Solar Panel Cost Guide in Little Silver, NJ (2023 Update)
- Little Silver Solar Installation Cost: $8,765
- 25-Year Savings: $7,419
- Payback Period: 13.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Little Silver
We go over average solar pricing in Little Silver.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Little Silver, the average cost of solar panels is 2.77 per watt. Using this figure, a typical 4.5-kW system would cost about $8,764 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The exact cost of going solar can vary quite a bit based on multiple factors, such as how many panels you need, your energy usage and what company you go with. Despite the large upfront cost, the average Little Silver homeowner can save around $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 top solar installer in Little Silver for a quote for your home.
Solar savings over time in Little Silver
| Year | Return on Investment |
|---|---|
| 1 years | $-8,711 |
| 3 years | $-8,603 |
| 5 years | $-8,495 |
| 7 years | $-8,387 |
| 9 years | $-8,279 |
| 11 years | $-8,171 |
| 13 years | $-8,064 |
| 15 years | $-7,956 |
| 17 years | $-7,848 |
| 19 years | $-7,740 |
| 21 years | $-7,632 |
| 23 years | $-7,524 |
| 25 years | $-7,416 |
Top Solar Installers in Little Silver
Although you can install solar panels yourself, it involves extra time and knowledge. For that reason, almost all homeowners choose to go with a solar panel installer. The expertise that solar installers offer can be useful as well, especially if you aren't sure what brand of solar equipment you need.
If you'd like to go solar but still aren't certain which solar panel company to go with, here are our suggestions for providers in Little Silver:
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 Little Silver
Factors that Affect Solar Panel Costs in Little Silver
For many Little Silver homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Little Silver, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay about $2,770 per kilowatt in Little Silver. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Little Silver, 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
If paying for solar panels out of pocket is out of reach, solar loans are a popular option because they cut back your upfront costs and let you pay for your system over five to seven years on average. Though solar loans make adopting solar energy more accessible for Little Silver homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you pick will play a role in your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $9,382 | 14.1 years |
| 8 kW | $2.83 | $15,822 | $12,819 | 13.8 years |
| 10 kW | $2.77 | $19,390 | $16,412 | 13.5 years |
| 12 kW | $2.71 | $22,803 | $20,160 | 13.3 years |
| 14 kW | $2.66 | $26,060 | $24,062 | 13.0 years |
| 16 kW | $2.60 | $29,163 | $28,120 | 12.7 years |
| 18 kW | $2.55 | $32,110 | $32,333 | 12.5 years |
| 20 kW | $2.49 | $34,902 | $36,702 | 12.2 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. Since selecting a company can be difficult, we have some tips to help you, such as:
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years most likely offer quality solar panel installation and expertise.
- Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Read the contract terms carefully to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Solar Panel Brands: The type of solar panel you'd like to get plays a part in which company you should opt for, since different companies provide different panels.
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 Little Silver, NJ Solar Cost FAQs
How much does it cost to install solar panels in Little Silver?
This is a hard question to answer precisely, because the cost depends on many factors. Broadly 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 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 go with a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Little Silver?
Leasing solar panels can be an appealing 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Is it worth going solar in Little Silver?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and the amount of direct sunlight your roof gets.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.