Solar Panel Cost Guide in Madison Park, NJ (Sep 2022)

  • Madison Park Solar Installation Cost: $9,075
  • 25-Year Savings: $7,526
  • Payback Period: 13.7 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Madison Park

Find out how much it might cost to go solar in Madison Park.

Although the national average of solar panels is $2.66 per watt, solar panels in Madison Park generally cost about $3. Because a 4.7-kW system is needed to cover the energy usage of a typical home in Madison Park, the average price of going solar will be about $9,075 before claiming the federal solar tax credit of 30%.

Bear in mind that the figures above are only estimates based on the average energy use of Madison Park homeowners. 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. For most homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $13,000 in savings on utility bills over 20 years.

You can click the button below to get connected with a pre-vetted solar company in Madison Park for a quote for your home.

Solar savings over time in Madison Park

Year Return on Investment
1 years $-8,410
3 years $-7,082
5 years $-5,754
7 years $-4,426
9 years $-3,098
11 years $-1,770
13 years $-442
15 years $886
17 years $2,214
19 years $3,542
21 years $4,870
23 years $6,198
25 years $7,526

Top Solar Installers in Madison Park

Many homeowners opt for a solar installer since installing solar panels by yourself can be a lot of work. Plus, if you're not certain what kind of solar panels and equipment you may need, a solar company can help you figure that out after a site survey and consultation.

If you'd like to make the switch to solar but still aren't sure which solar panel company to go with, here are our recommendations for providers nearby:

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 Madison Park

Factors that Affect Solar Panel Costs in Madison Park

For many Madison Park homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Madison Park, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you'll pay, which we'll go over below.

Solar Equipment Size

One of the most significant 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 consumes, the larger your system will likely need to be. You can expect to pay around $2,770 per kilowatt in Madison Park. The brand of solar panels and equipment you choose is another factor that will significantly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Moreover, solar equipment consists of more than just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that falls within your budget.

Solar Financing Terms

For some homeowners, paying for solar out of pocket can be difficult. Solar loans are provided by most installers in Madison Park, which can lower, or in some cases totally eliminate, your upfront costs to make solar more affordable. Even though solar loans make adopting solar energy more accessible for Madison Park homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.

Solar Panel Installation Company

A final factor to consider when trying to evaluate the cost of solar for your home or business in Madison Park is the company you get to install your PV system. As with choosing a company to build a deck or pool, for example, you'll have no shortage of solar installers that offer a range of services for different budgets. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials 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 $9,183 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

Solar Incentives in Madison Park

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 PSE&G - Solar Loan Program
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 installer you choose will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, such as:

  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to install your solar system. Another way you can look into your installer's reputation is by reading reviews.
  • Solar Panel Brands: Different companies have different brands and models of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
  • Contract: Before signing a contract with a solar company, make sure to read it through fully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and what services you can expect from them.
  • Installation Process: Make sure you're on the same page with the company in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as repairing your electrical system or roof.

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 Madison Park, NJ Solar Cost FAQs

How much does it cost to install solar panels in Madison Park?

This is a hard question to answer precisely, because the cost depends on many 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. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.

Is cost the most important consideration when buying solar panels?

Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.

Can you sell solar power back to the grid in Madison Park?

Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future utility bills.

How many solar panels do I need to power my home?

The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can 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 account for 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.

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