Solar Panel Cost Guide in Fredon, NJ (2023 Update)
- Fredon Solar Installation Cost: $9,317
- 25-Year Savings: $6,866
- Payback Period: 14.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Fredon
Find out what the average cost of solar panel installation is in Fredon.
Although the national average of solar panels is $2.66 per watt, solar panels in Fredon generally cost about 2.77. The average solar panel system size in Fredon is around 4.8 kilowatts, meaning a cost of about $9,327 for a solar installation, or $13,338 before the 30% federal solar tax credit is applied.
These figures are just averages, and your own solar costs may look different based on factors unique to your home and what company you choose to go with. For many homeowners, the upfront investment in solar power is worth paying. On average homeowners in Fredon see about $13,000 in savings on energy bills over 20 years.
To receive a free estimate from a top solar company in Fredon, you can click the button below.
Solar savings over time in Fredon
| Year | Return on Investment |
|---|---|
| 1 years | $-8,258 |
| 3 years | $-6,140 |
| 5 years | $-4,021 |
| 7 years | $-1,903 |
| 9 years | $215 |
| 11 years | $2,334 |
| 13 years | $4,452 |
| 15 years | $6,570 |
| 17 years | $8,689 |
| 19 years | $10,807 |
| 21 years | $12,926 |
| 23 years | $15,044 |
| 25 years | $17,162 |
Top Solar Installers in Fredon
Although it's possible to install solar panels by yourself, it involves extra energy and expertise. That's one of the reasons the majority of homeowners choose a solar panel installer. Some solar companies, particularly local ones, can help you take advantage of incentives in Fredon, thereby optimizing your ROI.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
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 Fredon
Factors that Affect Solar Panel Costs in Fredon
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that affect your total cost in Fredon: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,770. The model of solar panels and equipment you choose is another factor that will largely impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Moreover, solar equipment goes beyond 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 for a solar system that's in your budget.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are a popular option because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Fredon is the company you choose to install your PV system. Similar to choosing a company to renovate your kitchen, for example, there are plenty of solar installers that offer a range of services at different price points. You may come across national solar installers that have lower prices due to their larger brand name and access to bulk equipment 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 | $8,108 | 15.0 years |
| 8 kW | $2.83 | $15,822 | $11,121 | 14.7 years |
| 10 kW | $2.77 | $19,390 | $14,289 | 14.4 years |
| 12 kW | $2.71 | $22,803 | $17,612 | 14.1 years |
| 14 kW | $2.66 | $26,060 | $21,090 | 13.8 years |
| 16 kW | $2.60 | $29,163 | $24,723 | 13.5 years |
| 18 kW | $2.55 | $32,110 | $28,512 | 13.2 years |
| 20 kW | $2.49 | $34,902 | $32,455 | 13.0 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: Although reading through a contract can take a lot of time, 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.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years most likely provide quality solar panel installation and expertise.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Fredon, NJ Solar Cost FAQs
How much does it cost to install solar panels in Fredon?
The average cost of solar panels in Fredon 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 certain factors such as the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Fredon?
Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of 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 financial benefits from going solar.
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 Fredon is currently $264,100, so you could be looking at a value of about $10,828 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Fredon is a worthwhile investment.
How long do solar panels last in Fredon?
On average, the lifespan of solar panels is 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 larger 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.