Solar Panel Cost Guide in Forked River, NJ (Aug 2022)
- Forked River Solar Installation Cost: $9,101
- 25-Year Savings: $7,083
- Payback Period: 14.1 Years
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Updated 7/19/2022
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Average Cost of Solar Panels in Forked River
We go over average solar pricing in Forked River.
The average cost of a solar system in Forked River is $3 per watt. Using this figure, a typical 4.4 would cost about $9,101 before the federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy use, the type of solar system you want, your solar contractor and more. Many homeowners find going solar is a sound investment. The average homeowner in Forked River can save about $14,000 on their electricity bills over 20 years.
To get a free quote from a vetted solar installation company in Forked River, you can click the button below.
Solar savings over time in Forked River
| Year | Return on Investment |
|---|---|
| 1 years | $-8,454 |
| 3 years | $-7,159 |
| 5 years | $-5,864 |
| 7 years | $-4,570 |
| 9 years | $-3,275 |
| 11 years | $-1,980 |
| 13 years | $-686 |
| 15 years | $609 |
| 17 years | $1,904 |
| 19 years | $3,199 |
| 21 years | $4,493 |
| 23 years | $5,788 |
| 25 years | $7,083 |
Top Solar Installers in Forked River
Installing solar panels yourself can be a time-consuming task, which is why getting a solar installation company is a good option for many homeowners. Companies can also provide access to various kinds of the best solar panels and help you choose which one will be best for your family.
If you'd like to go solar but still aren't sure which solar panel installer to go with, here are our recommendations for providers nearby:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
The Green Panel
- 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 Forked River
Factors that Affect Solar Panel Costs in Forked River
There are several factors that can play into your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment Size
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend about $2,770 per kilowatt in Forked River. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Forked River, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are provided by most installers in Forked River, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible. However, the interest on solar loans also adds to your total costs, so it's important to include that in your estimate as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Forked River is the company you get to install your solar panel system. Similar to choosing a company to install new cabinets, for instance, you'll have no shortage of solar installers that provide a range of services for different budgets. Additionally, some companies in Forked River 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 | $2.88 | $12,791 | $9,093 | 14.6 years |
| 8 kW | $2.83 | $16,726 | $12,451 | 14.3 years |
| 10 kW | $2.77 | $20,498 | $15,974 | 14.1 years |
| 12 kW | $2.71 | $24,106 | $19,661 | 13.8 years |
| 14 kW | $2.66 | $27,549 | $23,512 | 13.5 years |
| 16 kW | $2.60 | $30,829 | $27,526 | 13.2 years |
| 18 kW | $2.55 | $33,945 | $31,705 | 12.9 years |
| 20 kW | $2.49 | $36,896 | $36,048 | 12.6 years |
Solar Incentives in Forked River
| Name | NJ Clean Energy- Residential New Construction Program |
| Incentive Amount | Incentives depend on the HERS score and the classification Single family homes: Ranges from $1,125 to - 24,250 Multi-single homes: Ranges from $1,125 to $18,188 Multifamily homes: Ranges from $625-$12,125 |
| Incentive Max | Multifamily: up to $12,125 Individual homes: up to $24,250 |
| Website | Visit here |
| More Info | Click here |
| Name | Property Tax Exemption for Renewable Energy Systems |
| Incentive Amount | 100% of value added by renewable system |
| More Info | Click here |
| Name | ITC |
| Type | Tax Incentive |
| Incentive Amount | 26% of installation cost |
| Website | Visit here |
| Name | Solar Renewable Energy Certificates (SRECs) Registration Program |
| Incentive Amount | Determined by the market. In June 2016, SREC traded at an average price of $229.90. |
| Incentive Max | Maximum price set by the SACP for the particular year. |
| Website | Visit here |
| More Info | Click here |
| Name | Successor Solar Incentive (SuSI) Program |
| Incentive Amount | Net-Metered Residential: $90/SREC-II Small Net-Metered Non-Residential located on Rooftop, Carport, Canopy and Floating Solar Projects smaller than 1 MW (dc): $100/SREC-II, $120 for public entities Projects 1 MW to 5 MW (dc): $90/SREC-II, $110 for public entities Net Metered Non-Residential Ground Mount Projects smaller than 1 MW (dc): $85/SREC-II, $105 for public entities Projects 1 MW to 5 MW (dc): $80/SREC-II, $100 for public entities Community Solar LMI: $90/SREC-II Community Solar Non-LMI: $70/SREC-II |
| Incentive Max | MW-DC Capacity Blocks Net Metered Residential: 150 MW Net Metered Non-Residential: 150 MW Community Solar (LMI and Non-LMI): 150 MW |
| Website | Visit here |
| More Info | Click here |
| Name | Solar Energy Sales Tax Exemption |
| Incentive Amount | 100% exemption |
| Incentive Max | None |
| More Info | Click here |
How to Save on Solar Panels
The solar installer you choose will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, including:
- Solar Panel Brands: Different companies offer different brands and kinds of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
- Installation Process: When making the switch to solar power, it's necessary to maintain an open line of communication with your solar panel company. Confirm that you understand how the installation process works and the project timeline.
- Contract: Even though reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
The Green Panel
- 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 Forked River, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Forked River?
The average cost of solar panels in Forked River 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 things like the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Forked River?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Do solar panels increase how much your home is worth?
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 Forked River is currently $260,200, so you could be looking at a value of about $10,668 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Forked River is a fruitful investment.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually 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.
