Solar Panel Cost Guide in Madill, OK (2023 Update)
- Madill Solar Installation Cost: $15,326
- 25-Year Savings: $24,618
- Payback Period: 9.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Madill
Let's have a look at the average cost of solar in Madill.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Madill, the average cost of a solar system is 2.62 per watt. The average Madill homeowner needs a 8.4-kilowatt system, which would cost about $15,332 with the federal tax credit, or $21,925 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy use, the type of solar panels you want to get, your solar contractor and more. Many homeowners find installing a solar system is a fruitful investment. The average homeowner in Madill can save about $18,000 on their power bills over 20 years.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Madill
| Year | Return on Investment |
|---|---|
| 1 years | $-14,117 |
| 3 years | $-11,699 |
| 5 years | $-9,280 |
| 7 years | $-6,862 |
| 9 years | $-4,444 |
| 11 years | $-2,025 |
| 13 years | $393 |
| 15 years | $2,811 |
| 17 years | $5,230 |
| 19 years | $7,648 |
| 21 years | $10,066 |
| 23 years | $12,484 |
| 25 years | $14,903 |
Top Solar Installers in Madill
Although it's possible to install solar panels on your own, it requires extra labor and knowledge. For that reason, almost all homeowners choose to go with a solar panel installer. The expertise that solar installers offer can be helpful as well, especially if you aren't sure what brand of solar equipment you need.
If you're on the hunt for a solar company in Madill, we've compiled a list of our top suggestions here:
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 Madill
Factors that Affect Solar Panel Costs in Madill
The cost of installing a solar system in Madill can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of a solar panel system in Madill, 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 figure out by looking at past electricity bills. Your total cost can increase by around $2,620 for each additional kilowatt you need. The kind of solar panels and equipment you get is another factor that will considerably affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Plus, solar equipment is more than just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That's why many Madill homeowners decide to finance their solar panel systems to make going solar more affordable. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The remaining significant cost factor you should take into consideration is the installer you choose. Given the massive popularity of sustainable energy solutions in Madill, you'll have many options to choose from, but each comes at different price points for labor and equipment. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and find a company that has the products, warranties and services you're looking for and also is within 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 | $2.72 | $11,444 | $17,235 | 10.0 years |
| 8 kW | $2.67 | $14,965 | $23,274 | 9.8 years |
| 10 kW | $2.62 | $18,340 | $29,459 | 9.6 years |
| 12 kW | $2.57 | $21,568 | $35,791 | 9.4 years |
| 14 kW | $2.52 | $24,649 | $42,270 | 9.2 years |
| 16 kW | $2.46 | $27,583 | $48,895 | 9.0 years |
| 18 kW | $2.41 | $30,371 | $55,668 | 8.8 years |
| 20 kW | $2.36 | $33,012 | $62,586 | 8.6 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose greatly influences your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years most likely provide good-quality solar panel installation and expertise.
- Warranty: If you care about the endurance of your solar panel system, checking if your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. Even though 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 peruse their list of offerings before deciding.
- Contract: Look through the contract terms closely to make sure you understand how much it will cost, project timeline rebates and warranties.
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 Madill, OK Solar Cost FAQs
What is the average cost of installing solar panels in Madill?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $13,100 for a 5-kW system and $26,200 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Madill?
Leasing solar panels can be an appealing choice, as it typically comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Can solar panels completely eradicate my electricity bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Madill, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home uses 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 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.