Solar Panel Cost Guide in Fanwood, NJ (2023 Update)

  • Fanwood Solar Installation Cost: $11,528
  • 25-Year Savings: $8,804
  • Payback Period: 16.1 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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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

Let’s take a look at the average cost of solar in Fanwood.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Fanwood, the average cost of solar panels is 4 per watt.The average solar panel system size in Fanwood is around 4.7 kilowatts, meaning a cost of about $11,528 for a solar installation, or $16,485 before the 0 federal solar tax credit is applied.

The prices above are just estimates to give you an idea of how much a solar panel system could cost. The true cost of making the switch to solar can vary depending on a few factors, such as what size system you need, your energy usage and what company you go with.With average savings of about $15,000 on utility bills over 20 years, many homeowners in Fanwood find installing solar panels can pay off big.

To receive a free quote from a top solar installer in Fanwood, you can click the button below.

Solar savings over time in Fanwood

Year Return on Investment
1 years $-10,106
3 years $-7,261
5 years $-4,417
7 years $-1,572
9 years $1,273
11 years $4,118
13 years $6,962
15 years $9,807
17 years $12,652
19 years $15,497
21 years $18,341
23 years $21,186
25 years $24,031

Top Solar Installers in Fanwood

Many homeowners decide to hire a solar installer since trying to install solar panels yourself can be a lot of work. Plus, warranties and repairs from your solar panel installer can protect your investment and lower the cost of maintenance over the lifespan of your panels.

There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:

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 for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

See all of the solar companies in Fanwood

Factors that Affect Solar Panel Costs in Fanwood

The cost of installing a solar system in Fanwood can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.

Solar Equipment

System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use.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 have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof 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. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.

Solar Financing Terms

Many homeowners find the average cost of solar in Fanwood to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to a higher cost over time because of interest.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 more than the principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs significantly.

Solar Panel Installation Company

A final factor to consider when trying to evaluate the cost of solar for your home or business in Fanwood is the company you get to install your solar panel system. As with choosing a company to build a deck or pool, for instance, there’s no shortage of solar installers that provide a range of services at different price points.Additionally, some companies in Fanwood are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 $3.67 $15,419 $7,537 16.8 years
8 kW $3.60 $20,163 $10,445 16.5 years
10 kW $3.53 $24,710 $13,550 16.1 years
12 kW $3.46 $29,059 $16,854 15.8 years
14 kW $3.39 $33,210 $20,354 15.5 years
16 kW $3.32 $37,164 $24,053 15.2 years
18 kW $3.25 $40,920 $27,949 14.9 years
20 kW $3.18 $44,478 $32,043 14.5 years

How to Save on Solar Panels

There are a large number of companies available in Fanwood, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:

  • Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
  • Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you choose.
  • Warranty: Warranties that provide coverage for panel repairs and maintenance over a couple decades are the best you can get in the business, and offering such a warranty is one indication of a good company.
  • Contract: Before you sign a contract with a solar company, be sure to look it over completely so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.

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 for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

EcoWatch's Fanwood, NJ Solar Cost FAQs

How much does it cost to install solar panels in Fanwood?

The average cost of solar panels in Fanwood is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the actual cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you use.

Can you get solar panels for free in Fanwood?

Solar panels aren’t free in Fanwood, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.

Do solar panels increase the value of your home?

Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Fanwood is currently $646,376, which means you can expect a value of about $26,501 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.

What solar power system size is right for my home?

The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can 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 cover 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.

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