Solar Panel Cost Guide in Madison, OH (2023 Update)
- Madison Solar Installation Cost: $13,530
- 25-Year Savings: $19,514
- Payback Period: 10.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Madison
We break down average solar pricing in Madison.
Although the national average of solar panels is $2.66 per watt, solar panels in Madison typically cost about 2.56. Because a 7.5-kW system is needed to cover the energy usage of a typical home in Madison, the average price of going solar will be about $13,530 after claiming the federal solar tax credit of 30%.
How much you pay can be higher or lower than the average in Madison depending on several factors, such as the brand of solar panels you choose and the solar company you hire. For most homeowners, the upfront investment in solar power is worth paying. On average homeowners in Madison see about $17,000 in savings on electricity bills over 20 years.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Madison
| Year | Return on Investment |
|---|---|
| 1 years | $-12,208 |
| 3 years | $-9,564 |
| 5 years | $-6,921 |
| 7 years | $-4,277 |
| 9 years | $-1,634 |
| 11 years | $1,010 |
| 13 years | $3,653 |
| 15 years | $6,297 |
| 17 years | $8,940 |
| 19 years | $11,584 |
| 21 years | $14,227 |
| 23 years | $16,871 |
| 25 years | $19,514 |
Top Solar Installers in Madison
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Going with a solar panel installer can make your swap to solar power much easier. A solar installer can also help save you money in the long run by providing warranties, repairs and system component replacements.
You can get a free estimate from a local solar installer on how much solar panels 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
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
There are many factors that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. For that reason, it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a 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 a small roof 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 increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are available from most installers in Madison, which can lower, or in some cases totally eliminate, your upfront costs to make solar more affordable. Though solar loans make adopting solar energy more accessible for Madison homeowners, they can also add to the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you go with to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Madison, and each can charge different amounts for labor and equipment. Some companies 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 cost more. It's best to do some research and find a company that has 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 | $15,089 | 10.6 years |
| 8 kW | $2.61 | $14,623 | $20,405 | 10.4 years |
| 10 kW | $2.56 | $17,920 | $25,865 | 10.2 years |
| 12 kW | $2.51 | $21,074 | $31,468 | 10.0 years |
| 14 kW | $2.46 | $24,084 | $37,215 | 9.8 years |
| 16 kW | $2.41 | $26,952 | $43,105 | 9.6 years |
| 18 kW | $2.36 | $29,676 | $49,138 | 9.4 years |
| 20 kW | $2.30 | $32,256 | $55,314 | 9.2 years |
How to Save on Solar Panels
The solar panel company you opt for will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should keep in mind, such as:
- Contract: When reading through 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 like a system part breaking or if the company goes out of business.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of options before making your decision.
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Madison, OH Solar Cost FAQs
How much does it cost to install solar panels in Madison?
The average cost of solar panels in Madison is about $12,800 for a 5-kW system and $25,600 for a 10-kW system before the ITC, but the real cost will depend on things like the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to think about when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
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 the amount of energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using 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.