Solar Panel Cost Guide in Florham Park, NJ (2023 Update)
- Florham Park Solar Installation Cost: $9,268
- 25-Year Savings: $11,984
- Payback Period: 10.9 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
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 2.77 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 $13,253 before 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 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 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
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 |
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 if 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 Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Florham Park, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Florham Park?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Florham Park?
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 don't have access to many solar incentives. Also your home 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.
Is going solar worth it?
Solar panels can be a fruitful investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.