Solar Panels Cost 20k-32k in Madisonville, TN | October, 2024

Solar Panels Cost $20k-$32k in Madisonville, TN | October, 2024

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How much do solar panels cost in Madisonville, TN in 2024?

As of October, 2024, the current price to have solar panels installed in Madisonville, TN is $4.27/W.

Utilizing this rate, expect the price to be $4,270, on average, for every 1000 watts (or 1 kW) of solar energy your solar system can produce. In Madisonville, the price of a 5 kW solar system is generally $14,945, after you subtract 30% federal tax credit. However, keep in mind that you might need a more powerful system to adequately cover your energy requirements.

To your left, you have the option to choose your county and find the average roof size along with the average maximum capacity for solar panel installations on homes in your area. Displayed below is a breakdown of the costs, payback period, and 20-year average savings for a 5 kW system in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Madisonville: $14,945US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Madisonville: 8 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Madisonville: $17,844US Average: $15,784

Solar Potential in Madisonville

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

Roof size 912sq. ft.
Capacity 12.75kW DC
Electricity 15kkWh AC per yr.

Electricity Costs in Madisonville, TN & What that Means for Your Solar Panel Pricing

The typical monthly electric bill for Madisonville residents is $163.31, with a typical usage of 1,328 kWh. These numbers cover apartments and other smaller housing units, which tend to have reduced energy needs.

The average rate for electricity in Madisonville, TN during October, 2024 is 12.3¢ per kWh.

In Madisonville, a system size of 11 kW or larger is a must for the typical energy user to satisfy all of their power needs. Currently, an 11 kW solar panel system is priced at around $32,879 after incentives.

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Average solar panel costs by system size in Madisonville

To the left and below, you'll find the cost breakdown for different sizes of the solar panel systems set up in Madisonville. When you opt for a more extensive solar system, the cost is higher, but it also leads to more significant electricity savings and a larger income tax credit.

The calculator below and to the right gives a detailed summary of solar panel costs and benefits, based on an average electric bill of $163.31 in Madisonville. To get customized results, just adjust the $163.31to reflect your usual electricity bill amount.

System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,223 a year
Est. Price
$20,923
Savings from a 7kWthis system
  • Est. yearly production 10,191 kWh
  • Est. monthly savings $102
  • Full payback in 11 years
Environmental Impacts
  • Reduces CO2 emissions by 2.61 tons a year
  • Equivalent to planting 120 trees a year
  • Equivalent to driving 6,458 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,398 a year
Est. Price
$23,912
Savings from a 8kWthis system
  • Est. yearly production 11,647 kWh
  • Est. monthly savings $116
  • Full payback in 12 years
Environmental Impacts
  • Reduces CO2 emissions by 2.98 tons a year
  • Equivalent to planting 137 trees a year
  • Equivalent to driving 7,380 mi less a year
System Size 9kW
Roof Size Min. space required
644 ft²
Electricity Value Annual Production $1,572 a year
Est. Price
$26,901
Savings from a 9kWthis system
  • Est. yearly production 13,103 kWh
  • Est. monthly savings $131
  • Full payback in 14 years
Environmental Impacts
  • Reduces CO2 emissions by 3.35 tons a year
  • Equivalent to planting 154 trees a year
  • Equivalent to driving 8,303 mi less a year
System Size 10kW
Roof Size Min. space required
715 ft²
Electricity Value Annual Production $1,747 a year
Est. Price
$29,890
Savings from a 10kWthis system
  • Est. yearly production 14,559 kWh
  • Est. monthly savings $146
  • Full payback in 15 years
Environmental Impacts
  • Reduces CO2 emissions by 3.73 tons a year
  • Equivalent to planting 171 trees a year
  • Equivalent to driving 9,226 mi less a year
System Size 11kW
Roof Size Min. space required
787 ft²
Electricity Value Annual Production $1,922 a year
Est. Price
$32,879
Savings from a 11kWthis system
  • Est. yearly production 16,015 kWh
  • Est. monthly savings $160
  • Full payback in 17 years
Environmental Impacts
  • Reduces CO2 emissions by 4.1 tons a year
  • Equivalent to planting 188 trees a year
  • Equivalent to driving 10,148 mi less a year

Madisonville Solar Panel Installation Incentives & Rebates | 2024

The financial burden of installing photovoltaic or wind turbines for rural farmlands and small businesses could be eased with the REAP Grant, covering 80% to 100% of the costs. Wondering if you fit this category? Verify your eligibility with our REAP Grant eligibility tool.

With the 30% federal income tax credit, almost everyone can benefit from residential solar, which makes it a logical option in many regions in the United States. Together with federal efforts, state and local programs help to encourage the use of solar power.

Tennessee provides 2 solar rebates and incentives from multiple utility companies and government agencies.

