Solar Panel Cost Guide in Madison, IN (2024 Update)
- Madison Solar Installation Cost: $24,796
- 25-Year Savings: $24,663
- Payback Period: 15.2 Years
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Average Cost of Solar Panels in Madison
Here’s how much it might cost to switch to solar power in Madison.
The national average cost of solar panels is $2.66 per watt, but in Madison it’s 4 per watt.Because a 8.6-kW system is needed to cover the energy needs of a typical home in Madison, the average price of going solar will be about $24,796 after claiming the federal solar tax credit of 0.
These figures are just averages, and your own solar costs will most likely look different based on the amount of energy your home requires and what company you go with.With typical savings of about $18,000 on electricity bills over 20 years, many homeowners in Madison find going solar can be quite rewarding.
To get a free quote from a highly rated solar installer in Madison, you can click the button below.
Solar savings over time in Madison
| Year | Return on Investment |
|---|---|
| 1 years | $-23,471 |
| 3 years | $-20,819 |
| 5 years | $-18,168 |
| 7 years | $-15,517 |
| 9 years | $-12,866 |
| 11 years | $-10,215 |
| 13 years | $-7,563 |
| 15 years | $-4,912 |
| 17 years | $-2,261 |
| 19 years | $390 |
| 21 years | $3,042 |
| 23 years | $5,693 |
| 25 years | $8,344 |
Top Solar Installers in Madison
DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Using a solar company can make switching to solar power much easier. 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 reducing potential costs down the line.
If you’d like to make the switch to solar but still aren’t certain which solar system company to go with, here are our suggestions for providers in Madison:
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 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 Madison
Factors that Affect Solar Panel Costs in Madison
For many Madison homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Madison, 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
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it’s important to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use.The kind of solar panels and equipment you want is another factor that will greatly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Furthermore, solar equipment consists of more than just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that’s in your budget.
Solar Financing Terms
Most solar companies in Madison have solar loans, which reduce the initial cost of installing solar.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you opt for to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Madison, and each can charge varying amounts for labor and equipment.Additionally, some companies in Madison are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, 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 | $4.26 | $17,909 | $10,474 | 15.8 years |
| 8 kW | $4.18 | $23,419 | $14,425 | 15.5 years |
| 10 kW | $4.10 | $28,700 | $18,605 | 15.2 years |
| 12 kW | $4.02 | $33,751 | $23,015 | 14.9 years |
| 14 kW | $3.94 | $38,573 | $27,654 | 14.6 years |
| 16 kW | $3.85 | $43,165 | $32,524 | 14.3 years |
| 18 kW | $3.77 | $47,527 | $37,622 | 14.0 years |
| 20 kW | $3.69 | $51,660 | $42,950 | 13.7 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Contract: When reading over your solar company’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Warranty: If you’re worried about the endurance of your solar energy system, checking if your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you choose.
- Reputation: Long-standing companies likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
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 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 Madison, IN Solar Cost FAQs
What is the average cost of installing solar panels in Madison?
This is a tough question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $20,500 for a 5-kW system and $41,000 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Madison?
Leasing solar panels can be an attractive choice, as it typically comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
How will having solar panels impact my property value?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How long do solar panels last in Madison?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount 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.