You posted controller specs that indicate 40 amps max charging 12v battery.
500w / 13V = 38 amps
Probably never see 40 amps. Probably closer to 30 to 35 amp max charging current. The 50 amp fuse (controller to battery) is to protect the wire from power coming out of the battery during a fault.
I generally buy my wire & lugs here when possible:
http://www.genuinedealz.com/marine-wire/marine-battery-cable?size=57Don't try to mount the panels perfectly flat as they will shed water and dust better with a slight tilt.
MC4 8awg cable on ebay