Madrid has an excellent public transportation system that includes metro, bus, and train. A single metro ticket costs €1.50, and a 10-journey ticket is €12. There are also taxis available, with an average cost of €20 for a 15-minute ride. It's recommended to use a combination of public transportation and walking to get around the city to save money and see more of the sights.
If you have more time, consider visiting other popular attractions like the Thyssen-Bornemisza Museum or the Reina Sofía Museum. If you have less time, skip the Palace and the Prado Museum and spend more time exploring the city streets and parks. It's also recommended to avoid visiting during summer months when temperatures can reach over 100°F.