Solar Panel Cost Guide in Independence, NJ (2023 Update)
- Independence Solar Installation Cost: $9,307
- 25-Year Savings: $6,877
- Payback Period: 14.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Independence
Find out what the average cost of solar panels are in Independence.
Although the national average of solar panels is $2.66 per watt, solar panels in Independence typically cost around 2.77. To account for the typical energy needs of the average home in Independence, most homeowners require a 4.8-kilowatt system. Using the per-watt figure above, a solar installation costs around $9,307, or $13,309 before the federal solar tax credit of 30% is applied.
These figures are only averages, and the cost of going solar for you will vary based on the amount of energy your home requires and what company you want to go with. Many homeowners find installing a solar system is a fruitful investment. The average homeowner in Independence can save around $13,000 on their energy bills over 20 years.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Independence
| Year | Return on Investment |
|---|---|
| 1 years | $-8,660 |
| 3 years | $-7,365 |
| 5 years | $-6,070 |
| 7 years | $-4,776 |
| 9 years | $-3,481 |
| 11 years | $-2,186 |
| 13 years | $-892 |
| 15 years | $403 |
| 17 years | $1,698 |
| 19 years | $2,992 |
| 21 years | $4,287 |
| 23 years | $5,582 |
| 25 years | $6,877 |
Top Solar Installers in Independence
Putting up solar panels on your own can be a time-consuming undertaking, which is why getting a solar installation company is a good option for many homeowners. Local solar companies can also help you optimize your return on investment by assisting with any local incentives you can take advantage of and by providing warranties and repairs.
Working with a vetted solar installer can make going solar easier. 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
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 Independence
Factors that Affect Solar Panel Costs in Independence
There are a number of factors that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,770. There are a lot of different solar panel brands and the one you choose also affects the cost. Generally speaking, the brands that are more efficient tend to also cost more. In addition, the type of equipment you choose can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are offered by most installers in Independence, which can bring down, or in some cases totally eliminate, your upfront costs to make 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 can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
Finally, the company you get to install your solar system can affect your pricing. Independence's solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be difficult, we have some tips to help you, such as:
- 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.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
- 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.
- Contract: Before signing a contract with a solar installer, make sure to look it over fully so you understand the terms. Also, ask questions if you aren't 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 Independence, NJ Solar Cost FAQs
How much does it cost to install solar panels in Independence?
This is a tough 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 extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
The upfront cost is a very important factor to consider, but whether it's the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
How will solar panels impact my property value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Independence is currently $299,157, so you can look forward to a value of about $12,265 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Independence is a rewarding investment.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home 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.