Solar Panel Cost Guide in Morganville, NJ (2023 Update)
- Morganville 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 Morganville
Find out what the average cost of solar panels are in Morganville.
The national average cost of solar panels is $2.66 per watt, but in Morganville it's 2.77 per watt. Using this figure, a typical 4.5-kW system would cost about $8,764 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Morganville homeowners. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. But, after you've paid the upfront cost of installation, the return on investment for most homeowners is typically good, with a net average savings of about $14,000 over 20 years on power bills.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Morganville
| 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 Morganville
Many homeowners choose to hire a solar installation company since trying to put up solar panels yourself can be hard. Plus, if you aren't sure what type of solar panels and equipment you need, a solar expert can help you find the right equipment for you after a site survey and consultation.
If you'd like to go solar but still aren't sure which solar panel installer to go with, here are our recommendations for providers in Morganville:
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 Morganville
Factors that Affect Solar Panel Costs in Morganville
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few major factors that will push your cost above or below the average in Morganville: 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
When it comes to estimating the cost of a solar energy system in Morganville, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can figure out by looking at past electricity bills. Your overall cost can increase by about $2,770 for each additional kilowatt you need. The type of solar panels and equipment you choose is another factor that will significantly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That's why many Morganville homeowners decide to finance their solar panel systems to make paying for solar more affordable. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
Finally, the company you get to install your solar panels can play a role in determining your pricing. Morganville's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to 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 | $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
The solar company you go with will impact not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, including:
- Contract: When looking over your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Solar Panel Brands: The kind of solar panel you want to get plays a part in which installer you should choose, since different companies provide different panels.
- 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 most 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 Morganville, NJ Solar Cost FAQs
How much does it cost to install solar panels in Morganville?
The average cost of solar panels in Morganville 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 like the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Morganville?
You can't get solar panels for free in Morganville. 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.
Do solar panels increase your property value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Morganville is currently $552,000, so you could be looking at a value of about $22,632 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Morganville is a rewarding investment.
How often do you have to replace solar panels?
On average, solar panels can last 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.