Solar Panel Cost Guide in Florham Park, NJ (Oct 2022)

  • Florham Park Solar Installation Cost: $9,268
  • 25-Year Savings: $11,984
  • Payback Period: 10.9 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Florham Park

See how much it might cost to go solar in Florham Park.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Florham Park, the typical cost of a solar system is $3 per watt. To account for the typical energy needs of the average home in Florham Park, most homeowners require a 4.8-kilowatt system. Using the figure above, a solar installation costs around $9,268, or $6,858 after the federal solar tax credit of 30% is applied.

Remember that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy consumption, the type of solar panels you choose, your solar contractor and more. With average savings of about $17,000 on electricity bills over 20 years, many homeowners in Florham Park find going solar can pay off big.

To receive a free quote from a pre-vetted solar installer in Florham Park, you can click the button below.

Solar savings over time in Florham Park

Year Return on Investment
1 years $-8,418
3 years $-6,718
5 years $-5,018
7 years $-3,318
9 years $-1,617
11 years $83
13 years $1,783
15 years $3,483
17 years $5,183
19 years $6,884
21 years $8,584
23 years $10,284
25 years $11,984

Top Solar Installers in Florham Park

Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Using a solar company can make your swap to solar power much easier. Local solar installers can also help you optimize your return on investment by assisting with any local incentives and by offering warranties and repairs.

You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some in Florham Park:

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 Florham Park

Factors that Affect Solar Panel Costs in Florham Park

For many Florham Park homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Florham Park, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you'll pay, which we'll go over below.

Solar Equipment Size

When it comes to estimating the cost of a solar panel system in Florham Park, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can figure out by looking at past power bills. Your overall cost can increase by about $2,770 for each additional kilowatt you need. The kind of solar panels and equipment you want is another factor that will greatly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Plus, solar equipment is more than just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that's in your budget.

Solar Financing Terms

If paying for solar panels in cash is difficult, solar loans are a solid route because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.

Solar Panel Installation Company

A final consideration when trying to estimate the cost of solar for your home or business in Florham Park is the company you choose to install your solar system. Similar to choosing a company to install new cabinets, for instance, you'll have many options for solar installers that offer a range of services for different budgets. Additionally, some companies in Florham Park are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 $2.88 $12,099 $14,585 11.3 years
8 kW $2.83 $15,822 $19,757 11.1 years
10 kW $2.77 $19,390 $25,085 10.9 years
12 kW $2.71 $22,803 $30,567 10.7 years
14 kW $2.66 $26,060 $36,204 10.5 years
16 kW $2.60 $29,163 $41,997 10.2 years
18 kW $2.55 $32,110 $47,944 10.0 years
20 kW $2.49 $34,902 $54,047 9.8 years

Solar Incentives in Florham Park

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

  • Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years in most cases provide quality solar panel installation and expertise.
  • Warranty: If you're worried about the durability of your solar panel system, checking your installer offers a 25-year, all-inclusive warranty can help put you at ease.
  • 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 considerable role in the company you choose.
  • Contract: Although reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand what services your solar company will provide and the terms of the warranty.

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 Florham Park, NJ Solar Cost FAQs

What is the average cost of installing solar panels in Florham Park?

The average cost of solar panels in Florham Park is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you consume.

Can you get solar panels for free in Florham Park?

A solar panel system isn't free in Florham 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.

How will having solar panels impact my home value?

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 Florham Park is currently $634,521, which means you could be looking at a value of about $26,015 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Florham Park is a fruitful investment.

How long do solar panels last in Florham Park?

On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.

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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