Solar Panels Cost 11k-23k in Madison, IN | October, 2024

Solar Panels Cost $11k-$23k in Madison, IN | October, 2024

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How much do solar panels cost in Madison, IN in 2024?

Solar panel installations in Madison, IN during October, 2024 average out to $4.12 per watt.

Utilizing the price per watt, you are able to conclude that for every 1 kW (1000 watts) of solar power capacity will require an investment of $4,120 for installation. In Madison, the cost of a 5 kW solar panel system is typically $14,420, after a 30% federal tax credit. Depending on your energy usage, you might need a bigger system.

To the left, you can select a county to find the average roof size and the average maximum generation capacity for solar panel systems on homes in your area. Below, you can see a summary of the costs, payback period and 20 year average savings for a 5 kW system installed in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Madison: $14,420US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Madison: 10 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Madison: $8,639US Average: $15,784

Solar Potential in Madison

Estimated system size and solar electricity production per median viable roof in
Madison.

Roof size 733sq. ft.
Capacity 10.25kW DC
Electricity 11.9kkWh AC per yr.

Electricity Costs in Madison, IN & What that Means for Your Solar Panel Pricing

On average, a Madison energy consumer uses940 kWh and pays $121.83 per month for electricity. These figures also cover apartments and other smaller residences with lower energy demand.

For October 2024, Madison, IN's average electricity rate amounts to 12.96¢ per kWh.

If you consume an average amount of electricity in Madison, you will need a solar panel system of 8 kW or more to fully account for your full electricity consumption demands. Presently, an 8 kW solar system will be priced at around $32,960at first, but thanks to the 30% federal tax credit, you receive 30% back, reducing the total to $23,072.

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Average solar panel costs by system size in Madison

On your left, we have provided a full pricing details for the multiple solar panel system sizes installed in Madison. The investment for a more extensive solar panel setup is greater, but it also yields greater electricity savings and higher income tax credits.

The solar panel cost and benefit breakdown, shown in the calculator down and to the right, is based on an average electric bill of $121.83 in Madison. Change the $121.83 to your usual bill payment for personalized results.

System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $769 a year
Est. Price
$11,536
Savings from a 4kWthis system
  • Est. yearly production 5,916 kWh
  • Est. monthly savings $64
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 7.68 tons a year
  • Equivalent to planting 353 trees a year
  • Equivalent to driving 19,011 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $961 a year
Est. Price
$14,420
Savings from a 5kWthis system
  • Est. yearly production 7,395 kWh
  • Est. monthly savings $80
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 9.6 tons a year
  • Equivalent to planting 441 trees a year
  • Equivalent to driving 23,763 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,154 a year
Est. Price
$17,304
Savings from a 6kWthis system
  • Est. yearly production 8,874 kWh
  • Est. monthly savings $96
  • Full payback in 12 years
Environmental Impacts
  • Reduces CO2 emissions by 11.52 tons a year
  • Equivalent to planting 529 trees a year
  • Equivalent to driving 28,516 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,346 a year
Est. Price
$20,188
Savings from a 7kWthis system
  • Est. yearly production 10,353 kWh
  • Est. monthly savings $112
  • Full payback in 14 years
Environmental Impacts
  • Reduces CO2 emissions by 13.44 tons a year
  • Equivalent to planting 617 trees a year
  • Equivalent to driving 33,269 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,538 a year
Est. Price
$23,072
Savings from a 8kWthis system
  • Est. yearly production 11,832 kWh
  • Est. monthly savings $122
  • Full payback in 16 years
Environmental Impacts
  • Reduces CO2 emissions by 14.62 tons a year
  • Equivalent to planting 671 trees a year
  • Equivalent to driving 36,188 mi less a year

Madison Solar Panel Installation Incentives & Rebates | 2024

For rural agricultural properties and small businesses, the REAP Grant might currently cover between 80% and 100% of the expenses for installing photovoltaic or wind energy systems. Think you fit this category? Check your qualification with our REAP Grant eligibility tool.

Most homeowners can benefit from the federal 30% income tax credit for solar panels, which turns adopting solar energy a practical choice in numerous regions of the U.S. In addition to federal incentives, there are many state and local efforts to encourage solar energy adoption.

Multiple utilities and government agencies in Indiana provide 4 solar rebate and incentive programs.

Renewable Energy Property Tax Exemption

Value:Varies

Property tax exemptions apply in Indiana for solar, wind, geothermal, and hydroelectric power and thermal devices. (Solar devices installed before January 1, 2012 do not qualify for an exemption.) For most generation systems, exemptions will amount to the currently assessed value of the system (adjusted for depreciation.) Solar thermal, HVAC, or pool heating systems will be exempted at a fixed amount equal to parts and labor costs. Unique to Indiana, should the owner sell their property, exemptions will not apply to the new owner. Qualifying taxpayers may claim the exemption by filing Form 18865 with their county. Additional information is available from the Indiana Department of Local Government Finance website.

Community Conservation Challenge

Value:Varies

NOTE: This program is closed to new applicants. Indiana's Community Conservation Challenge is a grant program managed by the Office of Energy Development. Commercial, industrial, or agricultural property owners may be eligible for $20,000 - $80,000 to install new renewable energy systems or make energy efficiency improvements. Projects that may qualify for funding include green vehicles, HVAC, lighting, solar PV/thermal systems, and wind turbines. At least one community must partner with the property owner, and the completed project should be visible to the public eye. Additional information is available from the OED website.

