Solar Panel Cost Guide in Chatham, NJ (2024 Update)
- Chatham Solar Installation Cost: $11,808
- 25-Year Savings: $11,987
- Payback Period: 13.9 Years
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Average Cost of Solar Panels in Chatham
Let’s have 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 about 4.To account for the typical energy usage of the average home in Chatham, most homeowners require a 4.8-kilowatt system. Using the per-watt figure above, a solar installation costs around $11,808, or $16,885 before the federal solar tax credit of 0 is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Chatham homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.Many homeowners find going solar is a solid investment. The average homeowner in Chatham can save around $17,000 on their power bills over 20 years.
To get a free quote from a highly rated solar installation company in Chatham, you can click the button below.
Solar savings over time in Chatham
| 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 Chatham
Installing solar panels yourself can be a stressful task, which is why hiring a solar installer is a good option for many homeowners. Plus, if you’re unsure what kind of solar panels and equipment you may need, a solar installer can help you find the right equipment for you after a site survey and consultation.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
See all of the solar companies in Chatham
Factors that Affect Solar Panel Costs in Chatham
Although the average cost of a solar system in Chatham is $11,808, your final cost may be higher or lower than that. There are quite a few 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 take into consideration.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it’s crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use.The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your energy bills. Additionally, extra products, like solar batteries, can bring your total well above the Chatham average.
Solar Financing Terms
Many homeowners find the average cost of solar in Chatham to be too expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in higher prices over time due to interest.While solar loans make adopting solar energy more accessible for Chatham homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Finally, the company you get to install your solar panels can influence the cost. Chatham’s solar companies all have different labor costs and add varying upcharges to equipment. The company’s size can sometimes play the most significant role in your costs. 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 | $11,266 | 14.4 years |
| 8 kW | $3.60 | $20,163 | $15,416 | 14.2 years |
| 10 kW | $3.53 | $24,710 | $19,765 | 13.9 years |
| 12 kW | $3.46 | $29,059 | $24,310 | 13.6 years |
| 14 kW | $3.39 | $33,210 | $29,054 | 13.3 years |
| 16 kW | $3.32 | $37,164 | $33,995 | 13.1 years |
| 18 kW | $3.25 | $40,920 | $39,134 | 12.8 years |
| 20 kW | $3.18 | $44,478 | $44,471 | 12.5 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
- Contract: When looking through your solar company’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
EcoWatch's Chatham, NJ Solar Cost FAQs
How much does it cost to install solar panels in Chatham?
This is a hard question to answer precisely, because the cost depends on a variety of 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 be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to 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 don’t have access to 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 financial benefits from going solar.
Do solar panels increase your property value?
Solar panels can increase your property’s value significantly as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.