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.
While the national average of solar panels is $2.66 per watt, solar panels in Madison generally cost around 4.Using this figure, a typical 7.3-kW system would cost about $19,756 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Madison homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.But, once you've paid the initial cost of installation, the savings for most homeowners is quite good, with a net average savings of about $22,000 over 20 years on electricity bills.
To see your potential savings and connect with a local solar installer, click the button below.
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
Although you can install solar panels on your own, it involves extra labor and know-how. That's one of the reasons the majority of homeowners choose a solar panel installer. Since solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 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
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that affect your total cost in Madison: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,880. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your power bills. Additionally, extra products, like solar batteries, can bring your total well above the Madison average.
Solar Financing Terms
Most solar installers in Madison have solar loans, which reduce the initial cost of installing solar.It’s wise to include the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay back the loan.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Madison is the company you get to install your solar system. Similar to choosing a company to build a deck or pool, for instance, there’s no shortage of solar installers that offer a range of services for different budgets.Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and go with the company that provides the products, warranties and services you want and also fit into your budget.
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 panel company you choose will impact not only your overall 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 consider, such as:
- Installation Process: Make sure you’re aligned with the company with regard to how the installation process will go and what you need to do before your solar system is installed, such as repairing your electrical system or roof.
- Warranty: Warranties that cover replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a quality company.
- Solar Panel Brands: The brand of solar panel you’d like plays a part in which installer you should choose, since different companies have different panels.
- Contract: When looking through your solar company’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 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?
This is a difficult question to answer exactly, 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 be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive 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’d rather own your solar panels, you can finance them with a solar loan.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location 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.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household 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.