Solar Panel Cost Guide in Madison Park, NJ (2023 Update)
- Madison Park Solar Installation Cost: $9,074
- 25-Year Savings: $7,526
- Payback Period: 13.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Madison Park
Let's take a look at the average cost of solar panels in Madison Park.
The national average cost of solar panels is $2.66 per watt, but in Madison Park it's 2.77 per watt. Using this figure, a typical 4.7-kW system would cost about $9,075 before the 30% federal solar tax credit is applied.
These figures are only averages, and the cost of going solar for you will differ based on the amount of energy your home requires and what company you choose to go with. For many homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $13,000 in savings on electricity bills over 20 years.
To get a free estimate from a top solar installation company in Madison Park, you can click the button below.
Solar savings over time in Madison Park
| Year | Return on Investment |
|---|---|
| 1 years | $-8,015 |
| 3 years | $-5,897 |
| 5 years | $-3,778 |
| 7 years | $-1,660 |
| 9 years | $458 |
| 11 years | $2,577 |
| 13 years | $4,695 |
| 15 years | $6,813 |
| 17 years | $8,932 |
| 19 years | $11,050 |
| 21 years | $13,169 |
| 23 years | $15,287 |
| 25 years | $17,405 |
Top Solar Installers in Madison Park
DIY solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Going with an installer can make switching to solar power much easier. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Madison Park
Factors that Affect Solar Panel Costs in Madison Park
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that affect your total cost in Madison Park: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Madison Park, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Madison Park to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in paying more over time due to interest. When figuring out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can play a role in determining your pricing. Madison Park's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Madison Park know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $9,183 | 14.2 years |
| 8 kW | $2.83 | $15,822 | $12,555 | 13.9 years |
| 10 kW | $2.77 | $19,390 | $16,081 | 13.7 years |
| 12 kW | $2.71 | $22,803 | $19,762 | 13.4 years |
| 14 kW | $2.66 | $26,060 | $23,599 | 13.1 years |
| 16 kW | $2.60 | $29,163 | $27,591 | 12.8 years |
| 18 kW | $2.55 | $32,110 | $31,738 | 12.6 years |
| 20 kW | $2.49 | $34,902 | $36,040 | 12.3 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Contract: When looking through your solar company's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
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 Madison Park, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Madison Park?
The average cost of solar panels in Madison Park 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 certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Madison Park?
You can't get solar panels for free in Madison Park. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Do solar panels increase your home value?
Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in Madison Park?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.