Solar Panel Cost Guide in Montgomery, NJ (2024 Update)
- Montgomery Solar Installation Cost: $11,701
- 25-Year Savings: $8,252
- Payback Period: 16.8 Years
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Average Cost of Solar Panels in Montgomery
Let’s take a look at the average cost of solar panels in Montgomery.
In Montgomery, solar panels cost about 4 per watt on average.Using this figure, a typical 4.7-kW system would cost about $11,701 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy needs, the type of solar panels you want, your solar contractor and more.Even with the high initial cost, the average Montgomery homeowner can save about $14,000 on their power bills over 20 years, which is one of the perks of solar.
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 Montgomery
Year | Return on Investment |
---|---|
1 years | $-10,370 |
3 years | $-7,706 |
5 years | $-5,043 |
7 years | $-2,380 |
9 years | $283 |
11 years | $2,946 |
13 years | $5,609 |
15 years | $8,272 |
17 years | $10,936 |
19 years | $13,599 |
21 years | $16,262 |
23 years | $18,925 |
25 years | $21,588 |
Top Solar Installers in Montgomery
Installing solar panels yourself can be a challenging project, which is why using a solar installation company is a good option for many homeowners. Solar companies offer key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
If you're searching for a solar company in Montgomery, the EcoWatch team has organized 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
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 Montgomery
Factors that Affect Solar Panel Costs in Montgomery
The cost of installing a solar system in Montgomery can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $3,530. The brand of solar panels and equipment you want is another factor that will significantly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Further, solar equipment is more than just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that’s in your budget.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are an affordable 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 increases your all-in costs, so it’s crucial to keep that in mind as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you go with to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies in Montgomery, and each can charge different amounts for labor and equipment.Some companies only sell high-efficiency and high-priced products — 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 decide on the company that provides the products, warranties and services you want and also is within 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 | $3.67 | $15,419 | $6,670 | 17.5 years |
8 kW | $3.60 | $20,163 | $9,289 | 17.1 years |
10 kW | $3.53 | $24,710 | $12,105 | 16.8 years |
12 kW | $3.46 | $29,059 | $15,119 | 16.4 years |
14 kW | $3.39 | $33,210 | $18,331 | 16.1 years |
16 kW | $3.32 | $37,164 | $21,741 | 15.8 years |
18 kW | $3.25 | $40,920 | $25,348 | 15.4 years |
20 kW | $3.18 | $44,478 | $29,153 | 15.1 years |
How to Save on Solar Panels
There are a large number of companies available in Montgomery, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. While there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of options before deciding.
- Contract: When looking over your solar company’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project timeline.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
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 Montgomery, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Montgomery?
The average cost of solar panels in Montgomery is about $17,650 for a 5-kW system and $35,300 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.
Should I lease or buy solar panels in Montgomery?
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 home 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.
Can solar panels significantly reduce my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $736.31 per year.
How long do solar panels last in Montgomery?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down 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.