Solar Panel Cost Guide in Madison, WI (2024 Update)
- Madison Solar Installation Cost: $19,756
- 25-Year Savings: $28,234
- Payback Period: 11.9 Years
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Average Cost of Solar Panels in Madison
Find out what the average cost of solar panel installation is in Madison.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Madison, the average cost of a solar system is 4 per watt.The average Madison homeowner needs a 7.3-kilowatt system, which would cost about $19,756 with the federal tax credit, or $28,251 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The true cost of making the switch to solar can vary depending on several factors, such as how many panels you need, your energy consumption and what solar installer you go with.For many homeowners, the upfront cost of solar power is worth paying. On average Madison homeowners see about $22,000 in savings on energy bills over 20 years.
Click the button below to get connected to a vetted solar panel company in Madison for a customized estimate.
Solar savings over time in Madison
| Year | Return on Investment |
|---|---|
| 1 years | $-18,372 |
| 3 years | $-15,603 |
| 5 years | $-12,834 |
| 7 years | $-10,066 |
| 9 years | $-7,297 |
| 11 years | $-4,528 |
| 13 years | $-1,759 |
| 15 years | $1,010 |
| 17 years | $3,779 |
| 19 years | $6,547 |
| 21 years | $9,316 |
| 23 years | $12,085 |
| 25 years | $14,854 |
Top Solar Installers in Madison
When switching to solar energy, many homeowners decide to hire a solar company since DIY solar panel installation can be a difficult project. Solar installers provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few major factors that affect your total cost in Madison: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar 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 spend about $3,880 per kilowatt in Madison.The model of solar panels and equipment you choose is another factor that will greatly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment consists of more than 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 searching for a solar system that’s in your budget.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are an affordable route because they lower your upfront costs and allow you to pay for your system over five to seven years on average.However, the interest on solar loans also adds to your total costs, so it’s important to consider that as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The last significant cost factor you should take into consideration is the installer you choose. Given the growing popularity of sustainable energy solutions in Madison, you’ll have lots of options to choose from, but each comes at various price points for labor and equipment.Additionally, some companies in Madison are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $4.04 | $16,948 | $17,261 | 12.4 years |
| 8 kW | $3.96 | $22,163 | $23,449 | 12.1 years |
| 10 kW | $3.88 | $27,160 | $29,854 | 11.9 years |
| 12 kW | $3.80 | $31,940 | $36,477 | 11.7 years |
| 14 kW | $3.72 | $36,503 | $43,317 | 11.4 years |
| 16 kW | $3.65 | $40,849 | $50,374 | 11.2 years |
| 18 kW | $3.57 | $44,977 | $57,649 | 11.0 years |
| 20 kW | $3.49 | $48,888 | $65,140 | 10.7 years |
How to Save on Solar Panels
The solar company you go with will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should take into account, including:
- Installation Process: When going solar, it’s necessary to keep an open line of communication with your solar installer. See to it that you understand how the installation process will go and the project completion timeline.
- Warranty: Warranties that provide coverage for defective panels and repairs over around 25 years are the best you can get in the business, and offering that kind of warranty is one indication of a good company.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. While 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 make sure you ask for their list of offerings before deciding.
- Contract: When reading over your solar installer’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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, WI Solar Cost FAQs
How much does it cost to install solar panels in Madison?
This is a tough question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $19,400 for a 5-kW system and $38,800 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Are solar panels free in Madison?
You can’t get solar panels for free in Madison. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
How much can I save on electricity bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,140.28 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage 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 cover 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.