Solar Panel Cost Guide in Medford, NJ (2023 Update)
- Medford Solar Installation Cost: $8,939
- 25-Year Savings: $11,367
- Payback Period: 11.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Medford
We break down average solar pricing in Medford.
The average cost of a solar panel system in Medford is 2.77 per watt. The average solar panel system size in Medford is around 4.6 kilowatts, meaning a cost of about $8,939 for a solar installation, or $12,783 before the 30% federal solar tax credit is applied.
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 multiple factors, such as what size system you need, your energy usage and what installation company you go with. Many homeowners find adopting solar power is a sound investment. The average homeowner in Medford can save about $17,000 on their energy bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in Medford that can help you get a more accurate cost estimate for your home.
Solar savings over time in Medford
| Year | Return on Investment |
|---|---|
| 1 years | $-8,127 |
| 3 years | $-6,502 |
| 5 years | $-4,878 |
| 7 years | $-3,253 |
| 9 years | $-1,629 |
| 11 years | $-4 |
| 13 years | $1,620 |
| 15 years | $3,245 |
| 17 years | $4,869 |
| 19 years | $6,493 |
| 21 years | $8,118 |
| 23 years | $9,742 |
| 25 years | $11,367 |
Top Solar Installers in Medford
Although you can install solar panels by yourself, it takes extra energy and handiness. That's why the majority of homeowners choose a solar panel installer. Companies can also provide access to various kinds of the best solar panels and help you choose which one will be best for your family.
If you'd like to go solar but still aren't certain which solar installer to go with, here are our suggestions for providers 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
See all of the solar companies in Medford
Factors that Affect Solar Panel Costs in Medford
Though the average cost of a solar system in Medford is $8,939, your actual cost may differ. There are quite a few 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 take into consideration.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are available from most installers in Medford, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar panel installation company you select will play a role in your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and go with the company that provides the products, warranties and services you're looking for and also fit into your budget.
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 company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Contract: When looking through your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Solar Panel Brands: Different companies will carry different brands and kinds of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
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?
The average cost of solar panels in Medford 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 certain factors such as the model of solar panels you want, what size system you need and how much energy you use.
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 can help lower the cost.
Can solar panels completely eradicate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $881.08 per year.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.