Solar Panel Cost Guide in Milan, NM (2024 Update)
- Milan Solar Installation Cost: $15,509
- 25-Year Savings: $26,090
- Payback Period: 10.6 Years
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Average Cost of Solar Panels in Milan
Let’s take a look at the average cost of solar panels in Milan.
In Milan, solar panels cost about 4 per watt on average.Using this figure, a typical 5.6-kW system would cost about $15,509 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Milan homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.But, after you've paid the initial cost of installation, the return on investment for most homeowners is usually good, with a net average savings of about $25,000 over 20 years on electricity bills.
To receive a free quote from a highly rated solar installation company in Milan, you can click the button below.
Solar savings over time in Milan
| Year | Return on Investment |
|---|---|
| 1 years | $-14,443 |
| 3 years | $-12,313 |
| 5 years | $-10,183 |
| 7 years | $-8,052 |
| 9 years | $-5,922 |
| 11 years | $-3,792 |
| 13 years | $-1,661 |
| 15 years | $469 |
| 17 years | $2,599 |
| 19 years | $4,730 |
| 21 years | $6,860 |
| 23 years | $8,990 |
| 25 years | $11,121 |
Top Solar Installers in Milan
Many homeowners choose to hire a solar panel installer since installing solar panels by yourself can be a lot of work. Because solar panels are exposed to the elements every day, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
If you’d like to go solar but still aren’t sure which solar company to go with, here are our suggestions for providers near you:
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 Milan
Factors that Affect Solar Panel Costs in Milan
The cost of installing a solar system in Milan can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the price of solar panels in Milan, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can gauge by looking at past energy bills. Your overall cost can increase by about $3,930 for each additional kilowatt you need.The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar installers in Milan have solar loans, which reduce the initial cost of installing a solar system.However, the interest on solar loans also adds to your all-in costs, so it’s crucial to keep that in mind as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar company you go with to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies in Milan, and each can charge varying amounts for labor and equipment.You may see national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.09 | $17,166 | $21,857 | 11.0 years |
| 8 kW | $4.01 | $22,448 | $29,583 | 10.8 years |
| 10 kW | $3.93 | $27,510 | $37,529 | 10.6 years |
| 12 kW | $3.85 | $32,352 | $45,696 | 10.4 years |
| 14 kW | $3.77 | $36,973 | $54,082 | 10.2 years |
| 16 kW | $3.69 | $41,375 | $62,688 | 9.9 years |
| 18 kW | $3.62 | $45,557 | $71,514 | 9.7 years |
| 20 kW | $3.54 | $49,518 | $80,561 | 9.5 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be difficult, we have some tips to help you, such as:
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Though reading through a contract can take a lot of time, it’s important to do it fully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
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 Milan, NM Solar Cost FAQs
How much does it cost to install solar panels in Milan?
The average cost of solar panels in Milan is about $19,650 for a 5-kW system and $39,300 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Milan?
You can’t get solar panels for free in Milan. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
How will having solar panels impact the value of my home?
Solar panels can increase your property’s value significantly as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
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 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 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.