Solar Panel Cost Guide in Madisonville, TX (2024 Update)
- Madisonville Solar Installation Cost: $17,860
- 25-Year Savings: $22,873
- Payback Period: 12.0 Years
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Average Cost of Solar Panels in Madisonville
Let’s take a look at the average cost of solar in Madisonville.
While the national average of solar panels is $2.66 per watt, solar panels in Madisonville generally cost around 3.Because a 7.7-kW system is needed to cover the energy usage of a typical home in Madisonville, the average price of going solar will be about $17,860 after claiming the federal solar tax credit of 0.
These figures are just averages, and how much solar costs for you will differ based on factors unique to your home and what company you go with.Even with the high initial cost, the average Madisonville homeowner can save about $18,000 on their power bills over 20 years, which is one of the positives of solar.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Madisonville
| Year | Return on Investment |
|---|---|
| 1 years | $-16,561 |
| 3 years | $-13,964 |
| 5 years | $-11,367 |
| 7 years | $-8,770 |
| 9 years | $-6,173 |
| 11 years | $-3,575 |
| 13 years | $-978 |
| 15 years | $1,619 |
| 17 years | $4,216 |
| 19 years | $6,813 |
| 21 years | $9,410 |
| 23 years | $12,007 |
| 25 years | $14,604 |
Top Solar Installers in Madisonville
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Going with a solar panel installer can make switching to solar power much easier. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term because of their warranties, repair services and expert design.
Working with a professional solar installer can help you make the most of your investment in solar. Here are our recommendations:
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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 $17,860, your final cost may differ. There are quite a few factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,330.The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price 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. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar installers in Madisonville have solar loans, which reduce the initial cost of installing solar panels.Even though solar loans make adopting solar energy more accessible for Madisonville homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Madisonville is the company you choose to install your PV system. As with choosing a company to install new cabinets, for instance, you’ll have many options for solar installers that provide a range of services at different price points.Additionally, some companies in Madisonville have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 | $3.46 | $14,545 | $14,664 | 12.4 years |
| 8 kW | $3.40 | $19,021 | $19,926 | 12.2 years |
| 10 kW | $3.33 | $23,310 | $25,373 | 12.0 years |
| 12 kW | $3.26 | $27,413 | $31,007 | 11.7 years |
| 14 kW | $3.20 | $31,329 | $36,828 | 11.5 years |
| 16 kW | $3.13 | $35,058 | $42,835 | 11.3 years |
| 18 kW | $3.06 | $38,601 | $49,028 | 11.0 years |
| 20 kW | $3.00 | $41,958 | $55,408 | 10.8 years |
How to Save on Solar Panels
There are a lot of 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:
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for years to come and save you money on repairs and maintenance.
- Contract: It’s important to look over your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years in most cases provide high-quality solar panel installation and expertise.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Madisonville, TX Solar Cost FAQs
How much does it cost to install solar panels in Madisonville?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $16,650 for a 5-kW system and $33,300 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 go with a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Madisonville?
You can’t get solar panels for free in Madisonville. 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 prefer to own your solar panels, you can finance them with a solar loan.
How much can I save on electricity bills after installing solar panels?
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 $973.66 per year.
How long do solar panels last in Madisonville?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them after having them for that long or you can keep using them at a lower efficiency.
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.