Sales Tax Credit for Clean Energy Technology

Value:Varies

New devices used in the generation, storage, or distribution of "green energy" in Tennessee may be eligible for state sales/use tax exemptions. Qualifying equipment should use solar, wind, geothermal, or hydrogen fuel cell technology and be installed in a Department of Environment-certified facility. To claim the exemption, the installing contractor should submit application paperwork to the Department of Revenue at the time of purchase. The buyer must then fill out a corresponding form. Approved exemptions will be paid as a refund to the contractor.

Pathway Energy Efficiency Loan Program

Value:Varies

Tennessee's Energy Efficiency Loan Program (EELP) is operated by Pathway Lending, a private non-profit operating in multiple states. Through the program, small businesses, local nonprofits, and local governments may obtain special financing for new renewable energy investments and energy efficiency improvements. Repayment plans last up to six years and are typically based on energy savings at below-market interest. To apply, an organization must submit successful proposals and complete an energy audit. Additional information is available from the Pathway Lending website.

Are solar panels worth it in Tennessee?

When you plan to live in your home beyond the payback period of your solar system, solar panels are an obvious choice in Madisonville. With a 5 kW solar system in Madisonville, TN, the average savings over a 20 period is $24,249.4, with break even generally occurring at 8 years.

The cost of not having solar panels in Madisonville, TN

The absence of solar panels or another backup power source results in missing out on the aforementioned savings and full dependence on your electric utility for power. Several recent examples in the news have shown that full reliance on your utility company is not always ideal.

Over the past few years, customers in Madisonville have experienced an average of 3.25 utility outages each year. On average, each outage lasts for 403.74 minutes. Major events like grid management errors, thunderstorms or planned maintenance can considerably extend these durations.

A solar energy system, whether it includes a backup battery or not, could help relieve the burden of future power outages you may encounter.

Power Outages

Currently, 0 customers are being tracked in Monroe County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Madisonville, TN?

Your Energy Needs - The price per watt decreases with larger solar panel systems, even though the upfront cost is greater. Most homeowners see the advantage in installing a solar setup that can generate enough power to replace their entire electric bill, ensuring significant savings.

Make & Model - Solar panels and mounting equipment are offered in a wide variety of makes and models. The brand preferences of your chosen installer can make it essential to choose a reputable company. Selecting superior quality models generally provides a more favorable long-term experience for the buyer.

Solar Panel Type - It's clear why monocrystalline panels are now the go-to choice in the industry. Although they are costlier, they generate increased energy. Many installers use panels constructed of this material.

Your Property - Uneven land, trees, or other challenges can increase the complexity of the installation. Nowadays, satellite images allow many solar installers to assess your home and incorporate these elements into the first cost estimate.

Labor Rates - The wages that companies offer their employees are different, and these expenses are ultimately reflected in consumer prices. It is common for businesses that provide higher wages to receive better reviews for their services and customer service.

Permitting & Interconnection - The cost of installation will vary depending on local permitting and utility interconnection fees. Quality installers will factor these costs into your preliminary quotes to prevent unexpected expenses.

See what solar panels cost in other TN cities

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Who are the best solar installers in Madisonville?

SunPro Solar

Mandeville, LA(866) 599-3643

Services

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

Power Home Solar

Mooresville, NC(704) 870-3670

Services

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

Dividend Finance

San Francisco, CA(415) 805-7000

Services

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

SunPower Corporation

San Jose, CA(800) 786-7693

Services

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

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

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

Sunnova Energy

Houston, TX(866) 786-6682

Services

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

Tungsten Electric

Nashville-Davidson metropolitan government, TN(615) 491-0206

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.

Entegrity

Little Rock, AR(800) 700-1414

Services

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

City Electric Supply

Dallas, TX(866) 634-9853

Services

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

LightEdison

Denver, CO(888) 966-6377

Services

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

PowerHome Solar

Mooresville, NC(704) 870-3670

Services

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

Solar Plus

Atlanta, GA(470) 378-1182

Services

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

Madisonville, TN Solar Panel Cost FAQs

  • In October, 2024, the typical price per watt for solar panels in Madisonville, TN is $4.27/W. Installing a 5 kW solar panel system in Madisonville, TN will cost approximately $14,945 after applying the federal tax credit.

  • Utilities and government agencies in Tennessee are currently offering 2 different rebates and incentives. Additionally, the vast majority qualify for the 30% federal tax credit.

  • Paying cash offers the most savings, but there are now multiple financing options for solar panels that are also advantageous. Information about financing options will often be included in your preliminary quotes by many installers.

  • Yes, homeowners in Madisonville, TN generally see a payback time of 8 years for 5 kW solar panel systems, with electricity savings averaging $24,249.4 over a 20-year period.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-10-01