Solar Panel Cost Guide in Glen Ridge, NJ (2023 Update)
- Glen Ridge Solar Installation Cost: $9,175
- 25-Year Savings: $8,676
- Payback Period: 12.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Glen Ridge
Let's have a look at the average cost of solar panels in Glen Ridge.
In Glen Ridge, solar panels cost about 2.77 per watt on average. The average solar panel system size in Glen Ridge is around 4.7 kilowatts, meaning a cost of about $9,171 for a solar installation, or $13,115 before the 30% federal solar tax credit is applied.
How much you pay can go higher or lower than the average in Glen Ridge depending on a few factors, such as the brand of solar panels you choose and the solar installer you hire. But, once you've paid the upfront cost of installation, the return on investment for most homeowners is usually fruitful, with a net average savings of about $14,000 over 20 years on energy bills.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Glen Ridge
| Year | Return on Investment |
|---|---|
| 1 years | $-7,752 |
| 3 years | $-4,908 |
| 5 years | $-2,063 |
| 7 years | $782 |
| 9 years | $3,627 |
| 11 years | $6,471 |
| 13 years | $9,316 |
| 15 years | $12,161 |
| 17 years | $15,006 |
| 19 years | $17,850 |
| 21 years | $20,695 |
| 23 years | $23,540 |
| 25 years | $26,384 |
Top Solar Installers in Glen Ridge
Although you can install solar panels by yourself, it takes extra energy and handiness. For that reason, almost all homeowners choose a solar panel installer. A solar installer can also help save you money over time by providing warranties, repairs and part replacements.
Working with a licensed solar installer can help your solar project go smoothly. Here are our recommendations:
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 Glen Ridge
Factors that Affect Solar Panel Costs in Glen Ridge
The cost of installing a solar system in Glen Ridge can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is the size of the system you need, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the cost of a solar system in Glen Ridge, one of the most important 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 determine by looking at past electricity bills. Your total cost can increase by about $2,770 for each additional kilowatt you need. The brand of solar panels and equipment you get is another factor that will substantially influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to consider 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 solar panels out of pocket is difficult, solar loans are a popular choice because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years. It's a good idea 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 how long it'll take to pay off the loan.
Solar Panel Installation Company
The remaining key cost factor you should take into consideration is the installer you choose. Given the booming popularity of renewable energy solutions in Glen Ridge, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Glen Ridge have more knowledge 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 help you save 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 | $10,536 | 13.4 years |
| 8 kW | $2.83 | $15,822 | $14,358 | 13.1 years |
| 10 kW | $2.77 | $19,390 | $18,335 | 12.8 years |
| 12 kW | $2.71 | $22,803 | $22,468 | 12.6 years |
| 14 kW | $2.66 | $26,060 | $26,755 | 12.3 years |
| 16 kW | $2.60 | $29,163 | $31,198 | 12.1 years |
| 18 kW | $2.55 | $32,110 | $35,795 | 11.8 years |
| 20 kW | $2.49 | $34,902 | $40,548 | 11.6 years |
How to Save on Solar Panels
The solar panel company 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 have access to. When choosing a solar company, there are several important things you should keep in mind, such as:
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Solar Panel Brands: The brand of solar panel you want to install plays a part in which installer you should opt for, since different companies have access to different panels.
- Installation Process: When making the switch to solar power, it's essential to keep an open line of communication with your solar panel installer. Make sure you understand how the installation process works and the completion timeline.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to do the job well. Another way you can look into your installer's reputation is by reading reviews.
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 Glen Ridge, NJ Solar Cost FAQs
How much does it cost to install solar panels in Glen Ridge?
The average cost of solar panels in Glen Ridge 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 like 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 Glen Ridge?
Leasing solar panels can be an appealing 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 get the most savings.
Can you sell solar power back to the grid in Glen Ridge?
Most states have net metering programs of some kind. Through these, you can get paid for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.