Solar Panel Cost Guide in Millburn, NJ (2023 Update)
- Millburn Solar Installation Cost: $9,171
- 25-Year Savings: $7,846
- Payback Period: 13.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Millburn
We go over average solar pricing in Millburn.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Millburn, the average cost of a solar system is 2.77 per watt. Because a 4.7-kW system is needed to cover the energy usage of a typical home in Millburn, the average price of going solar will be about $9,171 after claiming the federal solar tax credit of 30%.
The actual price you pay can be higher or lower than the average in Millburn based on several factors, such as the brand of solar panels you choose and the solar installer you hire. With typical savings of about $14,000 on electricity bills over 20 years, many homeowners in Millburn find installing solar panels can pay off big.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Millburn
| Year | Return on Investment |
|---|---|
| 1 years | $-8,491 |
| 3 years | $-7,129 |
| 5 years | $-5,768 |
| 7 years | $-4,407 |
| 9 years | $-3,045 |
| 11 years | $-1,684 |
| 13 years | $-323 |
| 15 years | $1,039 |
| 17 years | $2,400 |
| 19 years | $3,761 |
| 21 years | $5,123 |
| 23 years | $6,484 |
| 25 years | $7,846 |
Top Solar Installers in Millburn
When making the switch to solar, many homeowners opt to go with a solar company since installing solar panels yourself can be a time-consuming project. Plus, if you'd like to maximize your investment in solar, using a solar company can help with that too. Different providers can offer repairs, expertise on how to install solar panels and sometimes even information on local incentives.
Working with a licensed solar company can help your solar project go smoothly. Here are our recommendations:
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 Millburn
Factors that Affect Solar Panel Costs in Millburn
For many Millburn homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Millburn, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,770. There are several different solar panel brands and the one you pick also affects the cost. Typically, the brands that have better efficiency tend to also cost more. Additionally, the type of equipment you choose can affect your total cost. If you just 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 Millburn to be too expensive, even if the investment pays off over time. Fortunately, almost every solar installer in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in higher prices over time due to interest. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Millburn is the company you hire to install your PV system. Similar to choosing a company to install new cabinets, for example, there are plenty of solar installers that offer a range of services at different costs. The size of the company sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing due to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.
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 | $9,479 | 14.0 years |
| 8 kW | $2.83 | $15,822 | $12,949 | 13.7 years |
| 10 kW | $2.77 | $19,390 | $16,574 | 13.5 years |
| 12 kW | $2.71 | $22,803 | $20,354 | 13.2 years |
| 14 kW | $2.66 | $26,060 | $24,289 | 12.9 years |
| 16 kW | $2.60 | $29,163 | $28,380 | 12.7 years |
| 18 kW | $2.55 | $32,110 | $32,625 | 12.4 years |
| 20 kW | $2.49 | $34,902 | $37,026 | 12.1 years |
How to Save on Solar Panels
There are many 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 companies that have great reviews from their customers and that have been in business for many years likely offer good-quality solar panel installation and expertise.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you go with.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Review the contract terms closely to make sure you understand the cost breakdown, project timeline rebates and warranties.
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 Millburn, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Millburn?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Millburn?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Do solar panels increase the value of your home?
Solar panels can increase your property's value remarkably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in Millburn?
On average, the lifespan of solar panels is 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.