Solar Panel Cost Guide in Gloucester, NJ (2023 Update)
- Gloucester Solar Installation Cost: $9,032
- 25-Year Savings: $11,000
- Payback Period: 11.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Gloucester
Let's have a look at the average cost of solar in Gloucester.
The national average cost of solar panels is $2.66 per watt, but in Gloucester it's 2.77 per watt. The average Gloucester homeowner needs a 4.7-kilowatt system, which would cost about $9,036 with the federal tax credit, or $12,921 before the 30% tax credit is applied.
These figures are just averages, and the cost of going solar for you may vary based on the amount of energy your home requires and what company you want to go with. But, after you've paid the upfront cost of installation, the savings for most homeowners is quite rewarding, with a net average savings of about $16,000 over 20 years on utility bills.
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Solar savings over time in Gloucester
| Year | Return on Investment |
|---|---|
| 1 years | $-8,966 |
| 3 years | $-8,832 |
| 5 years | $-8,699 |
| 7 years | $-8,565 |
| 9 years | $-8,431 |
| 11 years | $-8,298 |
| 13 years | $-8,164 |
| 15 years | $-8,031 |
| 17 years | $-7,897 |
| 19 years | $-7,764 |
| 21 years | $-7,630 |
| 23 years | $-7,496 |
| 25 years | $-7,363 |
Top Solar Installers in Gloucester
When switching to solar energy, many homeowners prefer to go with a solar installer since installing a solar system yourself can be a difficult project. Local solar installation companies can also help you maximize your return on investment by walking you through any local incentives and by offering warranties and repairs.
Working with a professional 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 Gloucester
Factors that Affect Solar Panel Costs in Gloucester
There are several criteria that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
When it comes to estimating the cost of solar panels in Gloucester, one of the most crucial 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 figure out by looking at past energy bills. Your total cost can increase by around $2,770 for each additional kilowatt you need. The brand and type of equipment you want for your solar system can increase or decrease 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. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That's why many Gloucester homeowners choose to finance their solar panel systems to make paying for solar more affordable. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The final significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in Gloucester, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. Larger national companies usually have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
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 | $13,703 | 11.7 years |
| 8 kW | $2.83 | $15,822 | $18,581 | 11.5 years |
| 10 kW | $2.77 | $19,390 | $23,614 | 11.3 years |
| 12 kW | $2.71 | $22,803 | $28,803 | 11.0 years |
| 14 kW | $2.66 | $26,060 | $34,146 | 10.8 years |
| 16 kW | $2.60 | $29,163 | $39,644 | 10.6 years |
| 18 kW | $2.55 | $32,110 | $45,298 | 10.4 years |
| 20 kW | $2.49 | $34,902 | $51,107 | 10.1 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: Look through the contract terms thoroughly to make sure you understand how much it will cost, project timeline incentives and warranties.
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
- Warranty: A quality company rises above other companies by providing 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 Gloucester, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Gloucester?
This is a difficult question to answer precisely, because the cost depends on a variety of 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 more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to consider when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase how much your home is worth?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you should find out how much energy your home requires 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.