Solar Panel Cost Guide in Forked River, NJ (2024 Update)
- Forked River Solar Installation Cost: $10,964
- 25-Year Savings: $7,580
- Payback Period: 16.9 Years
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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 panel system in Forked River is 4 per watt.The average Forked River homeowner needs a 4.4-kilowatt system, which would cost about $10,964 with the federal tax credit, or $15,679 before the 0 tax credit is applied.
These figures are only averages, and the cost of going solar for you may differ based on your energy needs and what company you want to go with.Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Forked River can save around $14,000 on their electricity bills over 20 years.
You can click the button below to get connected with a top solar installer in Forked River for a quote for your home.
Solar savings over time in Forked River
Year | Return on Investment |
---|---|
1 years | $-9,905 |
3 years | $-7,787 |
5 years | $-5,668 |
7 years | $-3,550 |
9 years | $-1,432 |
11 years | $687 |
13 years | $2,805 |
15 years | $4,923 |
17 years | $7,042 |
19 years | $9,160 |
21 years | $11,279 |
23 years | $13,397 |
25 years | $15,515 |
Top Solar Installers in Forked River
Although you can install solar panels by yourself, it requires extra labor and knowledge. That's why the majority of homeowners choose to go with a solar panel installer. Companies can also offer access to quality options of the best solar panels and help you pick which one will be right for your home.
If you’d like to make the switch to solar but still aren’t sure which solar panel company to go with, here are our recommendations for providers in Forked River:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Forked River
Factors that Affect Solar Panel Costs in Forked River
Though the average cost of a solar system in Forked River is $10,964, your final cost may be above or below the average. There are several factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. That’s why it’s a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use.The model of solar panels and equipment you choose is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment consists of more than just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a solid route because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years.When considering your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Forked River is the company you hire to install your solar system. As with choosing a company to install new cabinets, for example, you’ll have no shortage of solar installers that provide a range of services for different budgets.Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and decide on the company that has the products, warranties and services you want and also is within your budget.
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 | $6,464 | 17.6 years |
8 kW | $3.60 | $20,163 | $9,014 | 17.3 years |
10 kW | $3.53 | $24,710 | $11,762 | 16.9 years |
12 kW | $3.46 | $29,059 | $14,708 | 16.6 years |
14 kW | $3.39 | $33,210 | $17,851 | 16.3 years |
16 kW | $3.32 | $37,164 | $21,192 | 15.9 years |
18 kW | $3.25 | $40,920 | $24,730 | 15.6 years |
20 kW | $3.18 | $44,478 | $28,466 | 15.2 years |
How to Save on Solar Panels
The solar installer you go with will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, including:
- Installation Process: When going solar, it’s important to keep an open line of communication with your solar company. See to it that you understand how the installation process will go and the completion timeline.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Reputation: Solar 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.
- Contract: When looking through your solar company’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Forked River, NJ Solar Cost FAQs
How much does it cost to install solar panels in Forked River?
The average cost of solar panels in Forked River 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 things like the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Forked River?
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 bang for your buck from going solar.
Can solar panels eliminate my energy bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Forked River, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Forked River?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.