Solar Panel Cost Guide in Madison, WI (2023 Update)
- Madison Solar Installation Cost: $13,239
- 25-Year Savings: $28,234
- Payback Period: 8.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Madison
We break down average solar pricing in Madison.
The average cost of solar panels in Madison is 2.6 per watt. The average solar panel system size in Madison is around 7.3 kilowatts, meaning a cost of about $13,231 for a solar installation, or $18,920 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of installing solar panels can vary depending on several factors, such as how many panels you need, your energy consumption and what solar installer you go with. Despite the large upfront cost, the average Madison homeowner can save around $22,000 on their electricity bills over 20 years, which is one of the advantages of solar.
You can click the button below to get connected with a vetted solar installer in Madison for a quote for your home.
Solar savings over time in Madison
| Year | Return on Investment |
|---|---|
| 1 years | $-11,854 |
| 3 years | $-9,086 |
| 5 years | $-6,317 |
| 7 years | $-3,548 |
| 9 years | $-779 |
| 11 years | $1,990 |
| 13 years | $4,759 |
| 15 years | $7,527 |
| 17 years | $10,296 |
| 19 years | $13,065 |
| 21 years | $15,834 |
| 23 years | $18,603 |
| 25 years | $21,371 |
Top Solar Installers in Madison
Putting up solar panels by yourself can be a difficult undertaking, which is why getting a solar installer is a good option for many homeowners. Companies can also have access to various kinds of the best solar panels and help you pick which one will be right for you.
Working with a professional solar installer can help you make the most of your investment in solar. Here are our recommendations:
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Madison
Factors that Affect Solar Panel Costs in Madison
There are many factors that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. Because of that, it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. There are many different solar panel brands and the one you pick also changes the cost. Generally, the brands that have better efficiency tend to also be more expensive. Additionally, the type of equipment you choose can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
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 five to seven years on average. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The final major 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 many options to choose from, but each comes at various price points for labor and equipment. You may see national solar installers that have lower prices due to 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 | $2.70 | $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 overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should consider, such as:
- 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 installer, such as what permits you should acquire and what the project timeline is.
- Contract: When looking through your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Warranty: Warranties that provide coverage for replacement parts and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one indication of a good company.
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Madison, WI Solar Cost FAQs
How much does it cost to install solar panels in Madison?
The average cost of solar panels in Madison is about $13,000 for a 5-kW system and $26,000 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Madison?
Solar panels aren't free in Madison, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is it worth going solar in Madison?
Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already reasonably low, solar panels might not be for you.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.