Solar Panel Cost Guide in Commercial, NJ (2023 Update)
- Commercial Solar Installation Cost: $8,764
- 25-Year Savings: $14,506
- Payback Period: 9.4 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Commercial
Let's take a look at the average cost of solar panels in Commercial.
While the national average of solar panels is $2.66 per watt, solar panels in Commercial generally cost around 2.77. The average Commercial 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.
Bear in mind that the figures above are only estimates based on the average energy use of Commercial 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. For many homeowners, the upfront cost of solar is worth paying. On average homeowners in Commercial see about $20,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in Commercial that can help you get a more accurate cost estimate for your home.
Solar savings over time in Commercial
| Year | Return on Investment |
|---|---|
| 1 years | $-7,833 |
| 3 years | $-5,972 |
| 5 years | $-4,110 |
| 7 years | $-2,249 |
| 9 years | $-387 |
| 11 years | $1,475 |
| 13 years | $3,336 |
| 15 years | $5,198 |
| 17 years | $7,059 |
| 19 years | $8,921 |
| 21 years | $10,783 |
| 23 years | $12,644 |
| 25 years | $14,506 |
Top Solar Installers in Commercial
Putting up solar panels by yourself can be a difficult task, which is why hiring a solar installation company is a good option for many homeowners. Another benefit of utilizing a solar installer is that they can help you maximize your investment by reducing your future costs of repairs and replacements because of warranties and helping you learn about local incentives you can take advantage of.
Working with a professional solar company can help your solar project go smoothly. Here are our recommendations:
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 Commercial
Factors that Affect Solar Panel Costs in Commercial
For many Commercial homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Commercial, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Commercial, 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 consumption, which you can figure out by looking at past energy bills. Your overall cost can increase by about $2,770 for each additional kilowatt you need. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Commercial, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are provided by most installers in Commercial, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible. Though solar loans make going solar more accessible for Commercial homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The last key cost factor you should keep in mind is the installer you choose. Given the booming popularity of sustainable energy solutions in Commercial, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. Larger national companies usually have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric car 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 | $18,792 | 9.8 years |
| 8 kW | $2.83 | $15,822 | $25,366 | 9.6 years |
| 10 kW | $2.77 | $19,390 | $32,095 | 9.4 years |
| 12 kW | $2.71 | $22,803 | $38,979 | 9.2 years |
| 14 kW | $2.66 | $26,060 | $46,019 | 9.0 years |
| 16 kW | $2.60 | $29,163 | $53,213 | 8.9 years |
| 18 kW | $2.55 | $32,110 | $60,563 | 8.7 years |
| 20 kW | $2.49 | $34,902 | $68,068 | 8.5 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Though reading through a contract can take a lot of time, it's important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
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 Commercial, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Commercial?
The average cost of solar panels in Commercial 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 like the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Commercial?
Leasing solar panels can be an appealing choice, because it often comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
How will having solar panels impact the value of my home?
Solar panels can increase your property's value remarkably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home uses 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 home 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.