Solar Panel Cost Guide in Millstone, NJ (2023 Update)
- Millstone Solar Installation Cost: $8,765
- 25-Year Savings: $7,419
- Payback Period: 13.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Millstone
See how much it might cost to install solar panels in Millstone.
While the national average of solar panels is $2.66 per watt, solar panels in Millstone typically cost about 2.77. The average Millstone homeowner needs a 4.5-kilowatt system, which would cost about $8,764 with the federal tax credit, or $12,533 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy use, the type of solar panels you choose, your solar contractor and more. For many homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $14,000 in savings on utility bills over 20 years.
Click the button below to get connected to a highly rated solar panel company in your area for a custom estimate.
Solar savings over time in Millstone
| Year | Return on Investment |
|---|---|
| 1 years | $-7,706 |
| 3 years | $-5,587 |
| 5 years | $-3,469 |
| 7 years | $-1,351 |
| 9 years | $768 |
| 11 years | $2,886 |
| 13 years | $5,005 |
| 15 years | $7,123 |
| 17 years | $9,241 |
| 19 years | $11,360 |
| 21 years | $13,478 |
| 23 years | $15,597 |
| 25 years | $17,715 |
Top Solar Installers in Millstone
Putting up solar panels by yourself can be a dangerous task, which is why using a solar installation company is a good option for many homeowners. Local solar installers can also help you maximize your return on investment by assisting with any local incentives and by offering warranties and repairs.
Working with a vetted solar installer can make going solar easier. 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 Millstone
Factors that Affect Solar Panel Costs in Millstone
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that will push your cost above or below the average in Millstone: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,770. There are a lot of different solar panel brands and the one you pick also changes the cost. Typically, the brands that are more efficient tend to also cost more. Plus, 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
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are available from most installers in Millstone, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also increases your all-in costs, so it's vital to take that into consideration as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar panel installation company you select will influence your total cost to go solar. Different companies will charge different amounts for the equipment and labor. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and go with the company that provides the products, warranties and services you're looking for and also fit into your budget.
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 | $9,382 | 14.1 years |
| 8 kW | $2.83 | $15,822 | $12,819 | 13.8 years |
| 10 kW | $2.77 | $19,390 | $16,412 | 13.5 years |
| 12 kW | $2.71 | $22,803 | $20,160 | 13.3 years |
| 14 kW | $2.66 | $26,060 | $24,062 | 13.0 years |
| 16 kW | $2.60 | $29,163 | $28,120 | 12.7 years |
| 18 kW | $2.55 | $32,110 | $32,333 | 12.5 years |
| 20 kW | $2.49 | $34,902 | $36,702 | 12.2 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 models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Reputation: Long-running companies likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: Read the contract terms carefully to make sure you understand how much it will cost, completion timeline incentives 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 Millstone, NJ Solar Cost FAQs
How much does it cost to install solar panels in Millstone?
The average cost of solar panels in Millstone 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 things such as the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Millstone?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of 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 savings from going solar.
Does Millstone have a net metering program?
Most states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system produces 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 many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.