Solar Panel Cost Guide in Budd Lake, NJ (Feb 2023)

  • Budd Lake Solar Installation Cost: $9,268
  • 25-Year Savings: $6,915
  • Payback Period: 14.3 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Budd Lake

Find out what the average cost of a solar system is in Budd Lake.

In Budd Lake, solar panels cost about $3 per watt on average. To cover the typical energy usage of the average home in Budd Lake, most homeowners require a 4.8-kilowatt system. Using the per-watt figure above, a solar installation costs about $9,268, or $6,858 after the federal solar tax credit of 30% is applied.

Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy needs, the type of solar panels you choose, your solar contractor and more. Despite the significant initial cost, the average Budd Lake homeowner can save about $13,000 on their power bills over 20 years, which is one of the perks of solar.

To receive a free estimate from a vetted solar installer in Budd Lake, you can click the button below.

Solar savings over time in Budd Lake

Year Return on Investment
1 years $-8,621
3 years $-7,326
5 years $-6,032
7 years $-4,737
9 years $-3,442
11 years $-2,148
13 years $-853
15 years $442
17 years $1,737
19 years $3,031
21 years $4,326
23 years $5,621
25 years $6,915

Top Solar Installers in Budd Lake

Many homeowners opt for a solar installation company since trying to install solar panels yourself can be challenging. A solar installer can also help save you money over the lifespan of your system by offering warranties, repairs and part replacements.

You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in Budd Lake:

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 Budd Lake

Factors that Affect Solar Panel Costs in Budd Lake

The cost of installing a solar system in Budd Lake can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.

Solar Equipment

The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,770. The brand of solar panels and equipment you want is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Moreover, solar equipment is more than just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that falls within your budget.

Solar Financing Terms

Most solar companies in Budd Lake provide solar loans, which reduce your upfront costs of installing a solar system. When estimating your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.

Solar Panel Installation Company

The solar company you choose will play a role in your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor. The company's size sometimes plays the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.

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 $8,221 14.9 years
8 kW $2.83 $15,822 $11,271 14.6 years
10 kW $2.77 $19,390 $14,477 14.3 years
12 kW $2.71 $22,803 $17,838 14.0 years
14 kW $2.66 $26,060 $21,354 13.7 years
16 kW $2.60 $29,163 $25,025 13.5 years
18 kW $2.55 $32,110 $28,851 13.2 years
20 kW $2.49 $34,902 $32,832 12.9 years

How to Save on Solar Panels

The solar panel company you opt for will be a major factor in determining not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, including:

  • Solar Panel Brands: Different companies will offer different brands and models of panels. If you prefer a specific brand, make sure the solar company you're considering has it.
  • Contract: Review the contract terms thoroughly to make sure you understand the total cost, project completion timeline rebates and warranties.
  • Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can look into your installer's reputation is by reading reviews.

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 Budd Lake, NJ Solar Cost FAQs

What is the average cost of installing solar panels in Budd Lake?

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. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.

Is cost the most important thing to keep in mind when buying solar panels?

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

Do solar panels increase how much your home is worth?

Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Budd Lake is currently $368,707, which means you can look forward to a value of about $15,117 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Budd Lake is a rewarding 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 the amount of energy they produce will have decreased significantly after that point. You can 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.

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