Solar Panel Cost Guide in Cranbury, NJ (2023 Update)
- Cranbury Solar Installation Cost: $9,074
- 25-Year Savings: $7,943
- Payback Period: 13.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Cranbury
Let's have a look at the average cost of solar in Cranbury.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Cranbury, the typical cost of a solar system is 2.77 per watt. To account for the typical energy needs of the average home in Cranbury, most homeowners require a 4.7-kilowatt system. Using the per-watt figure above, a solar installation costs about $9,075, or $12,977 before the federal solar tax credit of 30% is applied.
The true cost of your system can be above or below the average in Cranbury based on several factors, such as the model of solar panels you choose and the solar company you hire. For most homeowners, the upfront cost of solar is worth paying. On average Cranbury homeowners see about $14,000 in savings on electricity bills over 20 years.
Click the button below to get connected to a highly rated solar panel company in Cranbury for a customized quote.
Solar savings over time in Cranbury
| Year | Return on Investment |
|---|---|
| 1 years | $-8,015 |
| 3 years | $-5,897 |
| 5 years | $-3,778 |
| 7 years | $-1,660 |
| 9 years | $458 |
| 11 years | $2,577 |
| 13 years | $4,695 |
| 15 years | $6,813 |
| 17 years | $8,932 |
| 19 years | $11,050 |
| 21 years | $13,169 |
| 23 years | $15,287 |
| 25 years | $17,405 |
Top Solar Installers in Cranbury
Many homeowners decide to hire a solar installation company since trying to put up solar panels yourself can be time-consuming. Local solar companies can also help you optimize your return on investment by walking you through any local incentives you can benefit from and by offering warranties and repairs.
If you'd like to start using solar energy but still aren't sure which solar panel installer to go with, here are our recommendations for providers 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
See all of the solar companies in Cranbury
Factors that Affect Solar Panel Costs in Cranbury
For many Cranbury homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Cranbury, with typical prices between $20,000 to $40,000. There are various factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar system in Cranbury, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can gauge by looking at past power bills. Your overall cost can increase by about $2,770 for each additional kilowatt you need. The type of solar panels and equipment you choose is another factor that will greatly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Furthermore, solar equipment consists of more than just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
Most solar companies in Cranbury provide solar loans, which reduce the initial cost of installing solar panels. However, the interest on solar loans also increases your total costs, so it's vital to consider that as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Cranbury is the company you get to install your solar panel system. Similar to choosing a company to build a deck or pool, for instance, there are plenty of solar installers that provide a range of services at different price points. Additionally, some companies in Cranbury know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
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 | $9,717 | 13.9 years |
| 8 kW | $2.83 | $15,822 | $13,267 | 13.6 years |
| 10 kW | $2.77 | $19,390 | $16,971 | 13.3 years |
| 12 kW | $2.71 | $22,803 | $20,831 | 13.1 years |
| 14 kW | $2.66 | $26,060 | $24,846 | 12.8 years |
| 16 kW | $2.60 | $29,163 | $29,015 | 12.5 years |
| 18 kW | $2.55 | $32,110 | $33,340 | 12.3 years |
| 20 kW | $2.49 | $34,902 | $37,821 | 12.0 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose significantly impacts your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one indication of a good company.
- Solar Panel Brands: The model of solar panel you'd like plays a role in which company you should go with, since different companies offer different panels.
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable 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 good reviews from previous customers.
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 Cranbury, NJ Solar Cost FAQs
How much does it cost to install solar panels in Cranbury?
This is a hard question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Cranbury?
You can't get solar panels for free in Cranbury. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Cranbury?
Solar panels can be a beneficial investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
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 needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.