Solar Panel Cost Guide in Madison Park, NJ (2024 Update)
- Madison Park Solar Installation Cost: $11,564
- 25-Year Savings: $7,526
- Payback Period: 17.4 Years
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Average Cost of Solar Panels in Madison Park
Find out how much it might cost to make the switch to solar in Madison Park.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Madison Park, the average cost of solar panels is 4 per watt.To account for the typical energy needs of the average home in Madison Park, most homeowners require a 4.7-kilowatt system. Using the figure above, a solar installation costs about $11,564, or $16,537 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy needs, the type of equipment you choose, your solar contractor and more.But, after you've paid the upfront cost of installation, the payback for most homeowners is typically good, with a net average savings of about $13,000 over 20 years on power bills.
You can click the button below to get connected with a vetted solar installer in Madison Park that can help you get a more accurate cost estimate for your home.
Solar savings over time in Madison Park
| Year | Return on Investment |
|---|---|
| 1 years | $-10,505 |
| 3 years | $-8,387 |
| 5 years | $-6,268 |
| 7 years | $-4,150 |
| 9 years | $-2,031 |
| 11 years | $87 |
| 13 years | $2,205 |
| 15 years | $4,324 |
| 17 years | $6,442 |
| 19 years | $8,561 |
| 21 years | $10,679 |
| 23 years | $12,797 |
| 25 years | $14,916 |
Top Solar Installers in Madison Park
When going solar, many homeowners decide to go with a solar installer since DIY solar panel installation can be a challenging project. Another great thing about choosing a vetted solar installer is that it'll usually provide warranties and free repairs, which help protect your investment.
If you're looking for a solar installer in Madison Park, the EcoWatch team has put together a list of our top suggestions here:
Best National Provider
SunPower
- 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
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 want to invest in solar. There are a few key factors that determine your overall cost in Madison Park: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $3,530. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Madison Park, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, 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
If paying for solar panels out of pocket is difficult, solar loans are a solid option because they cut back your upfront costs and let you pay for your system over five to seven years on average.You’ll have to consider the long-term cost of loans, 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 more than the principal cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The last key cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Madison Park, you’ll have lots of options to choose from, but each comes at various price points for labor and equipment.The company’s size can sometimes play the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount 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 | $3.67 | $15,419 | $5,864 | 18.1 years |
| 8 kW | $3.60 | $20,163 | $8,213 | 17.8 years |
| 10 kW | $3.53 | $24,710 | $10,761 | 17.4 years |
| 12 kW | $3.46 | $29,059 | $13,506 | 17.1 years |
| 14 kW | $3.39 | $33,210 | $16,449 | 16.7 years |
| 16 kW | $3.32 | $37,164 | $19,590 | 16.4 years |
| 18 kW | $3.25 | $40,920 | $22,928 | 16.0 years |
| 20 kW | $3.18 | $44,478 | $26,464 | 15.7 years |
How to Save on Solar Panels
Since the model of solar panels and the installation company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years in most cases offer good-quality solar panel installation and expertise.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Before signing a contract with a solar company, make sure to read it through carefully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Although there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of options before making your decision.
Best National Provider
SunPower
- 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
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Madison Park, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Madison Park?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $17,650 for a 5-kW system and $35,300 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Madison Park?
Leasing solar panels can be an attractive choice, as it commonly 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 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.
Can solar panels eliminate my power bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Madison Park, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
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 buy 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.