Solar Panel Cost Guide in Martinsville, NJ (Oct 2022)

  • Martinsville Solar Installation Cost: $9,191
  • 25-Year Savings: $7,945
  • Payback Period: 13.4 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 Martinsville

Here's how much it might cost to make the switch to solar in Martinsville.

The average cost of a solar system in Martinsville is $3 per watt. Using this figure, a typical 4.7 would cost about $9,191 before the 30% federal solar tax credit is applied.

These figures are just estimates, and your own solar costs may vary based on the amount of energy your home requires and what company you want to go with. For most homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $14,000 in savings on electricity bills over 20 years.

To calculate your potential ROI and connect with a local solar installer, click the button below.

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

Trying to install solar panels yourself can be a challenging undertaking, which is why using a solar installation company is a good option for many homeowners. Plus, if you'd like to maximize your investment in solar, using a solar installer can help with that too. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives.

If you're on the hunt for a solar company in Martinsville, we've put together a list of our top suggestions here:

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 Martinsville

Factors that Affect Solar Panel Costs in Martinsville

Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that will push your cost above or below the average in Martinsville: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.

Solar Equipment Size

When it comes to estimating the price of a solar energy system in Martinsville, one of the most crucial 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 about $2,770 for each additional kilowatt you need. The model of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that's in your budget.

Solar Financing Terms

For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are provided by most installers in Martinsville, which can lower, or in some cases totally eliminate, your upfront costs to make solar more affordable. Though solar loans make going solar more accessible for Martinsville homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. 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

The remaining significant cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Martinsville, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Martinsville are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.

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

Solar Incentives in Martinsville

Name Successor Solar Incentive (SuSI) Program
Website Visit here
More Info Click here

Name Solar Energy Sales Tax Exemption
Incentive Amount 100% exemption
More Info Click here

Name Property Tax Exemption for Renewable Energy Systems
More Info Click here

Name Solar Renewable Energy Certificates (SRECs) Registration Program
Website Visit here
More Info Click here

Name PSE&G - Solar Loan Program
Website Visit here
More Info Click here

Name NJ Clean Energy- Residential New Construction Program
Website Visit here
More Info Click here

Name Home Performance with ENERGY STAR Program
Website Visit here
More Info Click here

Name Home Performance with ENERGY STAR Program
Website Visit here
More Info Click here

Name COOLAdvantage Program
Website Visit here
More Info Click here

Name NJ Clean Energy- WARMAdvantage Program (Electric and Gas)
Website Visit here
More Info Click here

Name New Jersey Renewable Energy Incentive Program (Sustainable Biopower)
Website Visit here
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

How to Save on Solar Panels

There are numerous companies to choose from in Martinsville, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:

  • Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Even though there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so be sure to take a look at their list of offerings before making your decision.
  • Contract: Though reading through a contract can be tedious, it's important to do it fully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
  • Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
  • Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.

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 Martinsville, NJ Solar Cost FAQs

What is the average cost of installing solar panels in Martinsville?

The average cost of solar panels in Martinsville 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 certain factors like the kind 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 Martinsville?

Leasing solar panels can be an appealing choice, because it often comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.

Is it worth going solar in Martinsville?

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

How often do you have to replace solar panels?

On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.

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