Solar Panel Cost Guide in Morristown, NJ (2023 Update)
- Morristown Solar Installation Cost: $9,268
- 25-Year Savings: $10,633
- Payback Period: 11.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Morristown
Let's have a look at the average cost of solar panels in Morristown.
While the national average of solar panels is $2.66 per watt, solar panels in Morristown typically cost about 2.77. The average Morristown homeowner needs a 4.8-kilowatt system, which would cost about $9,268 with the federal tax credit, or $13,253 before the 30% tax credit is applied.
These figures are just estimates, and how much solar costs for you will most likely differ based on your specific situation and what company you choose to go with. But, once you've paid the initial cost of installation, the payback for most homeowners is usually fruitful, with a net average savings of about $16,000 over 20 years on electricity bills.
You can click the button below to get connected with a top solar installer in Morristown that can help you get a more accurate cost estimate for your home.
Solar savings over time in Morristown
| Year | Return on Investment |
|---|---|
| 1 years | $-8,472 |
| 3 years | $-6,880 |
| 5 years | $-5,288 |
| 7 years | $-3,696 |
| 9 years | $-2,104 |
| 11 years | $-512 |
| 13 years | $1,080 |
| 15 years | $2,672 |
| 17 years | $4,264 |
| 19 years | $5,856 |
| 21 years | $7,448 |
| 23 years | $9,040 |
| 25 years | $10,633 |
Top Solar Installers in Morristown
Many homeowners opt for a solar installer since installing solar panels on your own can be time-consuming. Companies can also have access to various kinds of the best solar panels and help you choose which one will be best for your home.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some nearby:
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 Morristown
Factors that Affect Solar Panel Costs in Morristown
For many Morristown homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Morristown, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar energy system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,770. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Morristown, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar companies in Morristown have solar loans, which reduce the initial cost of installing solar. However, the interest on solar loans also increases your total costs, so it's important to take that into consideration as well. You can always bring down the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can influence how much you pay. Morristown's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Morristown have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $12,888 | 12.1 years |
| 8 kW | $2.83 | $15,822 | $17,494 | 11.9 years |
| 10 kW | $2.77 | $19,390 | $22,256 | 11.6 years |
| 12 kW | $2.71 | $22,803 | $27,172 | 11.4 years |
| 14 kW | $2.66 | $26,060 | $32,244 | 11.2 years |
| 16 kW | $2.60 | $29,163 | $37,471 | 10.9 years |
| 18 kW | $2.55 | $32,110 | $42,853 | 10.7 years |
| 20 kW | $2.49 | $34,902 | $48,390 | 10.5 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 pick the right company for you, here are some tips to keep in mind:
- Installation Process: When going solar, it's crucial to maintain an open line of communication with your solar panel company. Make sure you understand how the installation process will go and the project completion timeline.
- Contract: Though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. 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 Morristown, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Morristown?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally 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 extra solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
What other factors should I consider other than cost when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Is it worth going solar in Morristown?
Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.