Solar Panel Cost Guide in Margate City, NJ (2023 Update)
- Margate City Solar Installation Cost: $8,682
- 25-Year Savings: $14,078
- Payback Period: 9.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Margate City
We go over average solar pricing in Margate City.
In Margate City, solar panels cost about 2.77 per watt on average. The average solar panel system size in Margate City is around 4.5 kilowatts, meaning a cost of about $8,687 for a solar installation, or $12,422 before the 30% federal solar tax credit is applied.
The true cost of your system can go above or below the average in Margate City depending on several factors, such as the kind of solar panels you choose and the solar contractor you hire. For many homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $19,000 in savings on utility bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Margate City
| Year | Return on Investment |
|---|---|
| 1 years | $-7,184 |
| 3 years | $-4,188 |
| 5 years | $-1,191 |
| 7 years | $1,805 |
| 9 years | $4,801 |
| 11 years | $7,798 |
| 13 years | $10,794 |
| 15 years | $13,791 |
| 17 years | $16,787 |
| 19 years | $19,783 |
| 21 years | $22,780 |
| 23 years | $25,776 |
| 25 years | $28,772 |
Top Solar Installers in Margate City
Putting up solar panels yourself can be a challenging undertaking, which is why hiring a solar installation company is a good option for many homeowners. Plus, if you're unsure what type of solar panels and equipment you need, a solar installer can help you find the right equipment for you after a site survey and consultation.
Working with a licensed solar company can make going solar easier. Here are our recommendations:
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 Margate City
Factors that Affect Solar Panel Costs in Margate City
The cost of installing a solar system in Margate City can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is the size of the system you need, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of a solar system in Margate City, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can determine by looking at past energy bills. Your total cost can increase by about $2,770 for each additional kilowatt you need. The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Margate City to be too costly, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in higher prices over time because of interest. Even though solar loans make going solar more accessible for Margate City homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can play a part in determining your pricing. Margate City's solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials 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 | $12,099 | $18,399 | 9.9 years |
| 8 kW | $2.83 | $15,822 | $24,842 | 9.7 years |
| 10 kW | $2.77 | $19,390 | $31,441 | 9.5 years |
| 12 kW | $2.71 | $22,803 | $38,194 | 9.3 years |
| 14 kW | $2.66 | $26,060 | $45,103 | 9.2 years |
| 16 kW | $2.60 | $29,163 | $52,166 | 9.0 years |
| 18 kW | $2.55 | $32,110 | $59,385 | 8.8 years |
| 20 kW | $2.49 | $34,902 | $66,759 | 8.6 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be a challenge, we have some tips to help you, such as:
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Contract: Though reading through a contract can take a lot of time, it's important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
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 Margate City, NJ Solar Cost FAQs
How much does it cost to install solar panels in Margate City?
The average cost of solar panels in Margate City is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the real cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is a very important factor to consider, but whether it's the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Can solar panels completely eradicate my electricity bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Margate City, 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?
The exact number of solar panels you need depends on your household energy needs and how much 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 get 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.