Solar Panel Cost Guide in Little Silver, NJ (Aug 2022)

  • Little Silver Solar Installation Cost: $9,265
  • 25-Year Savings: $6,919
  • Payback Period: 14.3 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 7/19/2022

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Average Cost of Solar Panels in Little Silver

Find out how much it might cost to switch to solar power 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 $3 per watt. Using this figure, a typical 4.5 would cost about $9,265 before the 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 depending on a few 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 payback for most homeowners is usually fruitful, with a net average savings of about $14,000 over 20 years on power bills.

To get a free estimate from a top solar installer in Little Silver, you can click the button below.

Solar savings over time in Little Silver

Year Return on Investment
1 years $-8,618
3 years $-7,323
5 years $-6,028
7 years $-4,734
9 years $-3,439
11 years $-2,144
13 years $-850
15 years $445
17 years $1,740
19 years $3,035
21 years $4,329
23 years $5,624
25 years $6,919

Top Solar Installers in Little Silver

Although you can install solar panels yourself, it requires extra labor and expertise. That's one of the reasons the majority of homeowners choose to hire a solar panel installer. The expertise that solar companies provide can be invaluable as well, especially if you aren't sure what type of solar equipment would be right for your home.

There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Little Silver

Factors that Affect Solar Panel Costs in Little Silver

Although the average cost of solar panels in Little Silver is $9,265, your actual cost may be above or below the average. There are quite a few factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.

Solar Equipment Size

Size is one of the largest factors that affects the overall cost of installing solar panels. That's why it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. There are many different solar panel brands and the one you pick also affects the cost. Usually, the brands that are more efficient tend to also cost more. Plus, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.

Solar Financing Terms

If paying for solar panels in cash is too expensive, solar loans are an affordable choice because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it'll take to pay back the loan.

Solar Panel Installation Company

The solar company you choose to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies in Little Silver, and each can charge varying amounts for labor and equipment. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions 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 $12,791 $8,690 14.9 years
8 kW $2.83 $16,726 $11,915 14.6 years
10 kW $2.77 $20,498 $15,304 14.3 years
12 kW $2.71 $24,106 $18,857 14.0 years
14 kW $2.66 $27,549 $22,573 13.7 years
16 kW $2.60 $30,829 $26,454 13.5 years
18 kW $2.55 $33,945 $30,499 13.2 years
20 kW $2.49 $36,896 $34,707 12.9 years

Solar Incentives in Little Silver

Name NJ Clean Energy- Residential New Construction Program
Incentive Amount Incentives depend on the HERS score and the classification
Single family homes: Ranges from $1,125 to - 24,250
Multi-single homes: Ranges from $1,125 to $18,188
Multifamily homes: Ranges from $625-$12,125
Incentive Max Multifamily: up to $12,125
Individual homes: up to $24,250
Website Visit here
More Info Click here

Name Property Tax Exemption for Renewable Energy Systems
Incentive Amount 100% of value added by renewable system
More Info Click here

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Solar Renewable Energy Certificates (SRECs) Registration Program
Incentive Amount Determined by the market.
In June 2016, SREC traded at an average price of $229.90.
Incentive Max Maximum price set by the SACP for the particular year.
Website Visit here
More Info Click here

Name Successor Solar Incentive (SuSI) Program
Incentive Amount Net-Metered Residential: $90/SREC-II

Small Net-Metered Non-Residential located on Rooftop, Carport, Canopy and Floating Solar
Projects smaller than 1 MW (dc): $100/SREC-II, $120 for public entities
Projects 1 MW to 5 MW (dc): $90/SREC-II, $110 for public entities

Net Metered Non-Residential Ground Mount
Projects smaller than 1 MW (dc): $85/SREC-II, $105 for public entities
Projects 1 MW to 5 MW (dc): $80/SREC-II, $100 for public entities

Community Solar LMI: $90/SREC-II
Community Solar Non-LMI: $70/SREC-II
Incentive Max MW-DC Capacity Blocks
Net Metered Residential: 150 MW
Net Metered Non-Residential: 150 MW
Community Solar (LMI and Non-LMI): 150 MW
Website Visit here
More Info Click here

Name Solar Energy Sales Tax Exemption
Incentive Amount 100% exemption
Incentive Max None
More Info Click here

How to Save on Solar Panels

The solar company you opt for will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, including:

  • Contract: Though reading through a contract can be tedious, it's important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
  • Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
  • Solar Panel Brands: Different companies will carry different brands and types of panels. If you want a specific brand, make sure the solar panel installer you're considering has it.
  • Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • 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 Little Silver, NJ Solar Cost FAQs

What is the average cost of installing solar panels in Little Silver?

This is a difficult question to answer exactly, because the cost depends on a few different 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 other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.

Is cost the most important thing to think about when buying solar panels?

Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.

Can solar panels completely eradicate my electricity bills?

It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Little Silver, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.

What solar power system size is right for my home?

To figure out how many solar panels you need, you need to know how much energy your home requires 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.

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