Solar Panel Cost Guide in Chatham, NJ (Oct 2022)
- Chatham Solar Installation Cost: $9,268
- 25-Year Savings: $11,984
- Payback Period: 10.9 Years
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Updated 9/16/2022
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Average Cost of Solar Panels in Chatham
Let's take a look at the average cost of solar panels in Chatham.
Although the national average of solar panels is $2.66 per watt, solar panels in Chatham generally cost around $3. Because a 4.8-kW system is needed to cover the energy usage of a typical home in Chatham, the average price of going solar will be about $9,268 before claiming the federal solar tax credit of 30%.
Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy consumption, the type of solar panels you choose, your solar contractor and more. With average savings of about $17,000 on utility bills over 20 years, many homeowners in Chatham find going solar can pay off big.
You can click the button below to get connected with a pre-vetted solar company in Chatham for a quote for your home.
Solar savings over time in Chatham
| Year | Return on Investment |
|---|---|
| 1 years | $-8,418 |
| 3 years | $-6,718 |
| 5 years | $-5,018 |
| 7 years | $-3,318 |
| 9 years | $-1,617 |
| 11 years | $83 |
| 13 years | $1,783 |
| 15 years | $3,483 |
| 17 years | $5,183 |
| 19 years | $6,884 |
| 21 years | $8,584 |
| 23 years | $10,284 |
| 25 years | $11,984 |
Top Solar Installers in Chatham
When switching to solar energy, many homeowners decide to go with a solar installation company since DIY solar panel installation can be a challenging project. The payback period on an investment in solar panels will vary depending on factors like your location and energy consumption, but working with a solar installer can shorten it. Your provider will be able to help you identify incentives available in your area.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some near you:
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
The Green Panel
- 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 Chatham
Factors that Affect Solar Panel Costs in Chatham
The cost of installing a solar system in Chatham can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment Size
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the most significant factors is the system size. Solar power systems that have greater efficiency or power production use better technology and/or more equipment, both of which can increase 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 choose also affects the cost. In general, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are offered by most installers in Chatham, which can lower, or in some cases eliminate, your upfront costs to make solar more accessible. It's wise 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 off the loan.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Chatham is the company you hire to install your solar system. As with choosing a company to renovate your kitchen, for example, there are plenty of solar installers that offer a range of services at different costs. Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
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 | $14,585 | 11.3 years |
| 8 kW | $2.83 | $15,822 | $19,757 | 11.1 years |
| 10 kW | $2.77 | $19,390 | $25,085 | 10.9 years |
| 12 kW | $2.71 | $22,803 | $30,567 | 10.7 years |
| 14 kW | $2.66 | $26,060 | $36,204 | 10.5 years |
| 16 kW | $2.60 | $29,163 | $41,997 | 10.2 years |
| 18 kW | $2.55 | $32,110 | $47,944 | 10.0 years |
| 20 kW | $2.49 | $34,902 | $54,047 | 9.8 years |
Solar Incentives in Chatham
| Name | Successor Solar Incentive (SuSI) Program |
| Website | Visit here |
| More Info | Click here |
| Name | Solar Energy Sales Tax Exemption |
| Incentive Amount | 100% exemption |
| More Info | Click here |
| Name | Property Tax Exemption for Renewable Energy Systems |
| More Info | Click here |
| Name | Solar Renewable Energy Certificates (SRECs) Registration Program |
| Website | Visit here |
| More Info | Click here |
| Name | NJ Clean Energy- Residential New Construction Program |
| Website | Visit here |
| More Info | Click here |
| Name | Home Performance with ENERGY STAR Program |
| Website | Visit here |
| More Info | Click here |
| Name | Home Performance with ENERGY STAR Program |
| Website | Visit here |
| More Info | Click here |
| Name | COOLAdvantage Program |
| Website | Visit here |
| More Info | Click here |
| Name | NJ Clean Energy- WARMAdvantage Program (Electric and Gas) |
| Website | Visit here |
| More Info | Click here |
| Name | New Jersey Renewable Energy Incentive Program (Sustainable Biopower) |
| Website | Visit here |
| More Info | Click here |
| Name | Residential Renewable Energy Tax Credit |
| Website | Visit here |
| More Info | Click here |
How to Save on Solar Panels
There are a lot of companies to choose from in Chatham, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you go with.
- Warranty: If you're worried about the endurance of your solar energy system, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years in most cases provide high-quality solar panel installation and expertise.
- Contract: Before signing a contract with a solar installer, make sure you read it through carefully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what the warranty covers and what services you can expect from them.
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
The Green Panel
- 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 Chatham, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Chatham?
The average cost of solar panels in Chatham 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 type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Chatham?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
How will having solar panels impact how much my 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 Chatham is currently $670,254, so you can look forward to a value of about $27,480 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Chatham is a worthwhile investment.
How long do solar panels last in Chatham?
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 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.
