Solar Panel Cost Guide in Budd Lake, NJ (2023 Update)
- Budd Lake Solar Installation Cost: $9,266
- 25-Year Savings: $6,918
- Payback Period: 14.3 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Budd Lake
Let's have a look at the average cost of solar in Budd Lake.
While the national average of solar panels is $2.66 per watt, solar panels in Budd Lake generally cost about 2.77. The average Budd Lake homeowner needs a 4.8-kilowatt system, which would cost about $9,268 with the federal tax credit, or $13,253 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The true cost of making the switch to solar can vary based on multiple factors, such as what size system you need, your energy usage and what company you go with. Despite the high initial cost, the average Budd Lake homeowner can save about $13,000 on their electricity bills over 20 years, which is one of the perks of solar.
To get a free quote from a top solar company in Budd Lake, you can click the button below.
Solar savings over time in Budd Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-8,207 |
| 3 years | $-6,088 |
| 5 years | $-3,970 |
| 7 years | $-1,851 |
| 9 years | $267 |
| 11 years | $2,385 |
| 13 years | $4,504 |
| 15 years | $6,622 |
| 17 years | $8,741 |
| 19 years | $10,859 |
| 21 years | $12,977 |
| 23 years | $15,096 |
| 25 years | $17,214 |
Top Solar Installers in Budd Lake
Many homeowners opt for a solar panel company since figuring out how to install solar panels by yourself can be time-consuming. A solar installer can also help save you money over the lifespan of your system by offering warranties, repairs and component replacements.
If you'd like to go solar but still aren't sure which solar installer to go with, here are our recommendations for providers nearby:
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 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 biggest one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation need 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. There are a lot of different solar panel brands and the one you pick also affects the cost. Generally speaking, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be far 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 Budd Lake to be prohibitively costly, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you get to install your solar system can impact the cost. Budd Lake's solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
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
There are a lot of companies available in Budd Lake, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: If you're concerned about the longevity of your solar energy system, checking if your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Your solar installer should have a solid 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 satisfied reviews from past customers.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Contract: Read the contract terms carefully to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
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 Budd Lake, NJ Solar Cost FAQs
How much does it cost to install solar panels in Budd Lake?
This is a tough 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. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to consider when buying solar panels?
The upfront cost is a crucial 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 take into account are the quality and durability of your solar panels.
Do solar panels increase how much your home is worth?
Solar panels 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 could be looking at 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 fruitful investment.
How often do you have to replace solar panels?
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.