Solar Panel Cost Guide in Madeira, OH (Mar 2023)
- Madeira Solar Installation Cost: $13,243
- 25-Year Savings: $10,946
- Payback Period: 13.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Madeira
Here's how much it might cost to go solar in Madeira.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Madeira, the typical cost of solar panels is 2.56 per watt. To account for the typical energy needs of the average home in Madeira, most homeowners require a 7.4-kilowatt system. Using the figure above, a solar installation costs around $13,243, or $18,937 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The true cost of installing solar panels can vary depending on several factors, such as what size system you need, your energy consumption and what installation company you go with. Many homeowners find adopting solar power is a sound investment. The average homeowner in Madeira can save about $12,000 on their electricity bills over 20 years.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Madeira
| Year | Return on Investment |
|---|---|
| 1 years | $-12,275 |
| 3 years | $-10,340 |
| 5 years | $-8,405 |
| 7 years | $-6,470 |
| 9 years | $-4,535 |
| 11 years | $-2,600 |
| 13 years | $-665 |
| 15 years | $1,270 |
| 17 years | $3,205 |
| 19 years | $5,140 |
| 21 years | $7,075 |
| 23 years | $9,011 |
| 25 years | $10,946 |
Top Solar Installers in Madeira
Many homeowners opt for a solar panel company since trying to install solar panels by yourself can be a lot of work. The expertise that solar installers offer can be useful as well, particularly if you don't quite know what brand of solar equipment you need.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Madeira
Factors that Affect Solar Panel Costs in Madeira
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that affect your total cost in Madeira: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production require 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 $2,560. There are a lot of different solar panel brands and the one you choose also affects the cost. In general, the brands that have better efficiency tend to also be more expensive. In addition, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are available from most installers in Madeira, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible. When considering your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Madeira is the company you get to install your solar panel system. As with choosing a company to renovate your kitchen, for example, there's no shortage of solar installers that provide a range of services at different price points. Companies that only sell high-efficiency and high-priced products — 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 decide on the company that provides the products, warranties and services you want and also fit into 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 | $2.66 | $11,182 | $8,461 | 14.2 years |
| 8 kW | $2.61 | $14,623 | $11,568 | 14.0 years |
| 10 kW | $2.56 | $17,920 | $14,818 | 13.7 years |
| 12 kW | $2.51 | $21,074 | $18,212 | 13.4 years |
| 14 kW | $2.46 | $24,084 | $21,749 | 13.1 years |
| 16 kW | $2.41 | $26,952 | $25,430 | 12.9 years |
| 18 kW | $2.36 | $29,676 | $29,253 | 12.6 years |
| 20 kW | $2.30 | $32,256 | $33,221 | 12.3 years |
How to Save on Solar Panels
There are numerous companies to choose from in Madeira, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Contract: Read the contract terms thoroughly to make sure you understand the overall cost, project completion timeline rebates and warranties.
- 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 big role in the company you opt for.
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Installation Process: Make sure you're aligned with the installer with regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as updating your electrical system or roof.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Madeira, OH Solar Cost FAQs
How much does it cost to install solar panels in Madeira?
The average cost of solar panels in Madeira is about $12,800 for a 5-kW system and $25,600 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important consideration when buying solar panels?
Cost is a very important factor to consider, but whether it's the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
How will installing solar panels impact the value of my home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Madeira is currently $222,644, so you can expect a value of about $9,128 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Madeira is a worthwhile investment.
How many solar panels should I get to power 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 usually 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.