Solar Panel Cost Guide in Madison, OH (2024 Update)
- Madison Solar Installation Cost: $18,014
- 25-Year Savings: $19,520
- Payback Period: 13.6 Years
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Average Cost of Solar Panels in Madison
Let’s have a look at the average cost of solar in Madison.
Although the national average of solar panels is $2.66 per watt, solar panels in Madison typically cost around 3.Using this figure, a typical 7.5-kW system would cost about $18,014 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy needs, the type of solar panels you choose, your solar contractor and more.With typical savings of about $17,000 on energy bills over 20 years, many homeowners in Madison find going solar has a decent ROI.
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 | $-16,756 |
| 3 years | $-14,239 |
| 5 years | $-11,723 |
| 7 years | $-9,206 |
| 9 years | $-6,690 |
| 11 years | $-4,173 |
| 13 years | $-1,657 |
| 15 years | $860 |
| 17 years | $3,376 |
| 19 years | $5,893 |
| 21 years | $8,409 |
| 23 years | $10,926 |
| 25 years | $13,442 |
Top Solar Installers in Madison
Many homeowners choose to use a solar installation company since trying to install solar panels by yourself can be challenging. Also, if you’d like to maximize your investment in solar power, opting for a solar company can help with that too. Different providers can offer repairs, expertise on installation and sometimes even information on local incentives, rebates and net metering programs.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some in Madison:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Madison
Factors that Affect Solar Panel Costs in Madison
There are a number of factors that can influence 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 panels.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Madison, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy usage, which you can determine by looking at past energy bills. Your overall cost can increase by about $3,410 for each additional kilowatt you need.The brand and kind 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 will be looking at 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
If paying for a solar system out of pocket is out of reach, solar loans are a popular choice because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also adds to your all-in costs, so it’s crucial to consider that as well. You can always lower the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you hire to handle your switch to sustainable energy can play a part in your total costs. There are about 3 solar installation companies in Madison, and each can charge different amounts for labor and equipment.You may come across national solar installers that have lower prices because of their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.55 | $14,895 | $11,376 | 14.2 years |
| 8 kW | $3.48 | $19,478 | $15,550 | 13.9 years |
| 10 kW | $3.41 | $23,870 | $19,915 | 13.6 years |
| 12 kW | $3.34 | $28,071 | $24,471 | 13.4 years |
| 14 kW | $3.27 | $32,081 | $29,218 | 13.1 years |
| 16 kW | $3.21 | $35,900 | $34,156 | 12.8 years |
| 18 kW | $3.14 | $39,529 | $39,285 | 12.5 years |
| 20 kW | $3.07 | $42,966 | $44,604 | 12.3 years |
How to Save on Solar Panels
The solar installer you choose will influence not only your overall 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 take into account, such as:
- Contract: Before signing a contract with a solar company, be sure to read it through completely so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Installation Process: When making the switch to solar, it’s crucial to maintain an open line of communication with your solar company. Make sure you understand how the installation process will go and the project completion timeline.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
- Warranty: If you’re worried about the durability of your solar system, ensuring your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Madison, OH Solar Cost FAQs
How much does it cost to install solar panels in Madison?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $17,050 for a 5-kW system and $34,100 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Madison?
You can’t get solar panels for free in Madison. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Can solar panels completely eradicate my power bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $875.70 per year.
How long do solar panels last in Madison?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.