Solar Panel Cost Guide in Madison, WI (Feb 2023)
- Madison Solar Installation Cost: $13,231
- 25-Year Savings: $28,242
- Payback Period: 8.0 Years
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Top Solar Installers in Madison
Although it's possible to install solar panels by yourself, it takes extra time and handiness. For that reason, most homeowners choose to go with a solar panel installer. Plus, if you're not certain what type of solar panels and equipment you want, a solar expert can help you figure that out after a site survey and consultation.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
See all of the solar companies in Madison
Factors that Affect Solar Panel Costs in Madison
The cost of installing a solar system in Madison can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
The size of the solar energy system you need for your home, 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 $2,600. The type of solar panels and equipment you want is another factor that will considerably impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a solid choice because they lower your upfront costs and allow you to pay for your system over five to seven years on average. Although solar loans make going solar more accessible for Madison homeowners, they can also add to the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar panel installation company you choose will impact your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor. You may see national solar installers that have lower prices because of their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions 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||$2.70||$11,357||$22,852||8.3 years|
|8 kW||$2.65||$14,851||$30,760||8.1 years|
|10 kW||$2.60||$18,200||$38,814||8.0 years|
|12 kW||$2.55||$21,403||$47,014||7.8 years|
|14 kW||$2.50||$24,461||$55,359||7.7 years|
|16 kW||$2.44||$27,373||$63,850||7.5 years|
|18 kW||$2.39||$30,139||$72,486||7.3 years|
|20 kW||$2.34||$32,760||$81,268||7.2 years|
How to Save on Solar Panels
The solar panel company you opt for will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Solar Panel Brands: The type of solar panel you want to get plays a role in which installer you should go with, since different companies offer different panels.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for years to come and save you money on part replacement and repairs.
- Installation Process: Make sure you're on the same page with the installer in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating your electrical system or roof.
- Contract: Although reading through a contract can be tedious, it's important to do it fully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
EcoWatch's Madison, WI Solar Cost FAQs
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.