Solar Panel Cost Guide in Madison, OH (2024 Update)
- Madison Solar Installation Cost: $18,014
- 25-Year Savings: $19,520
- Payback Period: 13.6 Years
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Average Cost of Solar Panels in Madison
Let’s have a look at the average cost of solar in Madison.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Madison, the typical cost of a solar system is 3 per watt.To cover the typical energy usage of the average home in Madison, most homeowners require a 7.5-kilowatt system. Using the figure above, a solar installation costs about $18,014, or $25,760 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy use, the type of solar panels you want, your solar contractor and more.Despite the significant initial cost, the average Madison homeowner can save about $17,000 on their energy bills over 20 years, which is one of the positives of solar.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Madison
| Year | Return on Investment |
|---|---|
| 1 years | $-16,756 |
| 3 years | $-14,239 |
| 5 years | $-11,723 |
| 7 years | $-9,206 |
| 9 years | $-6,690 |
| 11 years | $-4,173 |
| 13 years | $-1,657 |
| 15 years | $860 |
| 17 years | $3,376 |
| 19 years | $5,893 |
| 21 years | $8,409 |
| 23 years | $10,926 |
| 25 years | $13,442 |
Top Solar Installers in Madison
Many homeowners choose to use a solar installation company since trying to install solar panels by yourself can be challenging. Also, if you’d like to maximize your investment in solar power, opting for a solar company can help with that too. Different providers can offer repairs, expertise on installation and sometimes even information on local incentives, rebates and net metering programs.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some 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 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 Madison
Factors that Affect Solar Panel Costs in Madison
There are a number of factors that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Madison, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can figure out by looking at past electricity bills. Your total cost can increase by around $3,410 for each additional kilowatt you need.The model of solar panels and equipment you choose is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Furthermore, 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 searching for a solar system that falls within your budget.
Solar Financing Terms
Most solar companies in Madison provide solar loans, which reduce the initial cost of installing a solar system.When figuring out your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Madison is the company you choose to install your solar system. Similar to choosing a company to build a deck or pool, for instance, you’ll have many options for solar installers that offer a range of services for different budgets.The size of the company sometimes plays the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.55 | $14,895 | $11,376 | 14.2 years |
| 8 kW | $3.48 | $19,478 | $15,550 | 13.9 years |
| 10 kW | $3.41 | $23,870 | $19,915 | 13.6 years |
| 12 kW | $3.34 | $28,071 | $24,471 | 13.4 years |
| 14 kW | $3.27 | $32,081 | $29,218 | 13.1 years |
| 16 kW | $3.21 | $35,900 | $34,156 | 12.8 years |
| 18 kW | $3.14 | $39,529 | $39,285 | 12.5 years |
| 20 kW | $3.07 | $42,966 | $44,604 | 12.3 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: Before signing a contract with a solar company, be sure to read it through completely so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Installation Process: When making the switch to solar, it’s crucial to maintain an open line of communication with your solar company. Make sure you understand how the installation process will go and the project completion timeline.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
- Warranty: If you’re worried about the durability of your solar system, ensuring your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
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 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 Madison, OH Solar Cost FAQs
How much does it cost to install solar panels in Madison?
The average cost of solar panels in Madison is about $17,050 for a 5-kW system and $34,100 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 consume.
Can you get solar panels for free in Madison?
A solar panel system isn’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 help lower the cost.
Can solar panels completely eradicate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $875.70 per year.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.