Solar Panel Cost Guide in Merchantville, NJ (2024 Update)
- Merchantville Solar Installation Cost: $11,511
- 25-Year Savings: $8,818
- Payback Period: 16.1 Years
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Average Cost of Solar Panels in Merchantville
We break down average solar pricing in Merchantville.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Merchantville, the average cost of solar panels is 4 per watt.The average Merchantville homeowner needs a 4.7-kilowatt system, which would cost about $11,511 with the federal tax credit, or $16,461 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The true cost of going solar can vary quite a bit depending on a few factors, such as how many panels you need, your energy consumption and what company you go with.For many homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $15,000 in savings on utility bills over 20 years.
To get a free quote from a pre-vetted solar company in Merchantville, you can click the button below.
Solar savings over time in Merchantville
| Year | Return on Investment |
|---|---|
| 1 years | $-10,088 |
| 3 years | $-7,244 |
| 5 years | $-4,399 |
| 7 years | $-1,554 |
| 9 years | $1,291 |
| 11 years | $4,135 |
| 13 years | $6,980 |
| 15 years | $9,825 |
| 17 years | $12,670 |
| 19 years | $15,514 |
| 21 years | $18,359 |
| 23 years | $21,204 |
| 25 years | $24,049 |
Top Solar Installers in Merchantville
Many homeowners opt for a solar panel company since trying to put up solar panels on your own can be hard. Also, companies with a good 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 your investment in solar could cost for your home. Here are some near you:
Best National Provider
SunPower
- 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
- 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
See all of the solar companies in Merchantville
Factors that Affect Solar Panel Costs in Merchantville
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that affect your total cost in Merchantville: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay around $3,530 per kilowatt in Merchantville.The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your power bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Merchantville average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are available from most installers in Merchantville, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable.While solar loans make adopting solar energy more accessible for Merchantville 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
The remaining key cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Merchantville, you’ll have lots of options to choose from, but each comes at different price points for labor and equipment.Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
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 | $7,573 | 16.8 years |
| 8 kW | $3.60 | $20,163 | $10,492 | 16.4 years |
| 10 kW | $3.53 | $24,710 | $13,609 | 16.1 years |
| 12 kW | $3.46 | $29,059 | $16,924 | 15.8 years |
| 14 kW | $3.39 | $33,210 | $20,437 | 15.5 years |
| 16 kW | $3.32 | $37,164 | $24,147 | 15.2 years |
| 18 kW | $3.25 | $40,920 | $28,055 | 14.8 years |
| 20 kW | $3.18 | $44,478 | $32,161 | 14.5 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Installation Process: When going solar, it’s crucial to keep an open line of communication with your solar installer. Make sure you understand how the installation process works and the project timeline.
- Warranty: If you’re worried about the endurance of your solar energy system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: The brand of solar panel you’d like to install plays a part in which installer you should choose, since different companies have access to 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 expectations you should have about the installation process.
Best National Provider
SunPower
- 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
- 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
EcoWatch's Merchantville, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Merchantville?
The average cost of solar panels in Merchantville is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Merchantville?
A solar panel system isn’t free in Merchantville, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Can you sell solar power back to the grid in Merchantville?
Most states have net metering programs of some kind. Through these, you can be compensated for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Merchantville?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.