Solar Panel Cost Guide in Matawan, NJ (2023 Update)
- Matawan Solar Installation Cost: $11,170
- 25-Year Savings: $7,419
- Payback Period: 17.3 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Matawan
Let's have a look at the average cost of solar in Matawan.
The average cost of a solar panel system in Matawan is 2.77 per watt.Because a 4.5-kW system is needed to cover the energy usage of a typical home in Matawan, the average price of going solar will be about $8,764 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of making the switch to solar can vary quite a bit based on several factors, such as how many panels you need, your energy usage and what company you go with.But, after you've paid the upfront cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $14,000 over 20 years on energy bills.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Matawan
| Year | Return on Investment |
|---|---|
| 1 years | $-10,111 |
| 3 years | $-7,992 |
| 5 years | $-5,874 |
| 7 years | $-3,755 |
| 9 years | $-1,637 |
| 11 years | $481 |
| 13 years | $2,600 |
| 15 years | $4,718 |
| 17 years | $6,837 |
| 19 years | $8,955 |
| 21 years | $11,073 |
| 23 years | $13,192 |
| 25 years | $15,310 |
Top Solar Installers in Matawan
Installing solar panels by yourself can be a challenging task, which is why using a solar installer is a good option for many homeowners. Some solar installers, especially local ones, can help you take advantage of incentives in Matawan, optimizing your ROI.
If you're looking for a solar company in Matawan, the EcoWatch team has put together a list of our top suggestions here:
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 Matawan
Factors that Affect Solar Panel Costs in Matawan
For many Matawan homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Matawan, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to pay about $2,770 per kilowatt in Matawan.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your electric bills. In addition, add-on products, like solar batteries, can bring your total well above the Matawan average.
Solar Financing Terms
Many homeowners find the average cost of solar in Matawan to be prohibitively costly, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in a higher cost over time due to interest.When trying to figure out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you go with to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar panel companies in Matawan, and each can charge varying amounts for labor and equipment.Additionally, some companies in Matawan know more 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 | $3.67 | $15,419 | $6,062 | 17.9 years |
| 8 kW | $3.60 | $20,163 | $8,478 | 17.6 years |
| 10 kW | $3.53 | $24,710 | $11,092 | 17.3 years |
| 12 kW | $3.46 | $29,059 | $13,903 | 16.9 years |
| 14 kW | $3.39 | $33,210 | $16,912 | 16.6 years |
| 16 kW | $3.32 | $37,164 | $20,119 | 16.2 years |
| 18 kW | $3.25 | $40,920 | $23,524 | 15.9 years |
| 20 kW | $3.18 | $44,478 | $27,126 | 15.5 years |
How to Save on Solar Panels
The solar company you go with will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, including:
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years in most cases provide high-quality solar panel installation and expertise.
- Warranty: If you're concerned about the longevity of your solar panels, verifying that your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: The model of solar panel you need to install plays a part in which installer you should go with, since different companies offer different panels.
- Contract: Read the contract terms carefully to make sure you understand how much it will cost, completion timeline incentives and warranties.
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 Matawan, NJ Solar Cost FAQs
How much does it cost to install solar panels in Matawan?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Are solar panels free in Matawan?
A solar panel system isn't free in Matawan, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is switching to solar power worth it?
Solar panels can be a great investment for many 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 reasonably low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.