Solar Panel Cost Guide in Forked River, NJ (Oct 2022)

  • Forked River Solar Installation Cost: $8,609
  • 25-Year Savings: $7,575
  • Payback Period: 13.3 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 Forked River

Here's how much it might cost to install solar panels in Forked River.

In Forked River, solar panels cost about $3 per watt on average. The average solar panel system size in Forked River is around 4.4 kilowatts, meaning a cost of about $8,609 for a solar installation, or $6,371 after the 30% federal solar tax credit is applied.

The true price you pay can go above or below the average in Forked River depending on several factors, such as the model of solar panels you choose and the solar company you hire. Even with the large initial cost, the average Forked River homeowner can save around $14,000 on their electricity bills over 20 years, which is one of the advantages of solar.

For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.

Solar savings over time in Forked River

Year Return on Investment
1 years $-7,962
3 years $-6,667
5 years $-5,372
7 years $-4,078
9 years $-2,783
11 years $-1,488
13 years $-194
15 years $1,101
17 years $2,396
19 years $3,690
21 years $4,985
23 years $6,280
25 years $7,575

Top Solar Installers in Forked River

DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Hiring a solar company can make converting to solar power much easier. A solar installer can also help save you money in the long run by offering warranties, repairs and system component replacements.

If you're searching for a solar installer in Forked River, the EcoWatch team has organized a list of our top suggestions here:

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 Forked River

Factors that Affect Solar Panel Costs in Forked River

For many Forked River homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Forked River, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you'll pay, which we'll go over below.

Solar Equipment Size

One of the most important factors to consider when it comes to the cost of installing solar panels 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 around $2,770 per kilowatt in Forked River. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price 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 extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

Most solar companies in Forked River have solar loans, which reduce your upfront costs of installing solar. Though solar loans make adopting solar energy more accessible for Forked River homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.

Solar Panel Installation Company

The solar company you opt for to handle your switch to clean energy can play a role in your total costs. There are about 3 solar panel companies in Forked River, and each can charge varying amounts for labor and equipment. You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.

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 $9,784 13.8 years
8 kW $2.83 $15,822 $13,355 13.6 years
10 kW $2.77 $19,390 $17,082 13.3 years
12 kW $2.71 $22,803 $20,964 13.0 years
14 kW $2.66 $26,060 $25,001 12.8 years
16 kW $2.60 $29,163 $29,193 12.5 years
18 kW $2.55 $32,110 $33,540 12.2 years
20 kW $2.49 $34,902 $38,042 12.0 years

Solar Incentives in Forked River

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

There are numerous companies available in Forked River, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:

  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can check your installer's reputation is by reading reviews.
  • Contract: Before signing a contract with a solar company, make sure you read it through completely so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
  • Solar Panel Brands: Different companies offer different brands and models of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
  • Warranty: If you're worried about the longevity of your solar energy system, ensuring your company offers a 25-year, all-inclusive warranty can give you some peace of mind.

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 Forked River, NJ Solar Cost FAQs

What is the average cost of installing solar panels in Forked River?

This is a hard question to answer precisely, because the cost depends on many 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. It will cost more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.

Is it better to lease or buy solar panels in Forked River?

Leasing solar panels can be an attractive choice, because it often 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.

Is it worth going solar in Forked River?

Solar panels can be a great investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.

How often do you have to replace solar panels?

Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using them at a lower efficiency.

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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