Solar Panel Cost Guide in Kenilworth, NJ (2023 Update)
- Kenilworth Solar Installation Cost: $9,046
- 25-Year Savings: $7,971
- Payback Period: 13.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Kenilworth
Let's take a look at the average cost of solar panels in Kenilworth.
The average cost of a solar panel system in Kenilworth is 2.77 per watt. Using this figure, a typical 4.7-kW system would cost about $9,055 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Kenilworth homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Even with the significant initial cost, the average Kenilworth homeowner can save about $14,000 on their electricity bills over 20 years, which is one of the positives of solar.
You can click the button below to get connected with a vetted solar installer in Kenilworth that can help you get a more accurate cost estimate for your home.
Solar savings over time in Kenilworth
| Year | Return on Investment |
|---|---|
| 1 years | $-8,990 |
| 3 years | $-8,876 |
| 5 years | $-8,763 |
| 7 years | $-8,649 |
| 9 years | $-8,536 |
| 11 years | $-8,422 |
| 13 years | $-8,309 |
| 15 years | $-8,196 |
| 17 years | $-8,082 |
| 19 years | $-7,969 |
| 21 years | $-7,855 |
| 23 years | $-7,742 |
| 25 years | $-7,628 |
Top Solar Installers in Kenilworth
Although you can install solar panels by yourself, it requires extra time and knowledge. Because of that, most people choose to hire a solar panel installer. Companies can also have access to a large variety of the best solar panels and help you pick which one will be best for you.
If you'd like to switch to solar energy but still aren't certain which solar installer to go with, here are our suggestions for providers in Kenilworth:
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 Kenilworth
Factors that Affect Solar Panel Costs in Kenilworth
The cost of installing a solar system in Kenilworth can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation use 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. The model of solar panels and equipment you choose is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Moreover, 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 challenging. Solar loans are available from most installers in Kenilworth, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable. You'll have to consider the long-term cost of financing options, including the total 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 significantly.
Solar Panel Installation Company
The solar installer you select will impact your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor. The company's size sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger 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 | $9,785 | 13.8 years |
| 8 kW | $2.83 | $15,822 | $13,357 | 13.6 years |
| 10 kW | $2.77 | $19,390 | $17,084 | 13.3 years |
| 12 kW | $2.71 | $22,803 | $20,967 | 13.0 years |
| 14 kW | $2.66 | $26,060 | $25,004 | 12.8 years |
| 16 kW | $2.60 | $29,163 | $29,196 | 12.5 years |
| 18 kW | $2.55 | $32,110 | $33,544 | 12.2 years |
| 20 kW | $2.49 | $34,902 | $38,047 | 12.0 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years likely offer high-quality solar panel installation and expertise.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
- Contract: Before signing a contract with a solar company, make sure you read it through fully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a component breaks or malfunctions 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
EcoWatch's Kenilworth, NJ Solar Cost FAQs
How much does it cost to install solar panels in Kenilworth?
The average cost of solar panels in Kenilworth 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 stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Kenilworth?
Leasing solar panels can be an appealing choice, because it typically comes with low or $0 upfront payments. The downside 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.
Is switching to solar power worth it?
Solar panels can be a good investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can keep using them at a lower efficiency.
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.