Solar Panel Cost Guide in Merchantville, NJ (2023 Update)
- Merchantville Solar Installation Cost: $9,032
- 25-Year Savings: $8,818
- Payback Period: 12.7 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Merchantville
Let's have a look at the average cost of solar panels in Merchantville.
The national average cost of solar panels is $2.66 per watt, but in Merchantville it's 2.77 per watt. Using this figure, a typical 4.7-kW system would cost about $9,036 before the 30% federal solar tax credit is applied.
These figures are only estimates, and the cost of going solar for you will most likely differ based on your specific situation and what company you choose to go with. With typical savings of about $15,000 on power bills over 20 years, many homeowners in Merchantville find investing in solar can be quite rewarding.
You can click the button below to get connected with a vetted solar company in Merchantville that can help you get a more accurate cost estimate for your home.
Solar savings over time in Merchantville
| Year | Return on Investment |
|---|---|
| 1 years | $-7,610 |
| 3 years | $-4,765 |
| 5 years | $-1,921 |
| 7 years | $924 |
| 9 years | $3,769 |
| 11 years | $6,614 |
| 13 years | $9,458 |
| 15 years | $12,303 |
| 17 years | $15,148 |
| 19 years | $17,993 |
| 21 years | $20,837 |
| 23 years | $23,682 |
| 25 years | $26,527 |
Top Solar Installers in Merchantville
DIY solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Going with a solar company can make switching to solar power much easier. Plus, if you're unsure what brand of solar panels and equipment you want, a solar expert can help you find the right equipment for you after a site survey and consultation.
If you're searching for a solar company in Merchantville, we've put together 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
See all of the solar companies in Merchantville
Factors that Affect Solar Panel Costs in Merchantville
While the average cost of a solar system in Merchantville is $9,036, your actual cost may be above or below the average. There are several factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar 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 $2,770 per kilowatt in Merchantville. There are many different solar panel brands and the one you choose also changes the cost. In general, the brands that offer higher efficiency tend to also cost more. In addition, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Merchantville to be prohibitively costly, even if the investment pays off over time. Thankfully, nearly every solar company in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to higher prices over time because of interest. However, the interest on solar loans also increases your total costs, so it's vital to take that into consideration as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The final key cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Merchantville, you'll have lots of options to choose from, but each comes at varying price points for labor and equipment. You may see national solar installers that have lower prices due to their larger 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 | $10,892 | 13.2 years |
| 8 kW | $2.83 | $15,822 | $14,833 | 12.9 years |
| 10 kW | $2.77 | $19,390 | $18,929 | 12.7 years |
| 12 kW | $2.71 | $22,803 | $23,181 | 12.4 years |
| 14 kW | $2.66 | $26,060 | $27,587 | 12.1 years |
| 16 kW | $2.60 | $29,163 | $32,148 | 11.9 years |
| 18 kW | $2.55 | $32,110 | $36,865 | 11.6 years |
| 20 kW | $2.49 | $34,902 | $41,737 | 11.4 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:
- Solar Panel Brands: The kind of solar panel you'd like to install plays a part in which installer you should go with, since different companies have different panels.
- Contract: It's important to look over 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 cost.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running smoothly and save you money on repairs and maintenance.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done well. Another way you can check your installer's reputation is by reading reviews.
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 Merchantville, NJ Solar Cost FAQs
How much does it cost to install solar panels in Merchantville?
The average cost of solar panels in Merchantville is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Merchantville?
Solar panels aren'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.
Does Merchantville have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system produces or or receive credits to put toward future electricity 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?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use 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.