Solar Panel Cost Guide in Milltown, NJ (2023 Update)
- Milltown Solar Installation Cost: $9,075
- 25-Year Savings: $8,776
- Payback Period: 12.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Milltown
Find out what the average cost of solar panels are in Milltown.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Milltown, the typical cost of a solar system is 2.77 per watt. To cover the typical energy usage of the average home in Milltown, most homeowners require a 4.7-kilowatt system. Using the figure above, a solar installation costs about $9,075, or $12,977 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy needs, the type of equipment you want, your solar contractor and more. Many homeowners find installing a solar panel system is a solid investment. The average homeowner in Milltown can save about $14,000 on their electricity bills over 20 years.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Milltown
| Year | Return on Investment |
|---|---|
| 1 years | $-8,360 |
| 3 years | $-6,932 |
| 5 years | $-5,504 |
| 7 years | $-4,076 |
| 9 years | $-2,648 |
| 11 years | $-1,220 |
| 13 years | $208 |
| 15 years | $1,636 |
| 17 years | $3,064 |
| 19 years | $4,492 |
| 21 years | $5,920 |
| 23 years | $7,348 |
| 25 years | $8,776 |
Top Solar Installers in Milltown
Although it's possible to install solar panels by yourself, it takes extra effort and handiness. That's one of the reasons the majority of homeowners choose a solar panel installer. Companies can also offer access to quality options of the best solar panels and help you choose which one will be best for you.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Milltown
Factors that Affect Solar Panel Costs in Milltown
For many Milltown homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Milltown, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most significant 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 uses, the larger your system will likely need to be. You can expect to spend around $2,770 per kilowatt in Milltown. There are many different solar panel brands and the one you pick also changes the cost. Generally speaking, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you're looking to get 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
If paying for solar panels in cash is too expensive, solar loans are a popular choice because they decrease your upfront costs and let you pay for your system over five to seven years on average. However, the interest on solar loans also adds to your all-in costs, so it's important to take that into consideration as well. You can always lower the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you choose to handle your switch to clean energy can play a role in your total costs. There are about 3 solar installation companies in Milltown, and each can charge different amounts for labor and equipment. Larger national companies typically have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric car 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 | $2.88 | $12,099 | $10,786 | 13.2 years |
| 8 kW | $2.83 | $15,822 | $14,691 | 13.0 years |
| 10 kW | $2.77 | $19,390 | $18,752 | 12.7 years |
| 12 kW | $2.71 | $22,803 | $22,968 | 12.5 years |
| 14 kW | $2.66 | $26,060 | $27,338 | 12.2 years |
| 16 kW | $2.60 | $29,163 | $31,864 | 11.9 years |
| 18 kW | $2.55 | $32,110 | $36,546 | 11.7 years |
| 20 kW | $2.49 | $34,902 | $41,382 | 11.4 years |
How to Save on Solar Panels
There are many companies to choose from in Milltown, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Contract: Review the contract terms carefully to make sure you understand the total cost, completion timeline incentives and warranties.
- 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 that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you go with.
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 Milltown, NJ Solar Cost FAQs
How much does it cost to install solar panels in Milltown?
The average cost of solar panels in Milltown 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 such as the kind of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Milltown?
You can't get solar panels for free in Milltown. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Can you sell solar power back to the grid in Milltown?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future utility bills.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home needs 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 home 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.