Solar Panel Cost Guide in Madison, MS (2024 Update)
- Madison Solar Installation Cost: $18,350
- 25-Year Savings: $18,927
- Payback Period: 13.4 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.
In Madison, solar panels cost about 3 per watt on average.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 $18,350, or $26,240 before the federal solar tax credit of 0 is applied.
How much you pay can go higher or lower than the average in Madison based on a variety of factors, such as the kind of solar panels you choose and the solar installer you hire.For most homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $16,000 in savings on utility bills over 20 years.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Madison
| Year | Return on Investment |
|---|---|
| 1 years | $-16,982 |
| 3 years | $-14,248 |
| 5 years | $-11,513 |
| 7 years | $-8,778 |
| 9 years | $-6,043 |
| 11 years | $-3,308 |
| 13 years | $-573 |
| 15 years | $2,162 |
| 17 years | $4,897 |
| 19 years | $7,632 |
| 21 years | $10,366 |
| 23 years | $13,101 |
| 25 years | $15,836 |
Top Solar Installers in Madison
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Using a solar panel installer can make switching to solar power much easier. Companies can also provide access to a large variety of the best solar panels and help you decide which one will be best for you.
If you’d like to go solar but still aren’t sure which solar panel company to go with, here are our suggestions for providers in Madison:
See all of the solar companies in Madison
Factors that Affect Solar Panel Costs in Madison
There are many factors that can determine your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it’s important to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs.The brand and kind of equipment you choose for your solar system can raise or lower 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 limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Madison to be too steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest.When considering your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Madison is the company you get to install your solar panel system. As with choosing a company to build a deck or pool, for instance, there are plenty of solar installers that offer a range of services for different budgets.Larger national companies usually have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.27 | $13,716 | $10,975 | 13.9 years |
| 8 kW | $3.20 | $17,936 | $14,985 | 13.6 years |
| 10 kW | $3.14 | $21,980 | $19,171 | 13.4 years |
| 12 kW | $3.08 | $25,848 | $23,533 | 13.1 years |
| 14 kW | $3.01 | $29,541 | $28,070 | 12.8 years |
| 16 kW | $2.95 | $33,058 | $32,783 | 12.6 years |
| 18 kW | $2.89 | $36,399 | $37,673 | 12.3 years |
| 20 kW | $2.83 | $39,564 | $42,738 | 12.0 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose greatly affects 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:
- Installation Process: When making the switch to solar energy, it’s necessary to keep an open line of communication with your solar company. Make sure you understand how the installation process works and the project timeline.
- Solar Panel Brands: Different companies offer various brands and types of panels. If you want a specific brand, make sure the solar panel installer you’re considering has it.
- Contract: Before signing a contract with a solar company, make sure you read it through carefully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
EcoWatch's Madison, MS Solar Cost FAQs
What is the average cost of installing solar panels in Madison?
The average cost of solar panels in Madison is about $15,700 for a 5-kW system and $31,400 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Madison?
Solar panels aren’t free in Madison, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Can you sell solar power back to the grid in Madison?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future power bills.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.