Solar Panel Cost Guide in Budd Lake, NJ (2024 Update)
- Budd Lake Solar Installation Cost: $11,808
- 25-Year Savings: $6,918
- Payback Period: 18.2 Years
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Average Cost of Solar Panels in Budd Lake
Find out how much it might cost to switch to solar power in Budd Lake.
The average cost of a solar system in Budd Lake is 4 per watt.Since a 4.8-kW system is needed to cover the energy consumption of a typical home in Budd Lake, the average price of going solar will be about $11,808 after claiming the federal solar tax credit of 0.
Bear in mind that the figures above are only estimates based on the average Budd Lake homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.With typical savings of about $13,000 on utility bills over 20 years, many homeowners in Budd Lake find going solar has a decent ROI.
You can click the button below to get connected with a vetted solar company in Budd Lake that can help you get a more accurate cost estimate for your home.
Solar savings over time in Budd Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-10,749 |
| 3 years | $-8,630 |
| 5 years | $-6,512 |
| 7 years | $-4,394 |
| 9 years | $-2,275 |
| 11 years | $-157 |
| 13 years | $1,962 |
| 15 years | $4,080 |
| 17 years | $6,198 |
| 19 years | $8,317 |
| 21 years | $10,435 |
| 23 years | $12,554 |
| 25 years | $14,672 |
Top Solar Installers in Budd Lake
Many homeowners opt for a solar panel company since trying to install solar panels by yourself can be time-consuming. Plus, if you’re unsure what type of solar panels and equipment you need, a solar company can help you figure that out after a site survey and consultation.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best National Provider
SunPower
- 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
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 is determined by several factors. The biggest one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,530. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your energy bills. In addition, extra products, like solar batteries, can bring your total well above the Budd Lake average.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That’s why many Budd Lake homeowners decide to finance their solar panel systems to make going solar more affordable.However, the interest on solar loans also increases your total costs, so it’s vital to include that in your estimate as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Budd Lake is the company you get to install your solar panel system. As with choosing a company to renovate your kitchen, for instance, you’ll have many options for solar installers that provide a range of services at different price points.The size of the company sometimes plays the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to greater resources and bulk 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 promotion can bring their pricing lower 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 | $3.67 | $15,419 | $4,901 | 19.0 years |
| 8 kW | $3.60 | $20,163 | $6,930 | 18.6 years |
| 10 kW | $3.53 | $24,710 | $9,157 | 18.2 years |
| 12 kW | $3.46 | $29,059 | $11,581 | 17.9 years |
| 14 kW | $3.39 | $33,210 | $14,203 | 17.5 years |
| 16 kW | $3.32 | $37,164 | $17,023 | 17.1 years |
| 18 kW | $3.25 | $40,920 | $20,041 | 16.8 years |
| 20 kW | $3.18 | $44,478 | $23,256 | 16.4 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Contract: It’s important to read your solar installer’s contract well to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Installation Process: When making the switch to solar power, it’s necessary to maintain an open line of communication with your solar panel company. Confirm that you understand how the installation process works and the completion timeline.
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: The kind of solar panel you’d like plays a role in which company you should opt for, since different companies have access to different panels.
Best National Provider
SunPower
- 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
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Budd Lake, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Budd Lake?
This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $17,650 for a 5-kW system and $35,300 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is making the switch to solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.
How long do solar panels last in Budd Lake?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them once you've had 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.