Solar Panel Cost Guide in Fanwood, NJ (2025 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:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Fanwood
Let’s take a look at the average cost of solar in Fanwood.
The national average cost of solar panels is $2.66 per watt, but in Fanwood it’s 4 per watt.Using this figure, a typical 4.7-kW system would cost about $11,528 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 energy system could cost. The exact cost of installing solar panels can vary based on a few factors, such as what size system you need, your energy usage and what solar installer you go with.But, after you've paid the initial cost of installation, the return on investment for most homeowners is usually rewarding, with a net average savings of about $15,000 over 20 years on electricity bills.
To receive a free quote from a highly rated 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
When making the switch to solar, many homeowners opt to use a solar installer since installing solar panels yourself can be a time-consuming project. Solar warranties and repairs are often included in the cost of installation when you hire a solar contractor as well, which can save you more money after your upfront investment.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
See all of the solar companies in Fanwood
Factors that Affect Solar Panel Costs in Fanwood
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that will push your cost above or below the average in Fanwood: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar system in Fanwood, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy consumption, which you can figure out by looking at past power bills. Your total cost can increase by about $3,530 for each additional kilowatt you need.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose 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, higher efficiency could save you more in the long run on your electric bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Fanwood average.
Solar Financing Terms
Many homeowners find the average cost of solar in Fanwood to be too steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in a higher cost over time because of interest.When estimating your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can affect how much you pay. Fanwood’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to 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 | $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
Since the model of solar panels and the company you choose significantly influences your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: Different companies carry various brands and models of panels. If you want a specific brand, make sure the solar company you’re considering has it.
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Even though reading through a contract can take a lot of time, it’s important to do it carefully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
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 $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 certain factors such as the model of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Fanwood?
You can’t get solar panels for free in Fanwood. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
Do solar panels increase the value of your home?
Installing solar panels on 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 $646,376, which means you could be looking at 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 how much 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 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.