Solar Panel Cost Guide in North Madison, OH (2024 Update)
- North Madison Solar Installation Cost: $18,626
- 25-Year Savings: $13,397
- Payback Period: 17.0 Years
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Average Cost of Solar Panels in North Madison
Here’s how much it might cost to go solar in North Madison.
Currently, the national average cost of solar panels is $2.66 per watt. However, in North Madison, the average cost of solar panels is 3 per watt.Because a 7.8-kW system is needed to cover the energy usage of a typical home in North Madison, the average price of going solar will be about $18,626 after claiming the federal solar tax credit of 0.
Keep in mind that the figures above are only estimates based on the average North Madison homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.Many homeowners find going solar is a fruitful investment. The average homeowner in North Madison can save about $13,000 on their power bills over 20 years.
To get a free quote from a highly rated solar installation company in North Madison, you can click the button below.
Solar savings over time in North Madison
| Year | Return on Investment |
|---|---|
| 1 years | $-17,372 |
| 3 years | $-14,865 |
| 5 years | $-12,357 |
| 7 years | $-9,849 |
| 9 years | $-7,342 |
| 11 years | $-4,834 |
| 13 years | $-2,327 |
| 15 years | $181 |
| 17 years | $2,689 |
| 19 years | $5,196 |
| 21 years | $7,704 |
| 23 years | $10,211 |
| 25 years | $12,719 |
Top Solar Installers in North Madison
Many homeowners choose to use a solar panel company since trying to install solar panels by yourself can be a lot of work. Since solar panels are exposed to the elements every day, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some nearby:
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 North Madison
Factors that Affect Solar Panel Costs in North Madison
The cost of installing a solar system in North Madison can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. 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.There are a lot of different solar panel brands and the one you choose also changes the cost. Generally speaking, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are provided by most installers in North Madison, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible.Though solar loans make adopting solar energy more accessible for North Madison homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installation company you choose will impact your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor.Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and choose a company that provides the products, warranties and services you’re looking for and also fit into your budget.
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 | $6,158 | 17.7 years |
| 8 kW | $3.48 | $19,478 | $8,593 | 17.3 years |
| 10 kW | $3.41 | $23,870 | $11,218 | 17.0 years |
| 12 kW | $3.34 | $28,071 | $14,035 | 16.7 years |
| 14 kW | $3.27 | $32,081 | $17,042 | 16.3 years |
| 16 kW | $3.21 | $35,900 | $20,240 | 16.0 years |
| 18 kW | $3.14 | $39,529 | $23,630 | 15.6 years |
| 20 kW | $3.07 | $42,966 | $27,210 | 15.3 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. While there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so be sure to take a look at their list of offerings before deciding.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to do the job well. Another way you can research your installer’s reputation is by reading reviews.
- Contract: Review the contract terms closely to make sure you understand the total cost, project completion timeline incentives and warranties.
- Warranty: Warranties that provide coverage for defective panels and repairs over a long period of time such as 25 years are the best you can get in the business, and offering such a warranty is one indication of a good company.
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 North Madison, OH Solar Cost FAQs
How much does it cost to install solar panels in North Madison?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $17,050 for a 5-kW system and $34,100 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in North Madison?
Leasing solar panels can be an attractive choice, because it commonly 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 way to go if you want to get the most savings.
Can you sell solar power back to the grid in North Madison?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future electricity bills.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses 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 home 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.