Solar Panel Cost Guide in Medford, NJ (2023 Update)
- Medford Solar Installation Cost: $8,937
- 25-Year Savings: $11,368
- Payback Period: 11.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Medford
Let's take a look at the average cost of solar panels in Medford.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Medford, the typical cost of a solar system is 2.77 per watt. Since a 4.6-kW system is needed to cover the energy costs of a typical home in Medford, the average price of going solar will be about $8,939 after claiming the federal solar tax credit of 30%.
These figures are just averages, and the cost of going solar for you will vary based on your specific situation and what company you want to go with. But, after you've paid the upfront cost of installation, the return on investment for most homeowners is quite rewarding, with a net average savings of about $17,000 over 20 years on energy bills.
To receive a free quote from a top solar installation company in Medford, you can click the button below.
Solar savings over time in Medford
| Year | Return on Investment |
|---|---|
| 1 years | $-8,870 |
| 3 years | $-8,734 |
| 5 years | $-8,599 |
| 7 years | $-8,463 |
| 9 years | $-8,328 |
| 11 years | $-8,193 |
| 13 years | $-8,057 |
| 15 years | $-7,922 |
| 17 years | $-7,787 |
| 19 years | $-7,651 |
| 21 years | $-7,516 |
| 23 years | $-7,380 |
| 25 years | $-7,245 |
Top Solar Installers in Medford
Although it's possible to install solar panels by yourself, it takes extra labor and handiness. That's why the majority of homeowners choose to hire a solar panel installer. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some in Medford:
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 Medford
Factors that Affect Solar Panel Costs in Medford
The cost of installing a solar system in Medford can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar installer you choose.
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 power your household consumes, the larger your system will likely need to be. You can expect to pay around $2,770 per kilowatt in Medford. The 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. On the other hand, higher efficiency could save you more over time on your electric bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Medford average.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are a solid option because they reduce your upfront costs and let you pay for your system over five to seven years on average. Even though solar loans make going solar more accessible for Medford homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Medford is the company you hire to install your solar system. Similar to choosing a company to install new cabinets, for instance, there's no shortage of solar installers that provide a range of services at different costs. Additionally, some companies in Medford are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 | $14,333 | 11.4 years |
| 8 kW | $2.83 | $15,822 | $19,421 | 11.2 years |
| 10 kW | $2.77 | $19,390 | $24,664 | 11.0 years |
| 12 kW | $2.71 | $22,803 | $30,062 | 10.8 years |
| 14 kW | $2.66 | $26,060 | $35,616 | 10.6 years |
| 16 kW | $2.60 | $29,163 | $41,324 | 10.3 years |
| 18 kW | $2.55 | $32,110 | $47,188 | 10.1 years |
| 20 kW | $2.49 | $34,902 | $53,206 | 9.9 years |
How to Save on Solar Panels
The solar installer you go with will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, including:
- Contract: Before you sign a contract with a solar company, make sure to look it over completely so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
- Installation Process: Make sure you're on the same page with the installer with regard to how the installation process will go and what you need to do before your solar system is installed, such as repairing your electrical system or roof.
- Warranty: If you care about the endurance of your solar panel system, verifying that your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
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 Medford, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Medford?
This is a hard question to answer precisely, because the cost depends on many 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 needs. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Are solar panels free in Medford?
A solar panel system isn't free in Medford, 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.
How will solar panels impact my home value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Medford is currently $353,400, so you can expect a value of about $14,489 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Medford is a worthwhile investment.
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 needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.