Solar Panel Cost Guide in Cranbury, NJ (Mar 2023)
- Cranbury Solar Installation Cost: $9,075
- 25-Year Savings: $7,942
- Payback Period: 13.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Cranbury
Find out what the average cost of solar panel installation is in Cranbury.
While the national average of solar panels is $2.66 per watt, solar panels in Cranbury typically cost about 2.77. The average Cranbury homeowner needs a 4.7-kilowatt system, which would cost about $9,075 with the federal tax credit, or $12,977 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of installing solar panels can vary based on a few factors, such as how many panels you need, your energy usage and what company you go with. Even with the significant upfront cost, the average Cranbury homeowner can save around $14,000 on their electricity bills over 20 years, which is one of the positives of solar.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Cranbury
| Year | Return on Investment |
|---|---|
| 1 years | $-8,394 |
| 3 years | $-7,032 |
| 5 years | $-5,671 |
| 7 years | $-4,310 |
| 9 years | $-2,948 |
| 11 years | $-1,587 |
| 13 years | $-226 |
| 15 years | $1,136 |
| 17 years | $2,497 |
| 19 years | $3,858 |
| 21 years | $5,220 |
| 23 years | $6,581 |
| 25 years | $7,942 |
Top Solar Installers in Cranbury
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Going with a solar company can make switching to solar power much easier. Local solar installers can also help you maximize your return on investment by walking you through any local incentives and by providing warranties and repairs.
There are various licensed solar professionals that can install solar panels for you. 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 Technology
Tesla Energy
- 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 Cranbury
Factors that Affect Solar Panel Costs in Cranbury
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few key factors that affect your total cost in Cranbury: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,770. The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Cranbury to be too steep, even if the investment pays off over time. Fortunately, nearly every solar company in the area offers financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in paying more over time due to interest. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Cranbury is the company you choose to install your solar panel system. As with choosing a company to install new cabinets, for example, there's no shortage of solar installers that provide a range of services for different budgets. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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
There are a lot of companies available in Cranbury, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: The brand of solar panel you'd like plays a part in which installer you should opt for, since different companies provide different panels.
- Contract: Read the contract terms carefully to make sure you understand the overall cost, completion timeline rebates and warranties.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running for a long time and save you money on repairs and maintenance.
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
Tesla Energy
- 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 Cranbury, NJ Solar Cost FAQs
How much does it cost to install solar panels in Cranbury?
The average cost of solar panels in Cranbury 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 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 other than cost when buying solar panels?
Cost is a very important factor to consider, but whether it's the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and how much direct sunlight your roof gets.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can take a 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 account for 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.