Solar Panel Cost Guide in Greenwich, NJ (2023 Update)
- Greenwich Solar Installation Cost: $9,303
- 25-Year Savings: $6,881
- Payback Period: 14.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Greenwich
Find out what the average cost of installing solar panels is in Greenwich.
In Greenwich, solar panels cost about 2.77 per watt on average. To cover the typical energy needs of the average home in Greenwich, most homeowners require a 4.8-kilowatt system. Using the per-watt figure above, a solar installation costs about $9,307, or $13,309 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy consumption, the type of solar panels you want, your solar contractor and more. But, after you've paid the upfront cost of installation, the payback for most homeowners is usually rewarding, with a net average savings of about $13,000 over 20 years on utility bills.
You can click the button below to get connected with a pre-vetted solar installer in Greenwich that can help you get a more accurate cost estimate for your home.
Solar savings over time in Greenwich
| Year | Return on Investment |
|---|---|
| 1 years | $-8,244 |
| 3 years | $-6,125 |
| 5 years | $-4,007 |
| 7 years | $-1,889 |
| 9 years | $230 |
| 11 years | $2,348 |
| 13 years | $4,467 |
| 15 years | $6,585 |
| 17 years | $8,703 |
| 19 years | $10,822 |
| 21 years | $12,940 |
| 23 years | $15,059 |
| 25 years | $17,177 |
Top Solar Installers in Greenwich
Although you can install solar panels yourself, it requires extra energy and expertise. For that reason, most homeowners choose to hire a solar panel installer. The expertise that solar installers provide can be useful as well, especially if you aren't sure what type of solar equipment would be right for your home.
Working with a professional solar company can help you make the most of your investment in solar. 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 Greenwich
Factors that Affect Solar Panel Costs in Greenwich
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that will push your cost above or below the average in Greenwich: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Greenwich, 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 usage, which you can gauge by looking at past electricity bills. Your overall cost can increase by around $2,770 for each additional kilowatt you need. The brand of solar panels and equipment you choose is another factor that will significantly affect costs. Solar panels that have higher efficiency, 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 looking into a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are provided by most installers in Greenwich, which can lower, or in some cases totally eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also increases your total costs, so it's important to keep that in mind as well. You can always lower the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The last major cost factor you should take into consideration is the installer you choose. Given the booming popularity of renewable energy solutions in Greenwich, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in Greenwich have more knowledge 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 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 | $8,140 | 14.9 years |
| 8 kW | $2.83 | $15,822 | $11,163 | 14.7 years |
| 10 kW | $2.77 | $19,390 | $14,342 | 14.4 years |
| 12 kW | $2.71 | $22,803 | $17,675 | 14.1 years |
| 14 kW | $2.66 | $26,060 | $21,164 | 13.8 years |
| 16 kW | $2.60 | $29,163 | $24,808 | 13.5 years |
| 18 kW | $2.55 | $32,110 | $28,607 | 13.2 years |
| 20 kW | $2.49 | $34,902 | $32,561 | 12.9 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose greatly influences your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Contract: Before you sign a contract with a solar company, make sure to read it through carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Installation Process: When making the switch to solar power, it's necessary to maintain an open line of communication with your solar company. Confirm that you understand how the installation process will go and the project timeline.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
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 Greenwich, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Greenwich?
This is a hard question to answer exactly, because the cost depends on many 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 be more expensive if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Greenwich?
Leasing solar panels can be an attractive 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Can solar panels significantly reduce my electricity bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Greenwich, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Greenwich?
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 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.