Solar Panel Cost Guide in Madill, OK (2024 Update)
- Madill Solar Installation Cost: $18,309
- 25-Year Savings: $24,618
- Payback Period: 11.5 Years
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Average Cost of Solar Panels in Madill
Let’s have a look at the average cost of solar in Madill.
The average cost of solar panels in Madill is 3 per watt.To cover the typical energy usage of the average home in Madill, most homeowners require a 8.4-kilowatt system. Using the per-watt figure above, a solar installation costs around $18,309, or $26,182 before the federal solar tax credit of 0 is applied.
These figures are just averages, and your own solar costs may look different based on factors unique to your home and what company you want to go with.But, after you've paid the upfront cost of installation, the return on investment for most homeowners is typically rewarding, with a net average savings of about $18,000 over 20 years on energy bills.
Click the button below to get connected to a reputable solar panel company in your area for a customized quote.
Solar savings over time in Madill
| Year | Return on Investment |
|---|---|
| 1 years | $-17,100 |
| 3 years | $-14,682 |
| 5 years | $-12,264 |
| 7 years | $-9,845 |
| 9 years | $-7,427 |
| 11 years | $-5,009 |
| 13 years | $-2,590 |
| 15 years | $-172 |
| 17 years | $2,246 |
| 19 years | $4,665 |
| 21 years | $7,083 |
| 23 years | $9,501 |
| 25 years | $11,919 |
Top Solar Installers in Madill
Although you can install solar panels by yourself, it requires extra time and expertise. That's why the majority of homeowners choose to hire a solar panel installer. Plus, if you’re not certain what type of solar panels and equipment you may need, a solar installer can help you figure that out after a site survey and consultation.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 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
Though the average cost of a solar system in Madill is $18,309, your final cost may be higher or lower than that. There are several factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,130. The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a popular route because they reduce your upfront costs and allow you to pay for your system over five to seven years on average.However, the interest on solar loans also increases your total costs, so it’s crucial to take that into consideration as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the massive popularity of clean energy solutions in Madill, you’ll have many options to choose from, but each comes at different price points for labor and equipment.Additionally, some companies in Madill have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.26 | $13,672 | $15,008 | 11.9 years |
| 8 kW | $3.19 | $17,879 | $20,361 | 11.7 years |
| 10 kW | $3.13 | $21,910 | $25,889 | 11.5 years |
| 12 kW | $3.07 | $25,766 | $31,593 | 11.2 years |
| 14 kW | $3.00 | $29,447 | $37,472 | 11.0 years |
| 16 kW | $2.94 | $32,953 | $43,526 | 10.8 years |
| 18 kW | $2.88 | $36,283 | $49,756 | 10.5 years |
| 20 kW | $2.82 | $39,438 | $56,160 | 10.3 years |
How to Save on Solar Panels
The solar panel company you choose will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should take into account, such as:
- Solar Panel Brands: The brand of solar panel you need to get plays a role in which installer you should opt for, since different companies have different panels.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
- Contract: Read the contract terms closely to make sure you understand how much it will cost, project timeline incentives and warranties.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
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 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
How much does it cost to install solar panels in Madill?
The average cost of solar panels in Madill is about $15,650 for a 5-kW system and $31,300 for a 10-kW system before the ITC, but the actual cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Madill?
You can’t get solar panels for free in Madill. 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 want to own your solar panels, you can finance them with a solar loan.
Do solar panels increase the value of your home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Madill is currently $159,480, which means you can expect a value of about $6,539 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Madill is a worthwhile investment.
How long do solar panels last in Madill?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use 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.