Solar Panel Cost Guide in Gloucester, NJ (Mar 2023)
- Gloucester Solar Installation Cost: $9,036
- 25-Year Savings: $10,997
- Payback Period: 11.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Gloucester
Let's take a look at the average cost of solar in Gloucester.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Gloucester, the average cost of solar panels is 2.77 per watt. Using this figure, a typical 4.7-kW system would cost about $9,036 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Gloucester homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. For most homeowners, the upfront investment in solar power is worth paying. On average homeowners in Gloucester see about $16,000 in savings on utility bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Gloucester
| Year | Return on Investment |
|---|---|
| 1 years | $-8,234 |
| 3 years | $-6,632 |
| 5 years | $-5,029 |
| 7 years | $-3,427 |
| 9 years | $-1,824 |
| 11 years | $-221 |
| 13 years | $1,381 |
| 15 years | $2,984 |
| 17 years | $4,587 |
| 19 years | $6,189 |
| 21 years | $7,792 |
| 23 years | $9,394 |
| 25 years | $10,997 |
Top Solar Installers in Gloucester
When going solar, many homeowners choose to use a solar installation company since handling can be a time-consuming project. Local solar installation companies can also help you maximize your return on investment by walking you through any local incentives you can take advantage of and by providing warranties and repairs.
If you'd like to switch to solar energy but still aren't sure which solar panel installer to go with, here are our recommendations for providers in Gloucester:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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 Gloucester
Factors that Affect Solar Panel Costs in Gloucester
The cost of installing a solar system in Gloucester can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to pay around $2,770 per kilowatt in Gloucester. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Gloucester, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar installers in Gloucester provide solar loans, which reduce the initial cost of installing solar panels. When figuring out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you go with to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar panel companies in Gloucester, and each can charge different amounts for labor and equipment. Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have 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
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years most likely provide quality solar panel installation and expertise.
- Solar Panel Brands: Different companies have different brands and types of panels. If you prefer a specific brand, make sure the solar company you're considering has it.
- Contract: Before you sign a contract with a solar company, be sure to look it over carefully 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 what services you can expect from them.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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 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.