Solar Panel Cost Guide in North Madison, OH (2023 Update)
- North Madison Solar Installation Cost: $13,978
- 25-Year Savings: $13,402
- Payback Period: 12.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in North Madison
Here's how much it might cost to go solar in North Madison.
The average cost of a solar panel system in North Madison is 2.56 per watt. The average solar panel system size in North Madison is around 7.8 kilowatts, meaning a cost of about $13,978 for a solar installation, or $19,989 before the 30% federal solar tax credit is applied.
These figures are just averages, and the cost of going solar for you will vary based on your specific situation and what company you want to go with. Even with the significant initial cost, the average North Madison homeowner can save about $13,000 on their energy bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a highly rated solar company in your area for a personalized estimate.
Solar savings over time in North Madison
| Year | Return on Investment |
|---|---|
| 1 years | $-12,882 |
| 3 years | $-10,692 |
| 5 years | $-8,502 |
| 7 years | $-6,311 |
| 9 years | $-4,121 |
| 11 years | $-1,930 |
| 13 years | $260 |
| 15 years | $2,450 |
| 17 years | $4,641 |
| 19 years | $6,831 |
| 21 years | $9,022 |
| 23 years | $11,212 |
| 25 years | $13,402 |
Top Solar Installers in North Madison
When making the switch to solar, many homeowners choose to use a solar installation company since putting up a solar system yourself can be a challenging project. Local solar installers can also help you maximize your return on investment by walking you through any local incentives you can benefit from and by providing warranties and repairs.
If you're on the hunt for a solar company in North Madison, we've organized a list of our top suggestions here:
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 North Madison
Factors that Affect Solar Panel Costs in North Madison
Even though the average cost of a solar system in North Madison is $13,978, your actual cost may be above or below the average. There are quite a few factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
When it comes to estimating the cost of solar panels in North Madison, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can gauge by looking at past energy bills. Your total cost can increase by around $2,560 for each additional kilowatt you need. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your electric bills. In addition, extra products, like solar batteries, can bump up your total well above the North Madison average.
Solar Financing Terms
Many homeowners find the average cost of solar in North Madison to be too steep, even if the investment pays off over time. Thankfully, nearly every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in higher prices over time because of interest. However, the interest on solar loans also increases your all-in costs, so it's important to consider that as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
Finally, the company you hire to install your solar panel system can affect how much it costs. North Madison's solar companies all have different labor costs and add varying upcharges to equipment. The size of the company sometimes plays the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices due to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger companies.
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 | $9,871 | 13.3 years |
| 8 kW | $2.61 | $14,623 | $13,448 | 13.0 years |
| 10 kW | $2.56 | $17,920 | $17,168 | 12.8 years |
| 12 kW | $2.51 | $21,074 | $21,032 | 12.5 years |
| 14 kW | $2.46 | $24,084 | $25,039 | 12.3 years |
| 16 kW | $2.41 | $26,952 | $29,189 | 12.0 years |
| 18 kW | $2.36 | $29,676 | $33,483 | 11.7 years |
| 20 kW | $2.30 | $32,256 | $37,920 | 11.5 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Warranty: A comprehensive, long-term warranty can help keep your solar system running for a long time and save you money on repairs and maintenance.
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable 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.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you hire.
- Contract: Though reading through a contract can be tedious, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
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 North Madison, OH Solar Cost FAQs
How much does it cost to install solar panels in North Madison?
This is a hard question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $12,800 for a 5-kW system and $25,600 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 needs. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is a very important factor to consider, but whether it's the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Can you sell solar power back to the grid in North Madison?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future energy bills.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household 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.