Solar Panel Cost Guide in Fanwood, NJ (Sep 2022)

  • Fanwood Solar Installation Cost: $9,055
  • 25-Year Savings: $8,795
  • Payback Period: 12.7 Years

See cost of a solar system near you:

GET QUOTES
EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Fanwood

Find out how much it might cost to make the switch to solar in Fanwood.

The national average cost of solar panels is $2.66 per watt, but in Fanwood it's $3 per watt. Because a 4.7-kW system is needed to cover the energy consumption of a typical home in Fanwood, the average price of going solar will be about $9,055 before claiming the federal solar tax credit of 30%.

Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy consumption, the type of solar system you want, your solar contractor and more. With average savings of about $15,000 on electricity bills over 20 years, many homeowners in Fanwood find investing in solar has a decent ROI.

For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.

Solar savings over time in Fanwood

Year Return on Investment
1 years $-8,341
3 years $-6,913
5 years $-5,485
7 years $-4,057
9 years $-2,629
11 years $-1,201
13 years $227
15 years $1,655
17 years $3,083
19 years $4,511
21 years $5,939
23 years $7,367
25 years $8,795

Top Solar Installers in Fanwood

Many homeowners decide to use a solar installation company since trying to install solar panels by yourself can be a lot of work. Companies can also offer access to various kinds of the best solar panels and help you pick which one will be best for your home.

Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Fanwood

Factors that Affect Solar Panel Costs in Fanwood

While the average cost of solar panels in Fanwood is $9,055, your actual cost may be higher or lower than that. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to consider.

Solar Equipment Size

System size is one of the largest factors that determines the overall cost of installing solar panels. That's why it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use. The kind of solar equipment you choose can increase or decrease your cost 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. On the other hand, more efficient panels could save you more in the long run on your power bills. In addition, add-on products, such as solar batteries, can bring your total well above the Fanwood average.

Solar Financing Terms

Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Fanwood homeowners opt 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 can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs remarkably.

Solar Panel Installation Company

The solar installer you choose to handle your switch to sustainable energy can play a part in your total costs. There are about 3 solar installation companies operating throughout Fanwood, and each can charge varying amounts for labor and equipment. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and choose a company that provides the products, warranties and services you want and also fit into your budget.

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 $10,857 13.2 years
8 kW $2.83 $15,822 $14,786 12.9 years
10 kW $2.77 $19,390 $18,870 12.7 years
12 kW $2.71 $22,803 $23,110 12.4 years
14 kW $2.66 $26,060 $27,504 12.2 years
16 kW $2.60 $29,163 $32,054 11.9 years
18 kW $2.55 $32,110 $36,759 11.7 years
20 kW $2.49 $34,902 $41,619 11.4 years

Solar Incentives in Fanwood

Name Successor Solar Incentive (SuSI) Program
Website Visit here
More Info Click here

Name Solar Energy Sales Tax Exemption
Incentive Amount 100% exemption
More Info Click here

Name Property Tax Exemption for Renewable Energy Systems
More Info Click here

Name Solar Renewable Energy Certificates (SRECs) Registration Program
Website Visit here
More Info Click here

Name PSE&G - Solar Loan Program
Website Visit here
More Info Click here

Name NJ Clean Energy- Residential New Construction Program
Website Visit here
More Info Click here

Name Home Performance with ENERGY STAR Program
Website Visit here
More Info Click here

Name Home Performance with ENERGY STAR Program
Website Visit here
More Info Click here

Name COOLAdvantage Program
Website Visit here
More Info Click here

Name NJ Clean Energy- WARMAdvantage Program (Electric and Gas)
Website Visit here
More Info Click here

Name New Jersey Renewable Energy Incentive Program (Sustainable Biopower)
Website Visit here
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

How to Save on Solar Panels

The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be a challenge, we have some tips to help you, such as:

  • Contract: Although reading through a contract can take a lot of time, it's important to do it thoroughly so you can be sure you understand what services your solar company will provide and the terms of the warranty.
  • Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can verify your installer's reputation is by reading reviews.
  • Warranty: Companies typically offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Fanwood, NJ Solar Cost FAQs

What is the average cost of installing solar panels in Fanwood?

The average cost of solar panels in Fanwood 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 certain factors such as the type of solar panels you want, what size system you need and how much energy you use.

Is it better to lease or buy solar panels in Fanwood?

Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.

Do solar panels increase the value of your home?

Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Fanwood is currently $467,800, so you can look forward to a value of about $19,180 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Fanwood is a fruitful investment.

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 how much energy they produce will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can continue to use 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.

solar panel and sunny sky
Invest in clean solar energy, save thousands of dollars.

Save $$ on your electricity bill by getting a free quote today.

Follow us