Solar Panel Cost Guide in Madison, IL (2024 Update)

  • Madison Solar Installation Cost: $16,050
  • 25-Year Savings: $8,177
  • Payback Period: 20.2 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Madison

Let’s take a look at the average cost of solar panels in Madison.

The national average cost of solar panels is $2.66 per watt, but in Madison it’s 4 per watt.To cover the typical energy needs of the average home in Madison, most homeowners require a 6.1-kilowatt system. Using the figure above, a solar installation costs about $16,050, or $22,952 before the federal solar tax credit of 0 is applied.

Remember that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy consumption, the type of equipment you want, your solar contractor and more.Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Madison can save around $12,000 on their energy bills over 20 years.

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 $-15,200
3 years $-13,498
5 years $-11,797
7 years $-10,096
9 years $-8,394
11 years $-6,693
13 years $-4,992
15 years $-3,290
17 years $-1,589
19 years $112
21 years $1,813
23 years $3,515
25 years $5,216

Top Solar Installers in Madison

Installing solar panels by yourself can be a dangerous project, which is why hiring a solar installation company is a good option for many homeowners. Because solar panels are exposed to the elements every day, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by avoiding potential costs down the line.

There are several licensed solar professionals that can help you install your solar panels. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

See all of the solar companies in Madison

Factors that Affect Solar Panel Costs in Madison

For many Madison homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Madison, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you’ll pay, which we'll go over below.

Solar Equipment

The size of the solar energy system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,760. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your energy bills. Additionally, add-on products, like solar batteries, can bring your total well above the Madison average.

Solar Financing Terms

If paying for a solar system in cash is too expensive, solar loans are an affordable choice because they reduce your upfront costs and allow you to pay for your system over five to seven years on average.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs significantly.

Solar Panel Installation Company

The solar company you choose to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Madison, and each can charge different amounts for labor and equipment.The size of the company can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to 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 $3.91 $16,424 $3,087 21.0 years
8 kW $3.84 $21,477 $4,538 20.6 years
10 kW $3.76 $26,320 $6,199 20.2 years
12 kW $3.68 $30,952 $8,070 19.8 years
14 kW $3.61 $35,374 $10,152 19.4 years
16 kW $3.53 $39,585 $12,444 19.0 years
18 kW $3.46 $43,586 $14,947 18.6 years
20 kW $3.38 $47,376 $17,661 18.2 years

How to Save on Solar Panels

The solar company you choose will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, such as:

  • Contract: It’s important to read your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the cost.
  • Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
  • Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should secure and what the project timeline is.
  • Reputation: Your solar installer should have a solid reputation as a company and have demonstrated 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 positive reviews from past customers.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's Madison, IL Solar Cost FAQs

How much does it cost to install solar panels in Madison?

The average cost of solar panels in Madison is about $18,800 for a 5-kW system and $37,600 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.

Should I lease or buy solar panels in Madison?

Leasing solar panels can be an appealing choice, as it often 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.

Can solar panels significantly reduce my electricity bills?

It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Madison, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.

What solar power system size is right for my home?

The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.

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.

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