Solar Panel Cost Guide in Madison, CT (Oct 2022)
- Madison Solar Installation Cost: $8,879
- 25-Year Savings: $18,141
- Payback Period: 8.2 Years
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Updated 9/16/2022
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Average Cost of Solar Panels in Madison
Let's take a look at the average cost of solar in Madison.
The average cost of solar panels in Madison is $3 per watt. To account for the typical energy needs of the average home in Madison, most homeowners require a 4.5-kilowatt system. Using the figure above, a solar installation costs around $8,879, or $6,570 after the federal solar tax credit of 30% is applied.
The true price you pay can be above or below the average in Madison depending on several factors, such as the model of solar panels you choose and the solar installer you hire. Despite the significant initial cost, the average Madison homeowner can save around $23,000 on their power bills over 20 years, which is one of the advantages of solar.
For a customized quote from a local solar installer 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 | $-7,798 |
| 3 years | $-5,636 |
| 5 years | $-3,475 |
| 7 years | $-1,313 |
| 9 years | $848 |
| 11 years | $3,010 |
| 13 years | $5,171 |
| 15 years | $7,333 |
| 17 years | $9,494 |
| 19 years | $11,656 |
| 21 years | $13,818 |
| 23 years | $15,979 |
| 25 years | $18,141 |
Top Solar Installers in Madison
Many homeowners choose to use a solar installer since installing solar panels yourself can be challenging. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and component replacements.
If you're looking for a solar installer in Madison, the EcoWatch team has organized a list of our top suggestions here:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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
There are several criteria that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size. Solar power systems with greater efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,800. There are many different solar panel brands and the one you choose also changes the cost. Typically, the brands that have better efficiency tend to also cost more. Plus, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be much 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 a challenge. Solar loans are provided by most installers in Madison, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The solar company you go with to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies operating in Madison, and each can charge varying amounts for labor and equipment. 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 cost more. It's best to do some research and go with the company that has 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 | $2.91 | $12,230 | $23,577 | 8.5 years |
| 8 kW | $2.86 | $15,994 | $31,750 | 8.4 years |
| 10 kW | $2.80 | $19,600 | $40,079 | 8.2 years |
| 12 kW | $2.74 | $23,050 | $48,565 | 8.0 years |
| 14 kW | $2.69 | $26,342 | $57,208 | 7.9 years |
| 16 kW | $2.63 | $29,478 | $66,008 | 7.7 years |
| 18 kW | $2.58 | $32,458 | $74,964 | 7.6 years |
| 20 kW | $2.52 | $35,280 | $84,078 | 7.4 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Warranty: Warranties that provide coverage for defective panels and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one sign of a quality company.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
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, CT Solar Cost FAQs
How much does it cost to install solar panels in Madison?
The average cost of solar panels in Madison is about $14,000 for a 5-kW system and $28,000 for a 10-kW system before the ITC, but the actual cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Madison?
You can't get solar panels for free in Madison. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
How much can I save on energy bills after installing solar panels?
It is possible to erase 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 long do solar panels last in Madison?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using 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.
