Solar Panel Cost Guide in Madison, IN (2023 Update)
- Madison Solar Installation Cost: $16,209
- 25-Year Savings: $24,662
- Payback Period: 9.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Madison
Here's how much it might cost to make the switch to solar in Madison.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Madison, the average cost of a solar system is 2.68 per watt. The average solar panel system size in Madison is around 8.6 kilowatts, meaning a cost of about $16,209 for a solar installation, or $23,179 before the 30% federal solar tax credit is applied.
The true cost of your system can be higher or lower than the average in Madison depending on a few factors, such as the type of solar panels you choose and the solar installer you hire. Many homeowners find going solar is a sound investment. The average homeowner in Madison can save around $18,000 on their energy bills over 20 years.
For a free 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 | $-14,574 |
| 3 years | $-11,304 |
| 5 years | $-8,034 |
| 7 years | $-4,765 |
| 9 years | $-1,495 |
| 11 years | $1,775 |
| 13 years | $5,044 |
| 15 years | $8,314 |
| 17 years | $11,584 |
| 19 years | $14,853 |
| 21 years | $18,123 |
| 23 years | $21,393 |
| 25 years | $24,662 |
Top Solar Installers in Madison
When switching to solar energy, many homeowners choose to hire a solar installer since installing solar panels yourself can be a time-consuming project. Some solar installers, especially local ones, can help you take advantage of incentives in Madison, optimizing your ROI.
Working with a licensed solar installer can make going solar easier. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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
For many Madison homeowners, the decision to install solar panels comes down to 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 numerous factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Madison, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can figure out by looking at past energy bills. Your total cost can increase by about $2,680 for each additional kilowatt you need. The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive 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 greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Madison to be too costly, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in higher prices over time due to interest. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The last major cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Madison, you'll have lots of options to choose from, but each comes at various price points for labor and equipment. You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.79 | $11,706 | $16,677 | 10.3 years |
| 8 kW | $2.73 | $15,308 | $22,536 | 10.1 years |
| 10 kW | $2.68 | $18,760 | $28,545 | 9.9 years |
| 12 kW | $2.63 | $22,062 | $34,704 | 9.7 years |
| 14 kW | $2.57 | $25,213 | $41,014 | 9.5 years |
| 16 kW | $2.52 | $28,215 | $47,473 | 9.3 years |
| 18 kW | $2.47 | $31,067 | $54,083 | 9.1 years |
| 20 kW | $2.41 | $33,768 | $60,842 | 8.9 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose significantly impacts 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:
- Contract: Although reading through a contract can take a lot of time, it's important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- 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 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.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of options before making your decision.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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, IN Solar Cost FAQs
What is the average cost of installing solar panels in Madison?
The average cost of solar panels in Madison is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the actual cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Madison?
Solar panels aren't free in Madison, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
How will installing solar panels impact how much my home is worth?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Madison is currently $132,295, so you could be looking at a value of about $5,424 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Madison is a rewarding investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption 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 get 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.