Solar Panel Cost Guide in Madisonville, TN (2024 Update)
- Madisonville Solar Installation Cost: $20,044
- 25-Year Savings: $10,907
- Payback Period: 20.2 Years
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Average Cost of Solar Panels in Madisonville
Let’s take a look at the average cost of solar panels in Madisonville.
While the national average of solar panels is $2.66 per watt, solar panels in Madisonville generally cost around 4.The average Madisonville homeowner needs a 8.0-kilowatt system, which would cost about $20,044 with the federal tax credit, or $28,663 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The exact cost of installing solar panels can vary quite a bit based on a few factors, such as how many panels you need, your energy usage and what installation company you go with.With typical savings of about $12,000 on power bills over 20 years, many homeowners in Madisonville find going solar has a decent ROI.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Madisonville
| Year | Return on Investment |
|---|---|
| 1 years | $-18,253 |
| 3 years | $-14,669 |
| 5 years | $-11,086 |
| 7 years | $-7,503 |
| 9 years | $-3,920 |
| 11 years | $-336 |
| 13 years | $3,247 |
| 15 years | $6,830 |
| 17 years | $10,413 |
| 19 years | $13,997 |
| 21 years | $17,580 |
| 23 years | $21,163 |
| 25 years | $24,746 |
Top Solar Installers in Madisonville
Many homeowners opt for a solar installer since trying to put up solar panels on your own can be a lot of work. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and component replacements.
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 Madisonville
Factors that Affect Solar Panel Costs in Madisonville
For many Madisonville homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Madisonville, 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
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend around $3,580 per kilowatt in Madisonville.Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Madisonville, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, 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 installers in Madisonville have solar loans, which reduce the initial cost of installing solar panels.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you’re only able to 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 final key cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Madisonville, you’ll have many options to choose from, but each comes at different price points for labor and equipment.Additionally, some companies in Madisonville have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. 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 | $3.72 | $15,637 | $3,002 | 21.0 years |
| 8 kW | $3.65 | $20,449 | $4,404 | 20.6 years |
| 10 kW | $3.58 | $25,060 | $6,006 | 20.2 years |
| 12 kW | $3.51 | $29,471 | $7,809 | 19.8 years |
| 14 kW | $3.44 | $33,681 | $9,812 | 19.4 years |
| 16 kW | $3.37 | $37,690 | $12,016 | 19.0 years |
| 18 kW | $3.29 | $41,499 | $14,420 | 18.6 years |
| 20 kW | $3.22 | $45,108 | $17,025 | 18.1 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose considerably impacts 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:
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should acquire and what the project timeline is.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
- Contract: Review the contract terms carefully to make sure you understand the total cost, project completion 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 Madisonville, TN Solar Cost FAQs
How much does it cost to install solar panels in Madisonville?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $17,900 for a 5-kW system and $35,800 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Madisonville?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Do solar panels increase the value of your home?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Madisonville is currently $255,728, which means you could be looking at a value of about $10,485 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Madisonville is a rewarding investment.
How often do you have to replace solar panels?
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 the amount of energy they produce 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.