Solar Panel Cost Guide in Bound Brook, NJ (Dec 2022)
- Bound Brook Solar Installation Cost: $9,191
- 25-Year Savings: $8,660
- Payback Period: 12.9 Years
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Updated 11/09/2022
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Average Cost of Solar Panels in Bound Brook
Find out how much it might cost to install solar panels in Bound Brook.
The national average cost of solar panels is $2.66 per watt, but in Bound Brook it's $3 per watt. The average solar panel system size in Bound Brook is around 4.7 kilowatts, meaning a cost of about $9,191 for a solar installation, or $6,801 after the 30% federal solar tax credit is applied.
The actual price you pay can be higher or lower than the average in Bound Brook based on a few factors, such as the type of solar panels you choose and the solar contractor you hire. Many homeowners find going solar is a fruitful investment. The average homeowner in Bound Brook can save about $14,000 on their energy bills over 20 years.
To get a free estimate from a pre-vetted solar installation company in Bound Brook, you can click the button below.
Solar savings over time in Bound Brook
| Year | Return on Investment |
|---|---|
| 1 years | $-8,477 |
| 3 years | $-7,049 |
| 5 years | $-5,621 |
| 7 years | $-4,193 |
| 9 years | $-2,765 |
| 11 years | $-1,337 |
| 13 years | $91 |
| 15 years | $1,519 |
| 17 years | $2,947 |
| 19 years | $4,376 |
| 21 years | $5,804 |
| 23 years | $7,232 |
| 25 years | $8,660 |
Top Solar Installers in Bound Brook
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a pain. Using a solar company can make your switch to solar power much easier. Plus, warranties and repairs from your solar panel installer can protect your investment and lower the cost of maintenance in the long run.
Working with a licensed solar company can help your solar project go smoothly. Here are our recommendations:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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 Bound Brook
Factors that Affect Solar Panel Costs in Bound Brook
For many Bound Brook homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Bound Brook, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar panel system in Bound Brook, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can determine by looking at past electricity bills. Your overall cost can increase by around $2,770 for each additional kilowatt you need. The kind of solar panels and equipment you choose is another factor that will greatly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Further, solar equipment is more than just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are offered by most installers in Bound Brook, which can reduce, or in some cases eliminate, your upfront costs to make solar more affordable. When considering your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The final major cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Bound Brook, you'll have a great number of options to choose from, but each comes at different price points for labor and equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and choose a company that offers 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 | $12,099 | $10,518 | 13.4 years |
| 8 kW | $2.83 | $15,822 | $14,334 | 13.1 years |
| 10 kW | $2.77 | $19,390 | $18,305 | 12.9 years |
| 12 kW | $2.71 | $22,803 | $22,432 | 12.6 years |
| 14 kW | $2.66 | $26,060 | $26,713 | 12.3 years |
| 16 kW | $2.60 | $29,163 | $31,150 | 12.1 years |
| 18 kW | $2.55 | $32,110 | $35,742 | 11.8 years |
| 20 kW | $2.49 | $34,902 | $40,489 | 11.6 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: The model of solar panel you need plays a part in which company you should go with, since different companies have different panels.
- Contract: It's important to look over your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should acquire and what the project timeline is.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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 Bound Brook, NJ Solar Cost FAQs
How much does it cost to install solar panels in Bound Brook?
This is a difficult question to answer exactly, because the cost depends on a few different 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. It will cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Bound Brook?
Solar panels aren't free in Bound Brook, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
How will solar panels impact my property value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Bound Brook is currently $290,700, so you can look forward to a value of about $11,919 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Bound Brook is a fruitful investment.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.
