Solar Panel Cost Guide in Madison Park, NJ (2023 Update)
- Madison Park Solar Installation Cost: $9,075
- 25-Year Savings: $7,526
- Payback Period: 13.7 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated March 14, 2023
Why you can trust EcoWatch
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 2.77. 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 after 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 Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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
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 |
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 Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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
What is the average cost of installing solar panels in Madison Park?
This is a difficult question to answer exactly, because the cost depends on a variety of 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. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will installing solar panels impact how much my home is worth?
Solar panels can increase your property's value 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 many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.