Solar Panel Cost Guide in Medford, NJ (2024 Update)
- Medford Solar Installation Cost: $11,389
- 25-Year Savings: $11,368
- Payback Period: 14.0 Years
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Average Cost of Solar Panels in Medford
We go over average solar pricing in Medford.
While the national average of solar panels is $2.66 per watt, solar panels in Medford generally cost around 4.The average Medford homeowner needs a 4.6-kilowatt system, which would cost about $11,389 with the federal tax credit, or $16,286 before the 0 tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy use, the type of equipment you want, your solar contractor and more.But, once you've paid the upfront cost of installation, the ROI for most homeowners is quite rewarding, with a net average savings of about $17,000 over 20 years on energy bills.
Click the button below to get connected to a top solar panel company in your area for a personalized estimate.
Solar savings over time in Medford
| Year | Return on Investment |
|---|---|
| 1 years | $-9,891 |
| 3 years | $-6,895 |
| 5 years | $-3,898 |
| 7 years | $-902 |
| 9 years | $2,094 |
| 11 years | $5,091 |
| 13 years | $8,087 |
| 15 years | $11,083 |
| 17 years | $14,080 |
| 19 years | $17,076 |
| 21 years | $20,073 |
| 23 years | $23,069 |
| 25 years | $26,065 |
Top Solar Installers in Medford
Trying to install solar panels yourself can be a stressful project, which is why using a solar installation company is a good option for many homeowners. The expertise that solar installers provide can be useful as well, particularly if you don’t quite know what type of solar equipment you need.
You can get a free quote from a local solar installer on the cost of solar panels 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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
See all of the solar companies in Medford
Factors that Affect Solar Panel Costs in Medford
There are a number of criteria that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Medford, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can determine by looking at past electricity bills. Your overall cost can increase by around $3,530 for each additional kilowatt you need.The solar equipment you choose can bring your price up or down 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, more efficient panels could save you more in the long run on your electric bills. In addition, extra products, such as solar batteries, can bring your total well above the Medford average.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are a solid choice because they cut back your upfront costs and let you pay for your system over five to seven years on average.However, the interest on solar loans also increases your overall costs, so it’s crucial to keep that in mind as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you get to install your solar panel system can impact how much you pay. Medford’s solar companies all have different labor costs and add varying upcharges to equipment. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $11,013 | 14.6 years |
| 8 kW | $3.60 | $20,163 | $15,080 | 14.3 years |
| 10 kW | $3.53 | $24,710 | $19,344 | 14.0 years |
| 12 kW | $3.46 | $29,059 | $23,806 | 13.7 years |
| 14 kW | $3.39 | $33,210 | $28,466 | 13.5 years |
| 16 kW | $3.32 | $37,164 | $33,323 | 13.2 years |
| 18 kW | $3.25 | $40,920 | $38,378 | 12.9 years |
| 20 kW | $3.18 | $44,478 | $43,630 | 12.6 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years most likely offer good-quality solar panel installation and expertise.
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should acquire and how long the project will take.
- Contract: Though reading through a contract can take a lot of time, it’s important to do it fully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running for years to come 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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
EcoWatch's Medford, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Medford?
This is a tough question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $17,650 for a 5-kW system and $35,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Are solar panels free in Medford?
You can’t get solar panels for free in Medford. 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.
Is going solar worth it?
Solar panels can be a beneficial investment for a majority of 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 pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt to replace them after having them for that long or you can keep using them at a lower efficiency.
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.