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.
In Madill, solar panels cost about 3 per watt on average.Using this figure, a typical 8.4-kW system would cost about $18,309 before the 0 federal solar tax credit is applied.
The true cost of your system can go higher or lower than the average in Madill based on a few factors, such as the model of solar panels you choose and the solar contractor you hire.But, once you've paid the initial cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $18,000 over 20 years on electricity bills.
To get a free quote from a top solar installer in Madill, you can click the button below.
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 it's possible to install solar panels on your own, it takes extra energy and expertise. Because of that, almost all homeowners choose to go with a solar panel installer. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
Working with a licensed solar installer can help you make the most of your investment in solar. Here are our recommendations:
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
There are many factors that can determine your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,130.The brand and kind of equipment you want for your solar system can increase or decrease 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 limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar installers in Madill offer solar loans, which reduce your upfront costs of installing solar panels.However, the interest on solar loans also adds to your total costs, so it’s important to take that into consideration as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Madill is the company you choose to install your solar panel system. As with choosing a company to renovate your kitchen, for example, there are plenty of solar installers that provide a range of services for different budgets.Additionally, some companies in Madill know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, 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
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Different companies offer different brands and kinds of panels. If you want a specific brand, make sure the solar panel installer you’re considering has it.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project timeline.
- Contract: Look through the contract terms carefully to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years most likely provide high-quality solar panel installation and expertise.
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?
This is a tough question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $15,650 for a 5-kW system and $31,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Madill?
A solar panel system isn’t free in Madill, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
How will solar panels impact my property value?
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, so you can look forward to 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 fruitful investment.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level 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.