Solar Panel Cost Guide in Gloucester City, NJ (2023 Update)
- Gloucester City Solar Installation Cost: $9,032
- 25-Year Savings: $8,818
- Payback Period: 12.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Gloucester City
Find out what the average cost of solar panels are in Gloucester City.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Gloucester City, the average cost of solar panels is 2.77 per watt. Because a 4.7-kW system is needed to cover the energy needs of a typical home in Gloucester City, the average price of going solar will be about $9,036 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much solar panels could cost. The true cost of going solar can vary depending on several factors, such as how many panels you need, your energy usage and what solar installer you go with. But, once you've paid the initial cost of installation, the savings for most homeowners is typically rewarding, with a net average savings of about $15,000 over 20 years on power bills.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Gloucester City
| Year | Return on Investment |
|---|---|
| 1 years | $-8,973 |
| 3 years | $-8,854 |
| 5 years | $-8,735 |
| 7 years | $-8,616 |
| 9 years | $-8,497 |
| 11 years | $-8,378 |
| 13 years | $-8,259 |
| 15 years | $-8,140 |
| 17 years | $-8,021 |
| 19 years | $-7,902 |
| 21 years | $-7,783 |
| 23 years | $-7,664 |
| 25 years | $-7,545 |
Top Solar Installers in Gloucester City
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Taking advantage of a solar panel installer can make your swap to solar power much easier. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and system component replacements.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 City
Factors that Affect Solar Panel Costs in Gloucester City
For many Gloucester City homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Gloucester City, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Gloucester City, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can figure out by looking at past power bills. Your overall cost can increase by around $2,770 for each additional kilowatt you need. The type of solar panels and equipment you choose is another factor that will significantly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment is more than 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 researching a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are available from most installers in Gloucester City, which can lower, or in some cases eliminate, your upfront costs to make solar more affordable. When trying to figure out 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
The last key cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Gloucester City, you'll have many options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Gloucester City are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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 | $10,892 | 13.2 years |
| 8 kW | $2.83 | $15,822 | $14,833 | 12.9 years |
| 10 kW | $2.77 | $19,390 | $18,929 | 12.7 years |
| 12 kW | $2.71 | $22,803 | $23,181 | 12.4 years |
| 14 kW | $2.66 | $26,060 | $27,587 | 12.1 years |
| 16 kW | $2.60 | $29,163 | $32,148 | 11.9 years |
| 18 kW | $2.55 | $32,110 | $36,865 | 11.6 years |
| 20 kW | $2.49 | $34,902 | $41,737 | 11.4 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select 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 the cost breakdown, project timeline incentives and warranties.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Even though there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of offerings before deciding.
- Installation Process: Make sure you're aligned with the company regarding how the installation process will go and what needs to be done before your solar system is installed, such as updating your electrical system or roof.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years in most cases offer good-quality solar panel installation and expertise.
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 City, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Gloucester City?
The average cost of solar panels in Gloucester City 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 things like the model of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider other than cost when buying solar panels?
Cost is definitely one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Does Gloucester City have a net metering program?
The majority of states have net metering programs of some kind. Through these, you can either be compensated for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Gloucester City?
On average, the lifespan of solar panels is 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.