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

  • Maywood Solar Installation Cost: $9,055
  • 25-Year Savings: $8,795
  • Payback Period: 12.7 Years

See cost of a solar system near you:

GET QUOTES
EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Maywood

Let's have a look at the average cost of solar panels in Maywood.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Maywood, the average cost of a solar system is $3 per watt. Since a 4.7-kW system is needed to cover the energy consumption of a typical home in Maywood, the average price of going solar will be about $9,055 before claiming the federal solar tax credit of 30%.

Remember that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy needs, the type of solar panels you want to get, your solar contractor and more. With typical savings of about $15,000 on utility bills over 20 years, many homeowners in Maywood find installing solar panels can be quite rewarding.

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

Solar savings over time in Maywood

Year Return on Investment
1 years $-8,341
3 years $-6,913
5 years $-5,485
7 years $-4,057
9 years $-2,629
11 years $-1,201
13 years $227
15 years $1,655
17 years $3,083
19 years $4,511
21 years $5,939
23 years $7,367
25 years $8,795

Top Solar Installers in Maywood

Although it's possible to install solar panels by yourself, it takes extra labor and know-how. Because of that, almost all homeowners choose to hire a solar panel installer. The expertise that solar installers offer can be helpful as well, especially if you aren't sure what brand of solar equipment would be right for your home.

There are a number of licensed solar professionals that can help you install your solar system. Here are our suggestions:

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 Maywood

Factors that Affect Solar Panel Costs in Maywood

Though the average cost of solar panels in Maywood is $9,055, your actual cost may be higher or lower than that. There are many factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.

Solar Equipment Size

The size of the solar panel system you need to offset your energy usage is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,770. The kind of solar panels and equipment you choose is another factor that will greatly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Furthermore, solar equipment consists of more than 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 searching for a solar system that's in your budget.

Solar Financing Terms

Solar panels can save you money on power bills over time, but they can also be a significant investment. That's why many Maywood homeowners decide to finance their solar panel systems to make going solar more affordable. However, the interest on solar loans also increases your all-in costs, so it's important to take that into consideration as well. You can always lower the total you pay in interest and sometimes even your APR by putting more money down.

Solar Panel Installation Company

The solar company you opt for to handle your switch to clean energy can play a role in your total costs. There are about 3 solar panel companies in Maywood, and each can charge different amounts for labor and equipment. You may see national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.

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 $10,856 13.2 years
8 kW $2.83 $15,822 $14,785 12.9 years
10 kW $2.77 $19,390 $18,870 12.7 years
12 kW $2.71 $22,803 $23,109 12.4 years
14 kW $2.66 $26,060 $27,503 12.2 years
16 kW $2.60 $29,163 $32,053 11.9 years
18 kW $2.55 $32,110 $36,757 11.7 years
20 kW $2.49 $34,902 $41,617 11.4 years

Solar Incentives in Maywood

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 a large number of companies to choose from in Maywood, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:

  • Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like EcoWatch.
  • Solar Panel Brands: The model of solar panel you want to get plays a part in which installer you should opt for, since different companies have different panels.
  • Contract: It's important to read through your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
  • Warranty: If you care about the endurance of your solar system, making sure your company offers a 25-year, all-inclusive warranty can help put you at ease.

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 Maywood, NJ Solar Cost FAQs

How much does it cost to install solar panels in Maywood?

The average cost of solar panels in Maywood is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the actual cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you consume.

Should I lease or buy solar panels in Maywood?

Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of 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.

Does Maywood have a net metering program?

Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future power bills.

How many solar panels do I need to power 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 home 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.

solar panel and sunny sky
Invest in clean solar energy, save thousands of dollars.

Save $$ on your electricity bill by getting a free quote today.

Follow us