Solar Panel Cost Guide in Bloomfield, NJ (Jul 2022)

  • Bloomfield Solar Installation Cost: $9,696
  • 25-Year Savings: $8,155
  • Payback Period: 13.6 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 7/19/2022

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Average Cost of Solar Panels in Bloomfield

Find out what the average cost of solar panel installation is in Bloomfield.

The national average cost of solar panels is $2.66 per watt, but in Bloomfield it's $3 per watt. To cover the typical energy usage of the average home in Bloomfield, most homeowners require a 4.7-kilowatt system. Using the figure above, a solar installation costs around $9,696, or $7,175 after the federal solar tax credit is applied.

These figures are just estimates, and your own solar costs may vary based on your specific situation and what company you go with. For most homeowners, the upfront cost of solar power is worth paying. On average homeowners in Bloomfield see about $14,000 in savings on energy bills over 20 years.

For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.

Solar savings over time in Bloomfield

Year Return on Investment
1 years $-8,982
3 years $-7,553
5 years $-6,125
7 years $-4,697
9 years $-3,269
11 years $-1,841
13 years $-413
15 years $1,015
17 years $2,443
19 years $3,871
21 years $5,299
23 years $6,727
25 years $8,155

Top Solar Installers in Bloomfield

When making the switch to solar, many homeowners prefer to use a solar company since DIY solar panel installation can be a time-consuming project. A solar installer can also help save you money over time by providing warranties, repairs and system component replacements.

If you'd like to switch to solar energy but still aren't certain which solar panel company to go with, here are our recommendations for providers in Bloomfield:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

Tesla Energy

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

See all of the solar companies in Bloomfield

Factors that Affect Solar Panel Costs in Bloomfield

Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that affect your total cost in Bloomfield: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.

Solar Equipment Size

When it comes to estimating the price of solar panels in Bloomfield, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy usage, which you can figure out by looking at past power bills. Your overall cost can increase by about $2,770 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you choose also affects the cost. Usually, the brands that have better efficiency tend to also be more expensive. Additionally, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.

Solar Financing Terms

Many homeowners find the average cost of solar in Bloomfield to be prohibitively costly, even if the investment pays off over time. Thankfully, nearly every solar installer in the area offers financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to a higher cost over time due to interest. Even though solar loans make adopting solar energy more accessible for Bloomfield homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.

Solar Panel Installation Company

The solar installation company you select will influence your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and choose a company that has the products, warranties and services you're looking for and also fit into your budget.

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 $12,791 $9,844 14.1 years
8 kW $2.83 $16,726 $13,454 13.9 years
10 kW $2.77 $20,498 $17,227 13.6 years
12 kW $2.71 $24,106 $21,165 13.3 years
14 kW $2.66 $27,549 $25,266 13.0 years
16 kW $2.60 $30,829 $29,531 12.8 years
18 kW $2.55 $33,945 $33,961 12.5 years
20 kW $2.49 $36,896 $38,554 12.2 years

Solar Incentives in Bloomfield

Name NJ Clean Energy- Residential New Construction Program
Incentive Amount Incentives depend on the HERS score and the classification
Single family homes: Ranges from $1,125 to - 24,250
Multi-single homes: Ranges from $1,125 to $18,188
Multifamily homes: Ranges from $625-$12,125
Incentive Max Multifamily: up to $12,125
Individual homes: up to $24,250
Website Visit here
More Info Click here

Name Property Tax Exemption for Renewable Energy Systems
Incentive Amount 100% of value added by renewable system
More Info Click here

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Solar Renewable Energy Certificates (SRECs) Registration Program
Incentive Amount Determined by the market.
In June 2016, SREC traded at an average price of $229.90.
Incentive Max Maximum price set by the SACP for the particular year.
Website Visit here
More Info Click here

Name PSE&G - Solar Loan Program
Website Visit here
More Info Click here

Name Successor Solar Incentive (SuSI) Program
Incentive Amount Net-Metered Residential: $90/SREC-II

Small Net-Metered Non-Residential located on Rooftop, Carport, Canopy and Floating Solar
Projects smaller than 1 MW (dc): $100/SREC-II, $120 for public entities
Projects 1 MW to 5 MW (dc): $90/SREC-II, $110 for public entities

Net Metered Non-Residential Ground Mount
Projects smaller than 1 MW (dc): $85/SREC-II, $105 for public entities
Projects 1 MW to 5 MW (dc): $80/SREC-II, $100 for public entities

Community Solar LMI: $90/SREC-II
Community Solar Non-LMI: $70/SREC-II
Incentive Max MW-DC Capacity Blocks
Net Metered Residential: 150 MW
Net Metered Non-Residential: 150 MW
Community Solar (LMI and Non-LMI): 150 MW
Website Visit here
More Info Click here

Name Solar Energy Sales Tax Exemption
Incentive Amount 100% exemption
Incentive Max None
More Info Click here

How to Save on Solar Panels

There are numerous companies to choose from in Bloomfield, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:

  • Contract: When reading through your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely have a good reputation and are qualified to do the job well. Another way you can look into your installer's reputation is by reading reviews.
  • Installation Process: When making the switch to solar, it's essential to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process will go and the completion timeline.
  • Solar Panel Brands: The kind of solar panel you need to install plays a part in which company you should choose, since different companies have different panels.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

Tesla Energy

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

EcoWatch's Bloomfield, NJ Solar Cost FAQs

What is the average cost of installing solar panels in Bloomfield?

The average cost of solar panels in Bloomfield is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you use.

What other factors should I consider in addition to cost when buying solar panels?

Cost is a key factor to consider, but whether it's the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.

Is it worth going solar in Bloomfield?

Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.

How long do solar panels last in Bloomfield?

On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.

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.

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