Solar Panel Cost Guide in Madison, CT (2023 Update)
- Madison Solar Installation Cost: $8,879
- 25-Year Savings: $18,141
- Payback Period: 8.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Madison
Let's take a look at the average cost of solar in Madison.
While the national average of solar panels is $2.66 per watt, solar panels in Madison generally cost around 2.8. Since a 4.5-kW system is needed to cover the energy needs of a typical home in Madison, the average price of going solar will be about $8,879 after claiming the federal solar tax credit of 30%.
How much you pay can be above or below the average in Madison based on a variety of factors, such as the brand of solar panels you choose and the solar company you hire. For most homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $23,000 in savings on energy bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, 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
Although you can install solar panels on your own, it requires extra time and knowledge. Because of that, most people choose a solar panel installer. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and system component replacements.
If you're searching for a solar company in Madison, we've compiled 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
See all of the solar companies in Madison
Factors that Affect Solar Panel Costs in Madison
Even though the average cost of a solar system in Madison is $8,879, your final cost may be above or below the average. There are quite a few factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,800. The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price 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 can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are offered by most installers in Madison, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible. However, the interest on solar loans also increases your overall costs, so it's important to consider that as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you opt for to handle your switch to clean energy can play a role in your total costs. There are about 3 solar installation companies in Madison, and each can charge varying amounts for labor and equipment. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and decide on the company that has the products, warranties and services you want 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
There are a large number 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:
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should secure and how long the project will take.
- Reputation: Your solar installer should have a solid 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 that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
- Contract: It's important to read your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Madison, CT Solar Cost FAQs
How much does it cost to install solar panels in Madison?
This is a tough question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $14,000 for a 5-kW system and $28,000 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 usage. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Does Madison have a net metering program?
Each state has some kind 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 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 typically 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.