Solar Panel Cost Guide in Byram, NJ (2023 Update)
- Byram Solar Installation Cost: $9,327
- 25-Year Savings: $7,773
- Payback Period: 13.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Byram
Find out what the average cost of installing solar panels is in Byram.
In Byram, solar panels cost about 2.77 per watt on average. Using this figure, a typical 4.8-kW system would cost about $9,327 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Byram homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. For many homeowners, the upfront investment in solar is worth paying. On average Byram homeowners see about $14,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a top solar company in Byram for a quote for your home.
Solar savings over time in Byram
| Year | Return on Investment |
|---|---|
| 1 years | $-8,643 |
| 3 years | $-7,275 |
| 5 years | $-5,907 |
| 7 years | $-4,539 |
| 9 years | $-3,171 |
| 11 years | $-1,803 |
| 13 years | $-435 |
| 15 years | $933 |
| 17 years | $2,301 |
| 19 years | $3,669 |
| 21 years | $5,037 |
| 23 years | $6,405 |
| 25 years | $7,773 |
Top Solar Installers in Byram
Although it's possible to install solar panels by yourself, it involves extra time and knowledge. That's one of the reasons the majority of homeowners choose to go with a solar panel installer. Plus, if you're not certain what type of solar panels and equipment you need, a solar company can help you find the right equipment for you after a site survey and consultation.
If you're on the hunt for a solar installer in Byram, we've organized a list of our top suggestions here:
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 Byram
Factors that Affect Solar Panel Costs in Byram
Even though the average cost of a solar system in Byram is $9,327, your final cost may be above or below the average. There are many factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production require 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 and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That's why many Byram homeowners decide to finance their solar panel systems to offset upfront costs. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can play a role in determining the cost. Byram's solar companies all have different labor costs and add varying upcharges to equipment. The company's size sometimes plays the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have 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 promotion can bring their pricing down to compete with bigger companies.
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 | $9,252 | 14.2 years |
| 8 kW | $2.83 | $15,822 | $12,646 | 13.9 years |
| 10 kW | $2.77 | $19,390 | $16,195 | 13.6 years |
| 12 kW | $2.71 | $22,803 | $19,900 | 13.3 years |
| 14 kW | $2.66 | $26,060 | $23,759 | 13.1 years |
| 16 kW | $2.60 | $29,163 | $27,774 | 12.8 years |
| 18 kW | $2.55 | $32,110 | $31,944 | 12.5 years |
| 20 kW | $2.49 | $34,902 | $36,269 | 12.3 years |
How to Save on Solar Panels
There are numerous companies available in Byram, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a long period of time such as 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a quality company.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Even though there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of offerings before making your decision.
- Contract: Before you sign a contract with a solar company, make sure to look it over fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
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 Byram, NJ Solar Cost FAQs
How much does it cost to install solar panels in Byram?
The average cost of solar panels in Byram 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 stuff such as the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration 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 goals for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
How much can I save on energy bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $711.71 per year.
How often do you have to replace solar panels?
On average, solar panels can last 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 larger amount 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.