Solar Panel Cost Guide in Mendham, NJ (Feb 2023)
- Mendham Solar Installation Cost: $9,268
- 25-Year Savings: $8,345
- Payback Period: 13.2 Years
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Updated January 20, 2023
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Average Cost of Solar Panels in Mendham
Let's take a look at the average cost of solar in Mendham.
Although the national average of solar panels is $2.66 per watt, solar panels in Mendham typically cost about $3. Since a 4.8-kW system is needed to cover the energy costs of a typical home in Mendham, the average price of going solar will be about $9,268 before 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 panel system. The actual cost of going solar can vary based on several factors, such as what size system you need, your energy usage and what company you go with. Many homeowners find adopting solar power is a sound investment. The average homeowner in Mendham can save around $14,000 on their electricity bills over 20 years.
Click the button below to get connected to a highly rated solar company in your area for a custom quote.
Solar savings over time in Mendham
| Year | Return on Investment |
|---|---|
| 1 years | $-8,564 |
| 3 years | $-7,155 |
| 5 years | $-5,746 |
| 7 years | $-4,337 |
| 9 years | $-2,928 |
| 11 years | $-1,518 |
| 13 years | $-109 |
| 15 years | $1,300 |
| 17 years | $2,709 |
| 19 years | $4,118 |
| 21 years | $5,527 |
| 23 years | $6,936 |
| 25 years | $8,345 |
Top Solar Installers in Mendham
Although you can install solar panels yourself, it takes extra labor and know-how. For that reason, the majority of homeowners choose to go with a solar panel installer. Companies can also have access to quality options of the best solar panels and help you decide which one will be right for your home.
If you're searching for a solar installer in Mendham, the EcoWatch team has compiled 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
Best Technology
Tesla Energy
- 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 Mendham
Factors that Affect Solar Panel Costs in Mendham
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that determine your overall cost in Mendham: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Mendham, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy usage, which you can determine by looking at past electricity bills. Your total cost can increase by around $2,770 for each additional kilowatt you need. The type of 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. However, more efficient panels could save you more over time on your power bills. Additionally, add-on products, like solar batteries, can bring your total well above the Mendham average.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a big investment. That's why many Mendham homeowners opt to finance their solar panel systems to make paying for solar more affordable. Although solar loans make switching to solar energy more accessible for Mendham homeowners, they can also increase the total you pay for your system due to interest. If you put down 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 estimate the cost of solar for your home or business in Mendham is the company you get to install your solar panel system. As with choosing a company to install new cabinets, for example, there's no shortage of solar installers that provide a range of services at different costs. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions 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 | $10,016 | 13.7 years |
| 8 kW | $2.83 | $15,822 | $13,665 | 13.4 years |
| 10 kW | $2.77 | $19,390 | $17,469 | 13.2 years |
| 12 kW | $2.71 | $22,803 | $21,428 | 12.9 years |
| 14 kW | $2.66 | $26,060 | $25,542 | 12.6 years |
| 16 kW | $2.60 | $29,163 | $29,812 | 12.4 years |
| 18 kW | $2.55 | $32,110 | $34,236 | 12.1 years |
| 20 kW | $2.49 | $34,902 | $38,816 | 11.8 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:
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Contract: Before signing a contract with a solar company, be sure to look it over fully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
- Solar Panel Brands: Different companies have various brands and types of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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 Mendham, NJ Solar Cost FAQs
How much does it cost to install solar panels in Mendham?
The average cost of solar panels in Mendham 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 Mendham?
Solar panels aren't free in Mendham, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Is it worth going solar in Mendham?
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 enough sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How long do solar panels last in Mendham?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them once you've had 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.