Solar Panel Cost Guide in Madison, ME (2023 Update)
- Madison Solar Installation Cost: $11,258
- 25-Year Savings: $13,923
- Payback Period: 11.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Madison
Find out how much it might cost to switch to solar power 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 2.83 per watt. Since a 5.7-kW system is needed to cover the energy consumption of a typical home in Madison, the average price of going solar will be about $11,252 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average energy use of Madison homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. For most homeowners, the upfront investment in solar is worth paying. On average homeowners in Madison see about $17,000 in savings on electricity bills over 20 years.
To get a free quote from a pre-vetted solar installer in Madison, you can click the button below.
Solar savings over time in Madison
| Year | Return on Investment |
|---|---|
| 1 years | $-11,174 |
| 3 years | $-11,006 |
| 5 years | $-10,838 |
| 7 years | $-10,671 |
| 9 years | $-10,503 |
| 11 years | $-10,335 |
| 13 years | $-10,167 |
| 15 years | $-9,999 |
| 17 years | $-9,831 |
| 19 years | $-9,663 |
| 21 years | $-9,495 |
| 23 years | $-9,328 |
| 25 years | $-9,160 |
Top Solar Installers in Madison
Putting up solar panels yourself can be a dangerous undertaking, which is why getting a solar installation company is a good option for many homeowners. The payback period of solar panels will vary depending on factors like your roof configuration and energy consumption, but working with a solar installer can shorten it. Your provider will be able to help you apply for incentives available in your area.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in Madison:
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 a solar energy system 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 few factors that considerably 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 home, 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 around $2,830. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Madison, where sunlight isn't as abundant, efficiency can quickly pay off. In addition, 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
Most solar installers in Madison have solar loans, which reduce your upfront costs of installing a solar system. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar panel installer you choose will influence your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. Additionally, some companies in Madison are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.94 | $12,361 | $14,224 | 11.6 years |
| 8 kW | $2.89 | $16,165 | $19,282 | 11.4 years |
| 10 kW | $2.83 | $19,810 | $24,499 | 11.2 years |
| 12 kW | $2.77 | $23,297 | $29,874 | 11.0 years |
| 14 kW | $2.72 | $26,625 | $35,407 | 10.7 years |
| 16 kW | $2.66 | $29,794 | $41,099 | 10.5 years |
| 18 kW | $2.60 | $32,805 | $46,950 | 10.3 years |
| 20 kW | $2.55 | $35,658 | $52,959 | 10.1 years |
How to Save on Solar Panels
There are numerous companies available in Madison, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Solar Panel Brands: The model of solar panel you want to install plays a part in which company you should go with, since different companies have different panels.
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Warranty: Warranties that provide coverage for replacement parts and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one mark of a quality company.
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
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
What is the average cost of installing solar panels in Madison?
The average cost of solar panels in Madison is about $14,150 for a 5-kW system and $28,300 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the model 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 attractive 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 option if you want to maximize your savings.
How much can I save on energy bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $886.17 per year.
How long do solar panels last in Madison?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.