Solar Panel Cost Guide in Madras, OR (2024 Update)
- Madras Solar Installation Cost: $9,508
- 25-Year Savings: $15,237
- Payback Period: 10.6 Years
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Average Cost of Solar Panels in Madras
We go over average solar pricing in Madras.
In Madras, solar panels cost about 4 per watt on average.Using this figure, a typical 3.9-kW system would cost about $9,508 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The true cost of installing solar panels can vary depending on multiple factors, such as what size system you need, your energy usage and what installation company you go with.With typical savings of about $23,000 on power bills over 20 years, many homeowners in Madras find going solar has a decent ROI.
To get a free quote from a vetted solar company in Madras, you can click the button below.
Solar savings over time in Madras
| Year | Return on Investment |
|---|---|
| 1 years | $-8,298 |
| 3 years | $-5,880 |
| 5 years | $-3,461 |
| 7 years | $-1,042 |
| 9 years | $1,376 |
| 11 years | $3,795 |
| 13 years | $6,213 |
| 15 years | $8,632 |
| 17 years | $11,051 |
| 19 years | $13,469 |
| 21 years | $15,888 |
| 23 years | $18,306 |
| 25 years | $20,725 |
Top Solar Installers in Madras
When going solar, many homeowners prefer to hire a solar installer since overseeing your solar installation yourself can be a time-consuming project. Solar warranties and repairs are often included in the cost of installation when you hire a solar company as well, which can save you more money after your upfront investment.
Working with a professional solar company can help you make the most of your investment in solar. Here are our recommendations:
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 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 Madras
Factors that Affect Solar Panel Costs in Madras
For many Madras homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Madras, with typical prices between $20,000 to $40,000. There are various factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,500. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose 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 power bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Madras average.
Solar Financing Terms
Many homeowners find the average cost of solar in Madras to be prohibitively costly, even if the investment pays off over time. Fortunately, nearly every solar company in the area offers financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to paying more over time because of interest.You’ll have to consider the long-term cost of financing options, including the total 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 securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Madras is the company you get to install your solar system. As with choosing a company to build a deck or pool, for example, there’s no shortage of solar installers that offer a range of services at different costs.You may see national solar installers that have lower prices due to their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.64 | $15,288 | $19,449 | 11.0 years |
| 8 kW | $3.57 | $19,992 | $26,324 | 10.8 years |
| 10 kW | $3.50 | $24,500 | $33,394 | 10.6 years |
| 12 kW | $3.43 | $28,812 | $40,661 | 10.4 years |
| 14 kW | $3.36 | $32,928 | $48,124 | 10.2 years |
| 16 kW | $3.29 | $36,848 | $55,783 | 9.9 years |
| 18 kW | $3.22 | $40,572 | $63,638 | 9.7 years |
| 20 kW | $3.15 | $44,100 | $71,689 | 9.5 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose greatly influences your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: When looking over your solar company’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should acquire and how long the project will take.
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 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 Madras, OR Solar Cost FAQs
How much does it cost to install solar panels in Madras?
This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $17,500 for a 5-kW system and $35,000 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Madras?
Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The drawback 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Is making the switch to solar worth it?
Solar panels can be a beneficial investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
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 goes down 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.