Solar Panel Cost Guide in Madison, KS (Mar 2023)
- Madison Solar Installation Cost: $13,996
- 25-Year Savings: $32,070
- Payback Period: 7.6 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Madison
Find out what the average cost of a solar system is in Madison.
In Madison, solar panels cost about 2.59 per watt on average. To account for the typical energy usage of the average home in Madison, most homeowners require a 7.7-kilowatt system. Using the figure above, a solar installation costs around $13,996, or $20,014 before the federal solar tax credit of 30% is applied.
These figures are only averages, and your own solar costs will look different based on your specific situation and what company you choose to go with. But, once you've paid the upfront cost of installation, the savings for most homeowners is typically good, with a net average savings of about $23,000 over 20 years on electricity bills.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Madison
| Year | Return on Investment |
|---|---|
| 1 years | $-12,154 |
| 3 years | $-8,468 |
| 5 years | $-4,783 |
| 7 years | $-1,098 |
| 9 years | $2,587 |
| 11 years | $6,273 |
| 13 years | $9,958 |
| 15 years | $13,643 |
| 17 years | $17,329 |
| 19 years | $21,014 |
| 21 years | $24,699 |
| 23 years | $28,384 |
| 25 years | $32,070 |
Top Solar Installers in Madison
Installing solar panels on your own can be a difficult undertaking, which is why hiring a solar installation company is a good option for many homeowners. Plus, if you're unsure what brand of solar panels and equipment you want, a solar company can help you find the right equipment for you after a site survey and consultation.
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 (coming 2022)
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 adopt solar energy depends 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 cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production use 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 $2,590. The kind of solar panels and equipment you get is another factor that will substantially affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Plus, solar equipment consists of more than just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are a solid option because they reduce your upfront costs and allow you to pay for your system over five to seven years on average. However, the interest on solar loans also increases your total costs, so it's crucial to take that into consideration as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
Finally, the company you hire to install your solar panel system can influence your pricing. Madison's solar companies all have different labor costs and add varying upcharges to 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 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 is within 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 | $2.69 | $11,313 | $24,472 | 7.9 years |
| 8 kW | $2.64 | $14,794 | $32,920 | 7.8 years |
| 10 kW | $2.59 | $18,130 | $41,513 | 7.6 years |
| 12 kW | $2.54 | $21,321 | $50,250 | 7.4 years |
| 14 kW | $2.49 | $24,367 | $59,133 | 7.3 years |
| 16 kW | $2.43 | $27,268 | $68,161 | 7.1 years |
| 18 kW | $2.38 | $30,023 | $77,333 | 7.0 years |
| 20 kW | $2.33 | $32,634 | $86,651 | 6.8 years |
How to Save on Solar Panels
There are a lot of companies available in Madison, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: If you care about the durability of your solar energy system, checking if your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: Review the contract terms closely to make sure you understand the cost breakdown, project timeline rebates and warranties.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. Although there are many options for which kind 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 take a look at their list of options before deciding.
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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, KS Solar Cost FAQs
What is the average cost of installing solar panels in Madison?
The average cost of solar panels in Madison is about $12,950 for a 5-kW system and $25,900 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.
Is it better to lease or buy solar panels in Madison?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and the amount of direct sunlight your roof gets.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and how much 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.