Solar Panel Cost Guide in Margate City, NJ (Dec 2022)

  • Margate City Solar Installation Cost: $8,687
  • 25-Year Savings: $14,074
  • Payback Period: 9.5 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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Average Cost of Solar Panels in Margate City

Find out what the average cost of a solar system is in Margate City.

The national average cost of solar panels is $2.66 per watt, but in Margate City it's $3 per watt. Because a 4.5-kW system is needed to cover the energy consumption of a typical home in Margate City, the average price of going solar will be about $8,687 before claiming the federal solar tax credit of 30%.

The true cost of your system can go above or below the average in Margate City depending on a variety of factors, such as the kind of solar panels you choose and the solar company you hire. Despite the large initial cost, the average Margate City homeowner can save around $19,000 on their energy bills over 20 years, which is one of the advantages of solar.

To receive a free quote from a highly rated solar company in Margate City, you can click the button below.

Solar savings over time in Margate City

Year Return on Investment
1 years $-7,776
3 years $-5,955
5 years $-4,135
7 years $-2,314
9 years $-493
11 years $1,328
13 years $3,149
15 years $4,970
17 years $6,791
19 years $8,611
21 years $10,432
23 years $12,253
25 years $14,074

Top Solar Installers in Margate City

Although you can install solar panels on your own, it involves extra time and expertise. Because of that, the majority of homeowners choose to go with a solar panel installer. Companies can also offer access to quality options of the best solar panels and help you pick which one will be best for your family.

You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some 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

Tesla Energy

★★★★★
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 Margate City

Factors that Affect Solar Panel Costs in Margate City

Though the average cost of a solar system in Margate City is $8,687, your final cost may be higher or lower than that. There are many factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.

Solar Equipment

The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,770. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Margate City, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. 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 Margate City to be prohibitively costly, even if the investment pays off over time. Fortunately, almost every solar installer in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in paying more over time because of interest. When considering your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.

Solar Panel Installation Company

The solar company you choose will affect your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and choose a company that has the products, warranties and services you want and also fits within your budget.

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

There are a lot of companies to choose from in Margate City, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:

  • Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
  • Contract: Though reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
  • Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely provide quality solar panel installation and expertise.
  • Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. While there are many options for which model 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

★★★★★
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

Tesla Energy

★★★★★
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 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 stuff such as the model of solar panels you want, what size system you need and how much energy you use.

Is it better to lease or buy solar panels in Margate City?

Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.

Is going solar worth it?

Solar panels can be a good investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already fairly low, solar panels might not be for you.

What solar power system size is right for my home?

The exact number of solar panels you need depends on your household energy usage and how much 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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