Solar Panel Cost Guide in Madison, SD (2023 Update)
- Madison Solar Installation Cost: $14,765
- 25-Year Savings: $23,410
- Payback Period: 9.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Madison
Here's how much it might cost to go solar in Madison.
In Madison, solar panels cost about 2.39 per watt on average. Using this figure, a typical 8.8-kW system would cost about $14,773 before the 30% federal solar tax credit is applied.
The actual price you pay can go above or below the average in Madison based on a few factors, such as the brand of solar panels you choose and the solar installer you hire. Despite the significant initial cost, the average Madison homeowner can save about $16,000 on their energy bills over 20 years, which is one of the advantages of solar.
To get a free estimate from a highly rated solar installer in Madison, you can click the button below.
Solar savings over time in Madison
| Year | Return on Investment |
|---|---|
| 1 years | $-13,306 |
| 3 years | $-10,389 |
| 5 years | $-7,472 |
| 7 years | $-4,555 |
| 9 years | $-1,638 |
| 11 years | $1,279 |
| 13 years | $4,195 |
| 15 years | $7,112 |
| 17 years | $10,029 |
| 19 years | $12,946 |
| 21 years | $15,863 |
| 23 years | $18,780 |
| 25 years | $21,697 |
Top Solar Installers in Madison
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Going with a solar panel installer can make converting to solar power much easier. Plus, if you'd like to maximize your investment in solar energy, using a solar installer can help with that too. Different providers can offer repairs, expertise on solar panel installation and sometimes even information on local incentives, rebates and net metering programs.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Madison
Factors that Affect Solar Panel Costs in Madison
For many Madison homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Madison, 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 panel system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,390. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Madison, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar companies in Madison offer solar loans, which reduce the initial cost of installing a solar system. Though solar loans make adopting solar energy more accessible for Madison homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can play a part in determining how much it costs. Madison's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and find a company that offers the products, warranties and services you're looking for and also fit into 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 | $2.49 | $10,440 | $15,514 | 10.1 years |
| 8 kW | $2.44 | $13,652 | $20,953 | 9.9 years |
| 10 kW | $2.39 | $16,730 | $26,526 | 9.7 years |
| 12 kW | $2.34 | $19,674 | $32,232 | 9.5 years |
| 14 kW | $2.29 | $22,485 | $38,073 | 9.3 years |
| 16 kW | $2.25 | $25,162 | $44,047 | 9.1 years |
| 18 kW | $2.20 | $27,705 | $50,155 | 8.9 years |
| 20 kW | $2.15 | $30,114 | $56,397 | 8.7 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be difficult, we have some tips to help you, such as:
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Although there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to ask for their list of options before making your decision.
- Contract: It's important to read your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated 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 positive reviews from past customers.
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 Madison, SD Solar Cost FAQs
How much does it cost to install solar panels in Madison?
The average cost of solar panels in Madison is about $11,950 for a 5-kW system and $23,900 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to think about when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels eliminate my power bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $865.11 per year.
How often do you have to replace solar panels?
On average, solar panels can last 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 higher 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.