Solar Panel Cost Guide in Martinsville, NJ (2023 Update)
- Martinsville Solar Installation Cost: $9,191
- 25-Year Savings: $7,945
- Payback Period: 13.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Martinsville
Here's how much it might cost to make the switch to solar in Martinsville.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Martinsville, the average cost of solar panels is 2.77 per watt. Using this figure, a typical 4.7-kW system would cost about $9,191 before the 30% federal solar tax credit is applied.
The true cost of your system can be higher or lower than the average in Martinsville depending on a variety of factors, such as the type 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 $14,000 in savings on electricity bills over 20 years.
Click the button below to get connected to a highly rated solar installer in your area for a personalized estimate.
Solar savings over time in Martinsville
| Year | Return on Investment |
|---|---|
| 1 years | $-8,505 |
| 3 years | $-7,135 |
| 5 years | $-5,764 |
| 7 years | $-4,393 |
| 9 years | $-3,022 |
| 11 years | $-1,651 |
| 13 years | $-280 |
| 15 years | $1,091 |
| 17 years | $2,462 |
| 19 years | $3,833 |
| 21 years | $5,204 |
| 23 years | $6,574 |
| 25 years | $7,945 |
Top Solar Installers in Martinsville
DIY solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Going with an installer can make your switch to solar power much easier. Some solar installers, particularly local ones, can help you make the most of incentives in Martinsville, thereby optimizing your ROI.
If you'd like to go solar but still aren't sure which solar installer to go with, here are our suggestions for providers in Martinsville:
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 Martinsville
Factors that Affect Solar Panel Costs in Martinsville
For many Martinsville homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Martinsville, with typical prices between $20,000 to $40,000. There are a few factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of solar panels in Martinsville, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can gauge by looking at past electricity bills. Your overall cost can increase by around $2,770 for each additional kilowatt you need. There are several different solar panel brands and the one you pick also changes the cost. Generally speaking, the brands that offer higher efficiency tend to also cost more. In addition, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are an affordable route because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also increases your total costs, so it's important to include that in your estimate as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Martinsville is the company you get to install your solar panel system. Similar to choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that offer a range of services for different budgets. Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and find a company that provides the products, warranties and services you're looking for and also fit into 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 | $9,613 | 13.9 years |
| 8 kW | $2.83 | $15,822 | $13,127 | 13.7 years |
| 10 kW | $2.77 | $19,390 | $16,797 | 13.4 years |
| 12 kW | $2.71 | $22,803 | $20,622 | 13.1 years |
| 14 kW | $2.66 | $26,060 | $24,601 | 12.9 years |
| 16 kW | $2.60 | $29,163 | $28,736 | 12.6 years |
| 18 kW | $2.55 | $32,110 | $33,027 | 12.3 years |
| 20 kW | $2.49 | $34,902 | $37,472 | 12.1 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose considerably impacts your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: When looking through your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years likely provide good-quality solar panel installation and expertise.
- Solar Panel Brands: Different companies will have different brands and models of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
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 Martinsville, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Martinsville?
This is a tough question to answer precisely, because the cost depends on many 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 more efficient panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to think about when buying solar panels?
The upfront 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.
How will having solar panels impact how much my home is worth?
Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don't opt for 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 often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.