Solar Panel Cost Guide in Bloomfield, NJ (2023 Update)
- Bloomfield Solar Installation Cost: $9,171
- 25-Year Savings: $8,679
- Payback Period: 12.8 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Bloomfield
Find out what the average cost of a solar system is in Bloomfield.
The national average cost of solar panels is $2.66 per watt, but in Bloomfield it's 2.77 per watt. The average Bloomfield homeowner needs a 4.7-kilowatt system, which would cost about $9,171 with the federal tax credit, or $13,115 before the 30% tax credit is applied.
How much you pay can go above or below the average in Bloomfield based on a variety of factors, such as the brand of solar panels you choose and the solar contractor you hire. But, after you've paid the upfront cost of installation, the savings for most homeowners is typically good, with a net average savings of about $14,000 over 20 years on utility bills.
You can click the button below to get connected with a vetted solar installer in Bloomfield for a quote for your home.
Solar savings over time in Bloomfield
| Year | Return on Investment |
|---|---|
| 1 years | $-8,457 |
| 3 years | $-7,029 |
| 5 years | $-5,601 |
| 7 years | $-4,173 |
| 9 years | $-2,745 |
| 11 years | $-1,317 |
| 13 years | $111 |
| 15 years | $1,539 |
| 17 years | $2,967 |
| 19 years | $4,395 |
| 21 years | $5,823 |
| 23 years | $7,251 |
| 25 years | $8,679 |
Top Solar Installers in Bloomfield
Trying to install solar panels by yourself can be a dangerous task, which is why hiring a solar installation company is a good option for many homeowners. Companies can also have access to various kinds of the best solar panels and help you pick which one will be right for you.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some in Bloomfield:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Bloomfield
Factors that Affect Solar Panel Costs in Bloomfield
There are a number of factors that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,770. The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar installers in Bloomfield offer solar loans, which reduce your upfront costs of installing a solar system. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar company you hire to handle your switch to solar energy can play a part in your total costs. There are about 3 solar installation companies operating in Bloomfield, and each can charge varying amounts for labor and equipment. Additionally, some companies in Bloomfield know more about local solar incentives and can help you make good use of 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 end up saving you 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 | $2.88 | $12,099 | $10,536 | 13.4 years |
| 8 kW | $2.83 | $15,822 | $14,358 | 13.1 years |
| 10 kW | $2.77 | $19,390 | $18,335 | 12.8 years |
| 12 kW | $2.71 | $22,803 | $22,468 | 12.6 years |
| 14 kW | $2.66 | $26,060 | $26,755 | 12.3 years |
| 16 kW | $2.60 | $29,163 | $31,198 | 12.1 years |
| 18 kW | $2.55 | $32,110 | $35,795 | 11.8 years |
| 20 kW | $2.49 | $34,902 | $40,548 | 11.6 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should acquire and how long the project will take.
- Contract: It's important to read through your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Bloomfield, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Bloomfield?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will having solar panels impact my home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Bloomfield is currently $373,221, so you can look forward to a value of about $15,302 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Bloomfield is a rewarding investment.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.