Solar Panel Cost Guide in Chatham, NJ (Aug 2022)
- Chatham Solar Installation Cost: $9,798
- 25-Year Savings: $11,455
- Payback Period: 11.5 Years
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Updated 7/19/2022
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Average Cost of Solar Panels in Chatham
Find out what the average cost of solar panel installation is in Chatham.
The national average cost of solar panels is $2.66 per watt, but in Chatham it's $3 per watt. The average Chatham homeowner needs a 4.8-kilowatt system, which would cost about $9,798, or $7,251 after the federal solar tax credit is applied.
The actual price you pay can go higher or lower than the average in Chatham depending on a variety of factors, such as the brand of solar panels you choose and the solar contractor you hire. Despite the large initial cost, the average Chatham homeowner can save about $17,000 on their electricity bills over 20 years, which is one of the perks of solar.
You can click the button below to get connected with a top solar company in Chatham that can help you get a more accurate cost estimate for your home.
Solar savings over time in Chatham
| Year | Return on Investment |
|---|---|
| 1 years | $-8,948 |
| 3 years | $-7,248 |
| 5 years | $-5,547 |
| 7 years | $-3,847 |
| 9 years | $-2,147 |
| 11 years | $-447 |
| 13 years | $1,253 |
| 15 years | $2,954 |
| 17 years | $4,654 |
| 19 years | $6,354 |
| 21 years | $8,054 |
| 23 years | $9,754 |
| 25 years | $11,455 |
Top Solar Installers in Chatham
DIY solar panel installation is a possibility, but it's an undertaking that can be a pain. Hiring an installer can make your switch to solar much easier. The payback period on a solar system will vary based on factors like your location and energy needs, but going with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you identify incentives available in your area.
If you'd like to make the switch to solar but still aren't sure which solar panel company to go with, here are our recommendations for providers in Chatham:
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 largest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment Size
Size is one of the largest factors that influences the overall cost of going solar. For that reason, it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. 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, higher efficiency could save you more over time on your power bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Chatham average.
Solar Financing Terms
Most solar installers in Chatham offer solar loans, which reduce your upfront costs of installing a solar system. However, the interest on solar loans also increase your all-in costs, so it's crucial to consider that as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar company you choose to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Chatham, and each can charge varying amounts for labor and equipment. Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and choose a company that provides the products, warranties and services you're looking for and also fits within your budget.
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 | $12,791 | $13,894 | 12.0 years |
| 8 kW | $2.83 | $16,726 | $18,853 | 11.8 years |
| 10 kW | $2.77 | $20,498 | $23,977 | 11.5 years |
| 12 kW | $2.71 | $24,106 | $29,264 | 11.3 years |
| 14 kW | $2.66 | $27,549 | $34,715 | 11.1 years |
| 16 kW | $2.60 | $30,829 | $40,330 | 10.8 years |
| 18 kW | $2.55 | $33,945 | $46,109 | 10.6 years |
| 20 kW | $2.49 | $36,896 | $52,053 | 10.4 years |
Solar Incentives in Chatham
| Name | NJ Clean Energy- Residential New Construction Program |
| Incentive Amount | Incentives depend on the HERS score and the classification Single family homes: Ranges from $1,125 to - 24,250 Multi-single homes: Ranges from $1,125 to $18,188 Multifamily homes: Ranges from $625-$12,125 |
| Incentive Max | Multifamily: up to $12,125 Individual homes: up to $24,250 |
| Website | Visit here |
| More Info | Click here |
| Name | Property Tax Exemption for Renewable Energy Systems |
| Incentive Amount | 100% of value added by renewable system |
| More Info | Click here |
| Name | ITC |
| Type | Tax Incentive |
| Incentive Amount | 26% of installation cost |
| Website | Visit here |
| Name | Solar Renewable Energy Certificates (SRECs) Registration Program |
| Incentive Amount | Determined by the market. In June 2016, SREC traded at an average price of $229.90. |
| Incentive Max | Maximum price set by the SACP for the particular year. |
| Website | Visit here |
| More Info | Click here |
| Name | Successor Solar Incentive (SuSI) Program |
| Incentive Amount | Net-Metered Residential: $90/SREC-II Small Net-Metered Non-Residential located on Rooftop, Carport, Canopy and Floating Solar Projects smaller than 1 MW (dc): $100/SREC-II, $120 for public entities Projects 1 MW to 5 MW (dc): $90/SREC-II, $110 for public entities Net Metered Non-Residential Ground Mount Projects smaller than 1 MW (dc): $85/SREC-II, $105 for public entities Projects 1 MW to 5 MW (dc): $80/SREC-II, $100 for public entities Community Solar LMI: $90/SREC-II Community Solar Non-LMI: $70/SREC-II |
| Incentive Max | MW-DC Capacity Blocks Net Metered Residential: 150 MW Net Metered Non-Residential: 150 MW Community Solar (LMI and Non-LMI): 150 MW |
| Website | Visit here |
| More Info | Click here |
| Name | Solar Energy Sales Tax Exemption |
| Incentive Amount | 100% exemption |
| Incentive Max | None |
| More Info | Click here |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: The brand of solar panel you'd like to install plays a part in which installer you should go with, since different companies offer different panels.
- Warranty: Warranties that cover panel repairs and maintenance over a couple decades are the best you can get in the business, and offering that kind of warranty is one indication of a good company.
- Installation Process: When making the switch to solar power, it's necessary to keep an open line of communication with your solar installer. See to it that you understand how the installation process will go and the project completion timeline.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
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
How much does it cost to install 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 actual cost will depend on things like 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 crucial factor to consider, but whether it's the most important for you depends on why you decided to go solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.
How will solar panels impact my home value?
Solar panels can increase your property's value remarkably as long as you buy or finance your panels and don't opt for 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 a solar system."
How long do solar panels last in Chatham?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can opt to 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.
