Solar Panel Cost Guide in Madison, CT (2024 Update)
- Madison Solar Installation Cost: $11,885
- 25-Year Savings: $34,215
- Payback Period: 11.0 Years
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Average Cost of Solar Panels in Madison
Find out what the average cost of a solar system is in Madison.
While the national average of solar panels is $2.66 per watt, solar panels in Madison typically cost around 4.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 about $11,885, or $16,996 before the federal solar tax credit of 0 is applied.
The actual price you pay can go higher or lower than the average in Madison depending on several factors, such as the type of solar panels you choose and the solar company you hire.Even with the significant upfront cost, the average Madison homeowner can save around $23,000 on their electricity bills over 20 years, which is one of the perks of solar.
You can click the button below to get connected with a vetted solar company in Madison that can help you get a more accurate cost estimate for your home.
Solar savings over time in Madison
| Year | Return on Investment |
|---|---|
| 1 years | $-10,041 |
| 3 years | $-6,353 |
| 5 years | $-2,665 |
| 7 years | $1,023 |
| 9 years | $4,711 |
| 11 years | $8,399 |
| 13 years | $12,087 |
| 15 years | $15,775 |
| 17 years | $19,463 |
| 19 years | $23,151 |
| 21 years | $26,839 |
| 23 years | $30,527 |
| 25 years | $34,215 |
Top Solar Installers in Madison
Installing solar panels yourself can be a time-consuming task, which is why hiring a solar installation company is a good option for many homeowners. A solar installer can also help save you money over time by providing warranties, repairs and system component replacements.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
See all of the solar companies in Madison
Factors that Affect Solar Panel Costs in Madison
There are many factors that can affect your 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
When it comes to estimating the price 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 usage, which you can determine by looking at past energy bills. Your total cost can increase by about $3,750 for each additional kilowatt you need.The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar installers in Madison provide solar loans, which reduce the initial cost of installing solar panels.Though solar loans make going solar more accessible for Madison homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you opt for to handle your switch to clean energy can play a part in your total costs. There are about 3 solar panel companies operating throughout Madison, and each can charge varying amounts for labor and equipment.The size of the company sometimes plays the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.90 | $16,380 | $19,427 | 11.4 years |
| 8 kW | $3.83 | $21,420 | $26,323 | 11.2 years |
| 10 kW | $3.75 | $26,250 | $33,429 | 11.0 years |
| 12 kW | $3.67 | $30,870 | $40,745 | 10.8 years |
| 14 kW | $3.60 | $35,280 | $48,270 | 10.6 years |
| 16 kW | $3.52 | $39,480 | $56,006 | 10.3 years |
| 18 kW | $3.45 | $43,470 | $63,952 | 10.1 years |
| 20 kW | $3.38 | $47,250 | $72,108 | 9.9 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 models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Different companies will carry various brands and models of panels. If you prefer a specific brand, make sure the solar panel installer you’re considering has it.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to do the job well. Another way you can verify your installer’s reputation is by reading reviews.
- Contract: Before signing a contract with a solar installer, be sure to look it over fully so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
EcoWatch's Madison, CT Solar Cost FAQs
What is the average cost of installing solar panels in Madison?
This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $18,750 for a 5-kW system and $37,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to consider when buying solar panels?
Cost is a key factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
How will having solar panels impact my property value?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.