Solar Panel Cost Guide in Edgewater Park, NJ (2023 Update)
- Edgewater Park Solar Installation Cost: $8,937
- 25-Year Savings: $8,913
- Payback Period: 12.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Edgewater Park
Find out what the average cost of installing solar panels is in Edgewater Park.
Although the national average of solar panels is $2.66 per watt, solar panels in Edgewater Park generally cost around 2.77. The average Edgewater Park homeowner needs a 4.6-kilowatt system, which would cost about $8,939 with the federal tax credit, or $12,783 before the 30% tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Edgewater Park homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. But, after you've paid the upfront cost of installation, the payback for most homeowners is typically fruitful, with a net average savings of about $15,000 over 20 years on electricity bills.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Edgewater Park
| Year | Return on Investment |
|---|---|
| 1 years | $-8,878 |
| 3 years | $-8,759 |
| 5 years | $-8,640 |
| 7 years | $-8,521 |
| 9 years | $-8,402 |
| 11 years | $-8,283 |
| 13 years | $-8,164 |
| 15 years | $-8,045 |
| 17 years | $-7,926 |
| 19 years | $-7,807 |
| 21 years | $-7,688 |
| 23 years | $-7,569 |
| 25 years | $-7,450 |
Top Solar Installers in Edgewater Park
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Taking advantage of a solar panel installer can make your switch to solar power much easier. Plus, if you aren't sure what type of solar panels and equipment you want, a solar installer can help you figure that out after a site survey and consultation.
There are various licensed solar professionals that can take care of your solar installation project. 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
See all of the solar companies in Edgewater Park
Factors that Affect Solar Panel Costs in Edgewater Park
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few key factors that will push your cost above or below the average in Edgewater Park: 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 significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,770. The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price 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 can expect a higher equipment cost, but this can typically lead to more 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
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That's why many Edgewater Park homeowners choose to finance their solar panel systems to make going solar more affordable. You'll have to consider the long-term cost of loans, including the amount of 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 principal cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The final key cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Edgewater Park, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. Larger national companies typically 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 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 | $11,137 | 13.0 years |
| 8 kW | $2.83 | $15,822 | $15,160 | 12.8 years |
| 10 kW | $2.77 | $19,390 | $19,337 | 12.5 years |
| 12 kW | $2.71 | $22,803 | $23,670 | 12.3 years |
| 14 kW | $2.66 | $26,060 | $28,158 | 12.0 years |
| 16 kW | $2.60 | $29,163 | $32,801 | 11.8 years |
| 18 kW | $2.55 | $32,110 | $37,600 | 11.5 years |
| 20 kW | $2.49 | $34,902 | $42,553 | 11.3 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: The model of solar panel you need to get plays a role in which installer you should opt for, since different companies provide different panels.
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years most likely offer quality solar panel installation and expertise.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Contract: Even though reading through a contract can be tedious, it's important to do it fully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
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 Edgewater Park, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Edgewater Park?
This is a tough 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 be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Are solar panels free in Edgewater Park?
Solar panels aren't free in Edgewater Park, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is switching to solar power worth it?
Solar panels can be a great investment for most 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 fairly low, solar panels might not be for you.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can replace them after having them for that long or you can keep using them at a lower efficiency.
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.