Solar Panel Cost Guide in Cranford, NJ (Mar 2023)
- Cranford Solar Installation Cost: $9,055
- 25-Year Savings: $7,962
- Payback Period: 13.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Cranford
Find out how much it might cost to install solar panels in Cranford.
While the national average of solar panels is $2.66 per watt, solar panels in Cranford typically cost around 2.77. The average Cranford homeowner needs a 4.7-kilowatt system, which would cost about $9,055 with the federal tax credit, or $12,949 before the 30% tax credit is applied.
These figures are only averages, and how much solar costs for you may look different based on the amount of energy your home requires and what company you want to go with. But, once you've paid the initial cost of installation, the payback for most homeowners is typically good, with a net average savings of about $14,000 over 20 years on power bills.
Click the button below to get connected to a top solar company in your area for a customized estimate.
Solar savings over time in Cranford
| Year | Return on Investment |
|---|---|
| 1 years | $-8,374 |
| 3 years | $-7,013 |
| 5 years | $-5,652 |
| 7 years | $-4,290 |
| 9 years | $-2,929 |
| 11 years | $-1,568 |
| 13 years | $-206 |
| 15 years | $1,155 |
| 17 years | $2,516 |
| 19 years | $3,878 |
| 21 years | $5,239 |
| 23 years | $6,601 |
| 25 years | $7,962 |
Top Solar Installers in Cranford
Installing solar panels by yourself can be a difficult project, which is why hiring a solar installation company is a good option for many homeowners. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run with their warranties, repair services and expert design.
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
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 Cranford
Factors that Affect Solar Panel Costs in Cranford
Though the average cost of a solar system in Cranford is $9,055, your actual cost may be higher or lower than that. There are many factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Cranford, one of the most important 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 electricity bills. Your overall cost can increase by around $2,770 for each additional kilowatt you need. The solar equipment you choose can bring your price up or down 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, more efficient panels could save you more over time on your energy bills. In addition, extra products, like solar batteries, can bump up your total well above the Cranford average.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a solid choice because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar panel installer you select will play a role in your total cost to make the switch to solar energy. Different companies will charge different amounts for the equipment and labor. Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle 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 | $9,785 | 13.8 years |
| 8 kW | $2.83 | $15,822 | $13,357 | 13.6 years |
| 10 kW | $2.77 | $19,390 | $17,084 | 13.3 years |
| 12 kW | $2.71 | $22,803 | $20,967 | 13.0 years |
| 14 kW | $2.66 | $26,060 | $25,004 | 12.8 years |
| 16 kW | $2.60 | $29,163 | $29,196 | 12.5 years |
| 18 kW | $2.55 | $32,110 | $33,544 | 12.2 years |
| 20 kW | $2.49 | $34,902 | $38,047 | 12.0 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years most likely provide quality solar panel installation and expertise.
- Contract: When looking over your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project completion timeline.
- Solar Panel Brands: The model of solar panel you want to get plays a part in which installer you should go with, since different companies have different panels.
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 Cranford, NJ Solar Cost FAQs
How much does it cost to install solar panels in Cranford?
This is a hard question to answer precisely, because the cost depends on many 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 additional solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Cranford?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The downside 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Is going solar worth it?
Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already reasonably low, solar panels might not be for you.
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 uses 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 house 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.