Solar Panel Cost Guide in Martinsville, NJ (2024 Update)
- Martinsville Solar Installation Cost: $11,701
- 25-Year Savings: $7,954
- Payback Period: 17.1 Years
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Average Cost of Solar Panels in Martinsville
Let’s take a look at the average cost of solar in Martinsville.
While the national average of solar panels is $2.66 per watt, solar panels in Martinsville generally cost about 4.To cover the typical energy usage of the average home in Martinsville, most homeowners require a 4.7-kilowatt system. Using the per-watt figure above, a solar installation costs about $11,701, or $16,732 before the federal solar tax credit of 0 is applied.
These figures are only estimates, and your own solar costs will most likely differ based on factors unique to your home and what company you choose to go with.But, once you've paid the upfront cost of installation, the ROI for most homeowners is typically good, with a net average savings of about $14,000 over 20 years on utility bills.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Martinsville
| Year | Return on Investment |
|---|---|
| 1 years | $-10,551 |
| 3 years | $-8,251 |
| 5 years | $-5,951 |
| 7 years | $-3,651 |
| 9 years | $-1,351 |
| 11 years | $949 |
| 13 years | $3,249 |
| 15 years | $5,549 |
| 17 years | $7,849 |
| 19 years | $10,149 |
| 21 years | $12,449 |
| 23 years | $14,749 |
| 25 years | $17,049 |
Top Solar Installers in Martinsville
When making the switch to solar, many homeowners prefer to hire a solar installer since handling can be a challenging project. Solar companies provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some near you:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Martinsville
Factors that Affect Solar Panel Costs in Martinsville
There are several factors that can play into your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend about $3,530 per kilowatt in Martinsville.The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your power bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Martinsville average.
Solar Financing Terms
Many homeowners find the average cost of solar in Martinsville to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to a higher cost over time due to interest.It’s a good idea to include the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Martinsville is the company you get to install your solar system. Similar to 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 at different price points.The size of the company sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.67 | $15,419 | $6,293 | 17.8 years |
| 8 kW | $3.60 | $20,163 | $8,786 | 17.4 years |
| 10 kW | $3.53 | $24,710 | $11,477 | 17.1 years |
| 12 kW | $3.46 | $29,059 | $14,365 | 16.7 years |
| 14 kW | $3.39 | $33,210 | $17,451 | 16.4 years |
| 16 kW | $3.32 | $37,164 | $20,735 | 16.0 years |
| 18 kW | $3.25 | $40,920 | $24,217 | 15.7 years |
| 20 kW | $3.18 | $44,478 | $27,896 | 15.4 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose considerably influences your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Different companies will carry different brands and models of panels. If you want a specific brand, make sure the solar panel company you’re considering has it.
- Contract: Before signing a contract with a solar company, make sure you read it through carefully so you understand the terms. Also, ask questions if you’re unsure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Reputation: Companies that have been operating for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for a long time and save you money on repairs and maintenance.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Martinsville, NJ Solar Cost FAQs
How much does it cost to install solar panels in Martinsville?
The average cost of solar panels in Martinsville is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Martinsville?
You can’t get solar panels for free in Martinsville. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Do solar panels increase how much your 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% with a solar installation."
How long do solar panels last in Martinsville?
On average, the lifespan of solar panels is 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 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.