Solar Panel Cost Guide in Madisonville, TX (2023 Update)
- Madisonville Solar Installation Cost: $14,424
- 25-Year Savings: $22,877
- Payback Period: 9.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Madisonville
See how much it might cost to switch to solar power in Madisonville.
Although the national average of solar panels is $2.66 per watt, solar panels in Madisonville typically cost around 2.69. Since a 7.7-kW system is needed to cover the energy needs of a typical home in Madisonville, the average price of going solar will be about $14,424 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average Madisonville homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. With typical savings of about $18,000 on utility bills over 20 years, many homeowners in Madisonville find installing solar panels has a decent ROI.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Madisonville
| Year | Return on Investment |
|---|---|
| 1 years | $-12,932 |
| 3 years | $-9,948 |
| 5 years | $-6,964 |
| 7 years | $-3,980 |
| 9 years | $-996 |
| 11 years | $1,988 |
| 13 years | $4,972 |
| 15 years | $7,957 |
| 17 years | $10,941 |
| 19 years | $13,925 |
| 21 years | $16,909 |
| 23 years | $19,893 |
| 25 years | $22,877 |
Top Solar Installers in Madisonville
Trying to install solar panels on your own can be a challenging project, which is why hiring a solar installer is a good option for many homeowners. Some solar companies, especially local ones, can help you take advantage of incentives in Madisonville, thereby optimizing your ROI.
If you're looking for a solar installer in Madisonville, we've put together a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Madisonville
Factors that Affect Solar Panel Costs in Madisonville
Although the average cost of a solar system in Madisonville is $14,424, your final cost may differ. There are quite a few factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
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 electricity your household consumes, the larger your system will likely need to be. You can expect to pay about $2,690 per kilowatt in Madisonville. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted 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 a small roof 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 raise the cost.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a solid route because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you hire to install your solar system can impact your pricing. Madisonville's solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.80 | $11,750 | $17,460 | 10.1 years |
| 8 kW | $2.74 | $15,365 | $23,581 | 9.9 years |
| 10 kW | $2.69 | $18,830 | $29,853 | 9.7 years |
| 12 kW | $2.64 | $22,144 | $36,276 | 9.5 years |
| 14 kW | $2.58 | $25,308 | $42,849 | 9.3 years |
| 16 kW | $2.53 | $28,320 | $49,573 | 9.1 years |
| 18 kW | $2.47 | $31,182 | $56,447 | 8.9 years |
| 20 kW | $2.42 | $33,894 | $63,472 | 8.7 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Reputation: Companies that have been operating for many years likely have a solid 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.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Although reading through a contract can be tedious, it's important to do it carefully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Madisonville, TX Solar Cost FAQs
How much does it cost to install solar panels in Madisonville?
The average cost of solar panels in Madisonville is about $13,450 for a 5-kW system and $26,900 for a 10-kW system before the ITC, but the actual cost will depend on things like the model of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on electricity bills after installing solar panels?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Madisonville, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.