Solar Panel Cost Guide in Madison, MS (2023 Update)
- Madison Solar Installation Cost: $15,428
- 25-Year Savings: $18,927
- 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 what the average cost of solar panel installation is in Madison.
Although the national average of solar panels is $2.66 per watt, solar panels in Madison typically cost around 2.64. To account for the typical energy needs of the average home in Madison, most homeowners require a 8.3-kilowatt system. Using the per-watt figure above, a solar installation costs around $15,431, or $22,066 before the federal solar tax credit of 30% is applied.
The actual price you pay can be higher or lower than the average in Madison depending on a variety of factors, such as the brand of solar panels you choose and the solar installer you hire. With average savings of about $16,000 on electricity bills over 20 years, many homeowners in Madison find going solar can pay off big.
Click the button below to get connected to a reputable solar installer in Madison for a customized quote.
Solar savings over time in Madison
| Year | Return on Investment |
|---|---|
| 1 years | $-14,060 |
| 3 years | $-11,326 |
| 5 years | $-8,591 |
| 7 years | $-5,856 |
| 9 years | $-3,121 |
| 11 years | $-386 |
| 13 years | $2,349 |
| 15 years | $5,084 |
| 17 years | $7,819 |
| 19 years | $10,553 |
| 21 years | $13,288 |
| 23 years | $16,023 |
| 25 years | $18,758 |
Top Solar Installers in Madison
When making the switch to solar, many homeowners opt to go with a solar installation company since DIY solar panel installation can be a difficult project. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
If you'd like to make the switch to solar but still aren't certain which solar system company to go with, here are our suggestions for providers 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 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 a few factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Madison, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can figure out by looking at past electricity bills. Your total cost can increase by about $2,640 for each additional kilowatt you need. There are many different solar panel brands and the one you pick also affects the cost. In general, the brands that are more efficient tend to also cost more. Plus, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are available from most installers in Madison, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible. When estimating your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The final major cost factor you should keep in mind is the installer you choose. Given the massive popularity of renewable energy solutions in Madison, you'll have many options to choose from, but each comes at different price points for labor and equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and choose a company that offers the products, warranties and services you're looking for and also fits 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 | $2.75 | $11,532 | $13,159 | 11.7 years |
| 8 kW | $2.69 | $15,080 | $17,841 | 11.5 years |
| 10 kW | $2.64 | $18,480 | $22,671 | 11.2 years |
| 12 kW | $2.59 | $21,732 | $27,649 | 11.0 years |
| 14 kW | $2.53 | $24,837 | $32,774 | 10.8 years |
| 16 kW | $2.48 | $27,794 | $38,047 | 10.6 years |
| 18 kW | $2.43 | $30,603 | $43,469 | 10.3 years |
| 20 kW | $2.38 | $33,264 | $49,038 | 10.1 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose considerably influences 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:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to get the job done well. Another way you can research your installer's reputation is by reading reviews.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Warranty: If you care about the durability of your solar energy system, verifying that your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
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, MS Solar Cost FAQs
How much does it cost to install solar panels in Madison?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $13,200 for a 5-kW system and $26,400 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Are solar panels free in Madison?
You can't get solar panels for free in Madison. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
How much can I save on energy bills after installing solar panels?
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 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.
How many solar panels do I need to power 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 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 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.