Solar Panel Cost Guide in Madison, ME (2024 Update)
- Madison Solar Installation Cost: $15,117
- 25-Year Savings: $13,923
- Payback Period: 15.0 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 5.7-kW system is needed to cover the energy usage of a typical home in Madison, the average price of going solar will be about $15,117 after claiming the federal solar tax credit of 0.
Bear in mind that the figures above are only estimates based on the average Madison homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.With average savings of about $17,000 on electricity bills over 20 years, many homeowners in Madison find going solar has a decent ROI.
You can click the button below to get connected with a vetted solar company in Madison for a quote for your home.
Solar savings over time in Madison
| Year | Return on Investment |
|---|---|
| 1 years | $-13,979 |
| 3 years | $-11,702 |
| 5 years | $-9,426 |
| 7 years | $-7,149 |
| 9 years | $-4,873 |
| 11 years | $-2,596 |
| 13 years | $-320 |
| 15 years | $1,957 |
| 17 years | $4,233 |
| 19 years | $6,510 |
| 21 years | $8,786 |
| 23 years | $11,063 |
| 25 years | $13,339 |
Top Solar Installers in Madison
Many homeowners decide to use a solar installation company since figuring out how to install solar panels on your own can be time-consuming. Another upside of going with a solar installer is that they can help you optimize your investment by bringing down your future costs of repairs and replacements due to warranties and helping you learn about local incentives you can take advantage of.
If you're on the hunt for a solar company in Madison, we've organized a list of our top suggestions here:
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 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
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that affect your total cost in Madison: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $3,800. The model of solar panels and equipment you want is another factor that will significantly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That’s why many Madison homeowners opt to finance their solar panel systems to offset upfront costs.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 more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Madison is the company you hire to install your solar system. Similar to choosing a company to install new cabinets, for example, there are plenty of solar installers that provide a range of services for different budgets.Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.95 | $16,598 | $9,987 | 15.6 years |
| 8 kW | $3.88 | $21,706 | $13,741 | 15.3 years |
| 10 kW | $3.80 | $26,600 | $17,709 | 15.0 years |
| 12 kW | $3.72 | $31,282 | $21,889 | 14.7 years |
| 14 kW | $3.65 | $35,750 | $26,282 | 14.4 years |
| 16 kW | $3.57 | $40,006 | $30,887 | 14.1 years |
| 18 kW | $3.50 | $44,050 | $35,706 | 13.8 years |
| 20 kW | $3.42 | $47,880 | $40,737 | 13.5 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 find the right company for you, here are some tips to keep in mind:
- Warranty: Warranties that cover replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a good company.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Contract: When looking over your solar installer’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be done and how long it will take.
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 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, ME Solar Cost FAQs
How much does it cost to install solar panels in Madison?
The average cost of solar panels in Madison is about $19,000 for a 5-kW system and $38,000 for a 10-kW system before the ITC, but the actual cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Madison?
Leasing solar panels can be an attractive choice, as it usually comes with low or $0 upfront payments. The drawback 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Can solar panels completely eradicate my energy bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Madison, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.