Solar Panel Cost Guide in Madison, ME (2024 Update)
- Madison Solar Installation Cost: $15,117
- 25-Year Savings: $13,923
- Payback Period: 15.0 Years
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Average Cost of Solar Panels in Madison
Here’s how much it might cost to switch to solar power in Madison.
The national average cost of solar panels is $2.66 per watt, but in Madison it’s 4 per watt.The average Madison homeowner needs a 5.7-kilowatt system, which would cost about $15,117 with the federal tax credit, or $21,617 before the 0 tax credit is applied.
The true cost of your system can go higher or lower than the average in Madison depending on several factors, such as the kind of solar panels you choose and the solar installer you hire.With typical savings of about $17,000 on utility bills over 20 years, many homeowners in Madison find investing in solar has a decent ROI.
Click the button below to get connected to a vetted solar company in your area for a custom estimate.
Solar savings over time in Madison
| Year | Return on Investment |
|---|---|
| 1 years | $-13,979 |
| 3 years | $-11,702 |
| 5 years | $-9,426 |
| 7 years | $-7,149 |
| 9 years | $-4,873 |
| 11 years | $-2,596 |
| 13 years | $-320 |
| 15 years | $1,957 |
| 17 years | $4,233 |
| 19 years | $6,510 |
| 21 years | $8,786 |
| 23 years | $11,063 |
| 25 years | $13,339 |
Top Solar Installers in Madison
Many homeowners opt for a solar installer since trying to put up solar panels yourself can be a labor-intensive endeavor. Some solar companies, especially local ones, can help you make the most of incentives in Madison, thereby optimizing your ROI.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,800.Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Madison, where sunlight isn’t as abundant, efficiency can quickly pay off. Also, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are an affordable choice because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The last major cost factor you should take into consideration is the installer you choose. Given the growing popularity of sustainable energy solutions in Madison, you’ll have lots of options to choose from, but each comes at varying price points for labor and equipment.The size of the company can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have more resources and bulk 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 lower 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 | $3.95 | $16,598 | $9,987 | 15.6 years |
| 8 kW | $3.88 | $21,706 | $13,741 | 15.3 years |
| 10 kW | $3.80 | $26,600 | $17,709 | 15.0 years |
| 12 kW | $3.72 | $31,282 | $21,889 | 14.7 years |
| 14 kW | $3.65 | $35,750 | $26,282 | 14.4 years |
| 16 kW | $3.57 | $40,006 | $30,887 | 14.1 years |
| 18 kW | $3.50 | $44,050 | $35,706 | 13.8 years |
| 20 kW | $3.42 | $47,880 | $40,737 | 13.5 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: If you’re concerned about the durability of your solar system, checking if your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: Different companies will carry various brands and kinds of panels. If you want a specific brand, make sure the solar company you’re considering has it.
- Contract: Even though reading through a contract can take a lot of time, it’s important to do it fully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be done and how long it will take.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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, ME Solar Cost FAQs
How much does it cost to install solar panels in Madison?
The average cost of solar panels in Madison is about $19,000 for a 5-kW system and $38,000 for a 10-kW system before the ITC, but the real cost will depend on things like the type 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 appealing choice, because it typically comes with low or $0 upfront payments. The downside 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 tax rebates and credits 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 completely eradicate my power bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Madison, that will require at least a 10-kW system. Not all homes will have roofs that 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 usage and the amount of sunlight your roof gets. You can take a 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 cover 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.