Solar Panel Cost Guide in Madison, MS (Mar 2023)
- Madison Solar Installation Cost: $15,431
- 25-Year Savings: $18,924
- Payback Period: 11.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Madison
We break down average solar pricing in Madison.
The national average cost of solar panels is $2.66 per watt, but in Madison it's 2.64 per watt. Since a 8.3-kW system is needed to cover the energy usage of a typical home in Madison, the average price of going solar will be about $15,431 after claiming the federal solar tax credit of 30%.
These figures are only averages, and your own solar costs will most likely vary based on factors unique to your home and what company you want to go with. Many homeowners find installing solar panels is a fruitful investment. The average homeowner in Madison can save around $16,000 on their 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 | $-14,057 |
| 3 years | $-11,308 |
| 5 years | $-8,560 |
| 7 years | $-5,811 |
| 9 years | $-3,063 |
| 11 years | $-315 |
| 13 years | $2,434 |
| 15 years | $5,182 |
| 17 years | $7,930 |
| 19 years | $10,679 |
| 21 years | $13,427 |
| 23 years | $16,176 |
| 25 years | $18,924 |
Top Solar Installers in Madison
When switching to solar energy, many homeowners choose to use a solar installer since overseeing your solar installation yourself can be a time-consuming project. Companies can also provide access to various kinds of the best solar panels and help you decide which one will be best for your family.
Working with a vetted solar company can make going solar easier. Here are our recommendations:
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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Madison
Factors that Affect Solar Panel Costs in Madison
While the average cost of a solar system in Madison is $15,431, your final cost may be higher or lower than that. There are several factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation need 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 $2,640. The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag 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 greater 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
Most solar installers in Madison have solar loans, which reduce the initial cost of installing solar panels. When figuring out 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 reduce the total interest paid over time.
Solar Panel Installation Company
The remaining major cost factor you should consider is the installer you choose. Given the massive popularity of green energy solutions in Madison, you'll have many options to choose from, but each comes at varying price points for labor and equipment. Larger national companies typically have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have 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 | $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
The solar company you choose will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, such as:
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Warranty: If you're concerned about the endurance of your solar panel system, making sure your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: When reading over your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- 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 most 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.
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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Madison, MS Solar Cost FAQs
What is the average cost of installing solar panels in Madison?
This is a hard question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $13,200 for a 5-kW system and $26,400 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I 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 savings from going solar.
Is going solar worth it?
Solar panels can be a fruitful investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
How long do solar panels last in Madison?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.