Solar Panel Cost Guide in Colts Neck, NJ (2023 Update)
- Colts Neck Solar Installation Cost: $8,765
- 25-Year Savings: $7,419
- Payback Period: 13.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Colts Neck
Find out what the average cost of installing solar panels is in Colts Neck.
The national average cost of solar panels is $2.66 per watt, but in Colts Neck it's 2.77 per watt. The average Colts Neck homeowner needs a 4.5-kilowatt system, which would cost about $8,764 with the federal tax credit, or $12,533 before the 30% tax credit is applied.
How much you pay can be higher or lower than the average in Colts Neck based on a variety of factors, such as the kind of solar panels you choose and the solar company you hire. With typical savings of about $14,000 on energy bills over 20 years, many homeowners in Colts Neck find investing in solar can pay off big.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Colts Neck
| Year | Return on Investment |
|---|---|
| 1 years | $-8,711 |
| 3 years | $-8,603 |
| 5 years | $-8,495 |
| 7 years | $-8,387 |
| 9 years | $-8,279 |
| 11 years | $-8,171 |
| 13 years | $-8,064 |
| 15 years | $-7,956 |
| 17 years | $-7,848 |
| 19 years | $-7,740 |
| 21 years | $-7,632 |
| 23 years | $-7,524 |
| 25 years | $-7,416 |
Top Solar Installers in Colts Neck
Trying to install solar panels on your own can be a difficult task, which is why hiring a solar installer is a good option for many homeowners. Plus, if you're not certain what kind of solar panels and equipment you need, a solar company can help you figure that out after a site survey and consultation.
If you're on the hunt for a solar company in Colts Neck, the EcoWatch team has 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 Colts Neck
Factors that Affect Solar Panel Costs in Colts Neck
Though the average cost of a solar system in Colts Neck is $8,764, your actual cost may be higher or lower than that. There are many factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
When it comes to estimating the price of a solar system in Colts Neck, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy usage, which you can gauge by looking at past energy bills. Your overall cost can increase by about $2,770 for each additional kilowatt you need. There are many different solar panel brands and the one you pick also changes the cost. In many cases, the brands that are more efficient tend to also cost more. Plus, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are an affordable choice because they cut back your upfront costs and let you pay for your system over five to seven years on average. When figuring out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Colts Neck is the company you get to install your PV system. Similar to choosing a company to build a deck or pool, for example, there's no shortage of solar installers that provide a range of services for different budgets. The company's size can sometimes play the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount 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 | $9,382 | 14.1 years |
| 8 kW | $2.83 | $15,822 | $12,819 | 13.8 years |
| 10 kW | $2.77 | $19,390 | $16,412 | 13.5 years |
| 12 kW | $2.71 | $22,803 | $20,160 | 13.3 years |
| 14 kW | $2.66 | $26,060 | $24,062 | 13.0 years |
| 16 kW | $2.60 | $29,163 | $28,120 | 12.7 years |
| 18 kW | $2.55 | $32,110 | $32,333 | 12.5 years |
| 20 kW | $2.49 | $34,902 | $36,702 | 12.2 years |
How to Save on Solar Panels
There are numerous companies available in Colts Neck, 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:
- Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should secure and how long the project will take.
- Contract: Before you sign a contract with a solar company, make sure to read it through fully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can research your installer's reputation is by reading reviews.
- Solar Panel Brands: Different companies carry various brands and kinds of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
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 Colts Neck, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Colts Neck?
The average cost of solar panels in Colts Neck 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 kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost 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 places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Can solar panels eliminate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $716.04 per year.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.