Solar Panel Cost Guide in Milford Mill, MD (2024 Update)
- Milford Mill Solar Installation Cost: $13,849
- 25-Year Savings: $10,057
- Payback Period: 16.6 Years
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Average Cost of Solar Panels in Milford Mill
Let’s have a look at the average cost of solar in Milford Mill.
In Milford Mill, solar panels cost about 4 per watt on average.The average Milford Mill homeowner needs a 5.6-kilowatt system, which would cost about $13,849 with the federal tax credit, or $19,804 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of going solar can vary based on multiple factors, such as how many panels you need, your energy consumption and what solar installer you go with.Despite the high initial cost, the average Milford Mill homeowner can save about $14,000 on their power bills over 20 years, which is one of the positives of solar.
You can click the button below to get connected with a top solar installer in Milford Mill that can help you get a more accurate cost estimate for your home.
Solar savings over time in Milford Mill
| Year | Return on Investment |
|---|---|
| 1 years | $-12,435 |
| 3 years | $-9,606 |
| 5 years | $-6,777 |
| 7 years | $-3,949 |
| 9 years | $-1,120 |
| 11 years | $1,709 |
| 13 years | $4,538 |
| 15 years | $7,366 |
| 17 years | $10,195 |
| 19 years | $13,024 |
| 21 years | $15,853 |
| 23 years | $18,681 |
| 25 years | $21,510 |
Top Solar Installers in Milford Mill
When switching to solar energy, many homeowners choose to hire a solar installation company since installing a solar system yourself can be a difficult project. Some solar companies, particularly local ones, can help you make the most of incentives in Milford Mill, therefore optimizing your ROI.
Working with a licensed solar installer can help you make the most of your investment in solar. Here are our recommendations:
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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 Mill
Factors that Affect Solar Panel Costs in Milford Mill
For many Milford Mill homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Milford Mill, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay about $3,540 per kilowatt in Milford Mill.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Milford Mill, 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 more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar installers in Milford Mill offer solar loans, which reduce the initial cost of installing a solar system.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installation company you choose will impact your total cost to go solar. Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Milford Mill know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 | $3.68 | $15,463 | $6,968 | 17.2 years |
| 8 kW | $3.61 | $20,220 | $9,687 | 16.9 years |
| 10 kW | $3.54 | $24,780 | $12,605 | 16.6 years |
| 12 kW | $3.47 | $29,141 | $15,720 | 16.2 years |
| 14 kW | $3.40 | $33,304 | $19,034 | 15.9 years |
| 16 kW | $3.33 | $37,269 | $22,546 | 15.6 years |
| 18 kW | $3.26 | $41,036 | $26,257 | 15.2 years |
| 20 kW | $3.19 | $44,604 | $30,165 | 14.9 years |
How to Save on Solar Panels
The company that does your solar system 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 a challenge, we have some tips to help you, such as:
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should secure and what the project timeline is.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you go with.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to do the job well. Another way you can verify your installer’s reputation is by reading reviews.
- Warranty: Warranties that provide coverage for defective panels and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one mark of a quality company.
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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 Mill, MD Solar Cost FAQs
What is the average cost of installing solar panels in Milford Mill?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $17,700 for a 5-kW system and $35,400 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 usage. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to consider when buying solar panels?
Cost is a very important factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Do solar panels increase the value of your home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Milford Mill is currently $339,634, so you can look forward to a value of about $13,925 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Milford Mill is a worthwhile investment.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and how much 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 install between 20 and 35 panels to account for 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.