Solar Panel Cost Guide in Madison, MS (2024 Update)
- Madison Solar Installation Cost: $18,350
- 25-Year Savings: $18,927
- Payback Period: 13.4 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 average cost of solar panels in Madison is 3 per watt.Because a 8.3-kW system is needed to cover the energy consumption of a typical home in Madison, the average price of going solar will be about $18,350 after claiming the federal solar tax credit of 0.
The actual price you pay can go above or below the average in Madison based on a variety of factors, such as the kind of solar panels you choose and the solar contractor you hire.With typical savings of about $16,000 on utility bills over 20 years, many homeowners in Madison find going solar has a decent ROI.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Madison
| Year | Return on Investment |
|---|---|
| 1 years | $-16,982 |
| 3 years | $-14,248 |
| 5 years | $-11,513 |
| 7 years | $-8,778 |
| 9 years | $-6,043 |
| 11 years | $-3,308 |
| 13 years | $-573 |
| 15 years | $2,162 |
| 17 years | $4,897 |
| 19 years | $7,632 |
| 21 years | $10,366 |
| 23 years | $13,101 |
| 25 years | $15,836 |
Top Solar Installers in Madison
Installing solar panels by yourself can be a difficult undertaking, which is why hiring a solar installer is a good option for many homeowners. A solar installer can also help save you money over time by providing warranties, repairs and part replacements.
If you're looking for a solar installer 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
The cost of installing a solar system in Madison can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Madison, 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 determine by looking at past electricity bills. Your overall cost can increase by about $3,140 for each additional kilowatt you need.Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Madison, where sunlight is abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Madison to be too steep, even if the investment pays off over time. Thankfully, nearly every solar company in the area offers financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest.Though solar loans make adopting solar energy more accessible for Madison homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you choose to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies in Madison, and each can charge varying amounts for labor and equipment.Larger national companies usually have lower costs, but some local companies undercut them by offering 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 | $3.27 | $13,716 | $10,975 | 13.9 years |
| 8 kW | $3.20 | $17,936 | $14,985 | 13.6 years |
| 10 kW | $3.14 | $21,980 | $19,171 | 13.4 years |
| 12 kW | $3.08 | $25,848 | $23,533 | 13.1 years |
| 14 kW | $3.01 | $29,541 | $28,070 | 12.8 years |
| 16 kW | $2.95 | $33,058 | $32,783 | 12.6 years |
| 18 kW | $2.89 | $36,399 | $37,673 | 12.3 years |
| 20 kW | $2.83 | $39,564 | $42,738 | 12.0 years |
How to Save on Solar Panels
There are a lot of companies available in Madison, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Solar Panel Brands: Different companies will offer various brands and models of panels. If you want a specific brand, make sure the solar panel company you’re considering has it.
- Contract: When reading through your solar installer’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 part breaking or the company going out of business.
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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, MS Solar Cost FAQs
What is the average cost of installing solar panels in Madison?
This is a difficult question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $15,700 for a 5-kW system and $31,400 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Madison?
Solar panels aren’t free in Madison, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Does Madison have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future electricity bills.
What solar power system size is right for 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 generally 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.