Solar Panel Cost Guide in Mullica Hill, NJ (2023 Update)
- Mullica Hill Solar Installation Cost: $9,016
- 25-Year Savings: $11,289
- Payback Period: 11.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Mullica Hill
Find out what the average cost of a solar system is in Mullica Hill.
The average cost of a solar panel system in Mullica Hill is 2.77 per watt. The average Mullica Hill homeowner needs a 4.7-kilowatt system, which would cost about $9,016 with the federal tax credit, or $12,893 before the 30% tax credit is applied.
Keep in mind 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 system you want, your solar contractor and more. But, once you've paid the upfront cost of installation, the return on investment for most homeowners is quite good, with a net average savings of about $17,000 over 20 years on power bills.
You can click the button below to get connected with a top solar installer in Mullica Hill that can help you get a more accurate cost estimate for your home.
Solar savings over time in Mullica Hill
| Year | Return on Investment |
|---|---|
| 1 years | $-8,204 |
| 3 years | $-6,580 |
| 5 years | $-4,955 |
| 7 years | $-3,331 |
| 9 years | $-1,706 |
| 11 years | $-82 |
| 13 years | $1,543 |
| 15 years | $3,167 |
| 17 years | $4,791 |
| 19 years | $6,416 |
| 21 years | $8,040 |
| 23 years | $9,665 |
| 25 years | $11,289 |
Top Solar Installers in Mullica Hill
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Going with an installer can make switching to solar power much easier. Plus, if you're unsure what type of solar panels and equipment you need, a solar installer can help you figure that out after a site survey and consultation.
You can work with a local solar installer to get a free estimate on the cost of solar panels 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
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Mullica Hill
Factors that Affect Solar Panel Costs in Mullica Hill
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few major factors that affect your total cost in Mullica Hill: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different 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 production require 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. The brand of solar panels and equipment you want is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Furthermore, 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 looking for a solar system that's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Mullica Hill to be prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar company in the area provides financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to a higher cost over time because of interest. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Mullica Hill is the company you hire to install your solar panel system. As with choosing a company to renovate your kitchen, for example, there are plenty of solar installers that provide a range of services for different budgets. Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle 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 | $14,113 | 11.5 years |
| 8 kW | $2.83 | $15,822 | $19,128 | 11.3 years |
| 10 kW | $2.77 | $19,390 | $24,298 | 11.1 years |
| 12 kW | $2.71 | $22,803 | $29,623 | 10.9 years |
| 14 kW | $2.66 | $26,060 | $35,103 | 10.7 years |
| 16 kW | $2.60 | $29,163 | $40,738 | 10.4 years |
| 18 kW | $2.55 | $32,110 | $46,528 | 10.2 years |
| 20 kW | $2.49 | $34,902 | $52,474 | 10.0 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Installation Process: When making the switch to solar, it's essential to maintain an open line of communication with your solar installer. Confirm that you understand how the installation process will go and the project timeline.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running smoothly and save you money on repairs and maintenance.
- Solar Panel Brands: The model of solar panel you want plays a role in which company you should choose, since different companies have access to different panels.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Mullica Hill, NJ Solar Cost FAQs
How much does it cost to install solar panels in Mullica Hill?
This is a tough question to answer exactly, because the cost depends on a few different 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 consumption. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Mullica Hill?
Leasing solar panels can be an attractive choice, because it typically comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Does Mullica Hill have a net metering program?
The majority of states have 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 electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires 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 house 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.