19.4 years |
| 8 kW | $3.84 | $21,477 | $6,711 | 19.0 years |
| 10 kW | $3.76 | $26,320 | $8,916 | 18.7 years |
| 12 kW | $3.68 | $30,952 | $11,331 | 18.3 years |
| 14 kW | $3.61 | $35,374 | $13,956 | 17.9 years |
| 16 kW | $3.53 | $39,585 | $16,792 | 17.6 years |
| 18 kW | $3.46 | $43,586 | $19,838 | 17.2 years |
| 20 kW | $3.38 | $47,376 | $23,095 | 16.8 years |
How to Save on Solar Panels
The solar installer you choose will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, such as:
- Contract: Before you sign a contract with a solar installer, make sure to look it over completely so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Even though there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so be sure to peruse their list of offerings before deciding.
- Warranty: Warranties that cover panel repairs and maintenance over around 25 years are the gold standard in the business, and offering such a warranty is one indication of a quality company.
- Installation Process: Make sure you’re on the same page with the installer in regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as updating your electrical system or roof.
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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Milton, IL Solar Cost FAQs
How much does it cost to install solar panels in Milton?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $18,800 for a 5-kW system and $37,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is a key factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Does Milton have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can take a 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 install 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.