NIPSCO - Feed-In Tariff

Value:Varies

NIPSCO pays feed-in tariffs to distributed renewable energy customers with systems rated for 3 kilowatts to one megawatt of capacity. Monthly compensation will take the form of a bill credit based on the amount of excess energy sent back to the grid. Unlike net metering, NIPSCO has greater control over how much of a customer's generated energy can be considered "excess." This control is to keep the grid stable. Customers must "opt in" to receive tariffs by filling out an application on the NIPSCO website and paying an administration fee based on system capacity; the current fee is $1 per kilowatt plus $25.

Clean Energy Portfolio Standard

Value:Varies

Indiana has adopted a non-binding renewable portfolio standard called the CHOICE. There have been three clean energy targets set with the final goal of sourcing 10% of the state's energy from renewable sources by 2025. Unique to the CHOICE standard, up to 30% of investments can be in cleaner conventional energy (natural gas, CHP, and clean coal). Participation in the CHOICE is completely voluntary. Interested utilities can register with the state's Utility Regulatory Commission to submit business and project plans. As a utility makes CHOICE investments, they will earn Clean Energy Credits pegging energy capacity to a fixed dollar value. Additional information is available from the CHOICE website.

Are solar panels worth it in Indiana?

If you intend to own your residence longer than the solar system's payback period, solar panels are a smart investment in Madison. A 5 kW system in Madison, IN will save you, on average, $14,819.2 over a 20 period and the average break even point is 10 years.

The cost of not having solar panels in Madison, IN

Apart from the savings mentioned earlier, failing to install solar panels or an alternative energy backup leads to you being wholly dependent on your electric utility for electricity. Recent news examples have shown that complete dependence on your utility provider isn't always the most favorable condition.

The average number of outages per customer per year in Madison is 1.11. The average duration of each outage is 144.96 minutes. During severe events like tornadoes, construction accidents, or grid management errors, these times can grow significantly longer.

A solar energy system could help mitigate the effects of future outages, whether or not it has a backup battery.

Power Outages

Currently, 0 customers are being tracked in Jefferson County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Madison, IN?

Your Energy Needs - Larger solar panel systems have a greater upfront cost, but the cost per watt reduces. Installing a solar panel system that can cover the electric bill is useful to consumers because of the reduced long-term costs.

Make & Model - Just like other products, solar panels come in a wide variety of makes and models. Because the installer you choose might have particular system preferences, choosing a recommended installer is even more important. The employment of superior makes and models is likely to provide a more satisfactory long-term experience for buyers.

Solar Panel Type - Monocrystalline panels have become the standard in the industry, and it's easy to see why. Despite the higher price tag, these panels produce greater energy output. The majority of installation experts use panels made from this material.

Your Property - Things such as trees, rough terrain, or additional hurdles can cause the installation to be more difficult. Many solar installers today use satellite imagery to evaluate your home and factor in these factors into the preliminary cost estimate.

Labor Rates - The wage differences between companies lead to costs that are transferred to the consumers. Companies that pay higher wages often garner higher reviews for their work and customer service.

Permitting & Interconnection - The cost of installation will differ depending on local permitting and utility interconnection fees. Quality local installers will include these figures in your preliminary estimates to provide transparency.

See what solar panels cost in other IN cities

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Who are the best solar installers in Madison?

YellowLite

Cleveland, OH(877) 743-8757

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.

Academy Energy Group

Newburgh, IN(812) 518-2150

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Auditing of energy requirements for independent energy generation.
  • Monitoring of independent energy generation.

Power Home Solar

Mooresville, NC(704) 870-3670

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Reparation of solar arrays.
  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.

SunPower Corporation

San Jose, CA(800) 786-7693

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.
  • Monitoring of independent energy generation.
  • Solar systems for selling electricity back to the grid.

Silver Sun Solar

Deltona, FL(340) 227-7785

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

Harvest Solar

Jackson, MI(888) 907-6527

Services

  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

GRNE Solar

Palatine, IL(312) 859-3417

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.

Sigora Solar

Charlottesville, VA(434) 465-6192

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

Entegrity

Little Rock, AR(800) 700-1414

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Ideal Energy

Fairfield, IA(800) 634-4454

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Reparation of solar arrays.

City Electric Supply

Dallas, TX(866) 634-9853

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

PowerHome Solar

Mooresville, NC(704) 870-3670

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Icon Solar

Milford, OH(513) 396-7777

Services

  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.

Madison, IN Solar Panel Cost FAQs

  • As of October, 2024, the typical cost for solar panels in Madison, IN is $4.12/W. For a 5 kW solar panel system, the total cost in Madison, IN after federal tax credits is around $14,420.

  • Right now, Indiana has 4 rebates and incentives available through a variety of utility companies and government entities. Also, nearly everyone can take advantage of the 30% federal tax credit.

  • Opting to pay in cash provides the highest savings, but there are now various financing options for solar panels that are cost-effective. Installers typically partner with financing companies and will incorporate this information into your initial quotes.

  • Yes, in Madison, IN, the average time for 5 kW solar panel systems to pay for themselves is 10 years, leading to electricity savings of $14,819.2 over a 20-year period.
Matt Hope
Last Reviewed By: Matt Hope
Published: 2024-10-01