Solar Panel Cost Guide in Mystic Island, NJ (2023 Update)
- Mystic Island Solar Installation Cost: $8,604
- 25-Year Savings: $14,157
- Payback Period: 9.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Mystic Island
Let's have a look at the average cost of solar panels in Mystic Island.
The average cost of a solar panel system in Mystic Island is 2.77 per watt. The average Mystic Island homeowner needs a 4.4-kilowatt system, which would cost about $8,609 with the federal tax credit, or $12,311 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy needs, the type of solar panels you want to get, your solar contractor and more. With typical savings of about $19,000 on utility bills over 20 years, many homeowners in Mystic Island find installing solar panels has a decent ROI.
To receive a free estimate from a top solar company in Mystic Island, you can click the button below.
Solar savings over time in Mystic Island
| Year | Return on Investment |
|---|---|
| 1 years | $-8,528 |
| 3 years | $-8,376 |
| 5 years | $-8,224 |
| 7 years | $-8,073 |
| 9 years | $-7,921 |
| 11 years | $-7,769 |
| 13 years | $-7,618 |
| 15 years | $-7,466 |
| 17 years | $-7,314 |
| 19 years | $-7,162 |
| 21 years | $-7,011 |
| 23 years | $-6,859 |
| 25 years | $-6,707 |
Top Solar Installers in Mystic Island
When making the switch to solar, many homeowners choose to go with a solar company since installing a solar system yourself can be a challenging project. Another benefit of utilizing a solar company is that they can help you maximize your ROI by lowering your future costs of repairs and replacements due to warranties and giving you information on local incentives you can take advantage of.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some in Mystic Island:
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 Mystic Island
Factors that Affect Solar Panel Costs in Mystic Island
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that affect your total cost in Mystic Island: 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
The cost of solar panels varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation 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 and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar installers in Mystic Island provide solar loans, which reduce your upfront costs of installing solar. However, the interest on solar loans also adds to your total costs, so it's vital to keep that in mind as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar panel installer you select will impact your total cost to go solar. Different companies will charge different amounts for the equipment and labor. You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $18,677 | 9.8 years |
| 8 kW | $2.83 | $15,822 | $25,213 | 9.6 years |
| 10 kW | $2.77 | $19,390 | $31,904 | 9.5 years |
| 12 kW | $2.71 | $22,803 | $38,751 | 9.3 years |
| 14 kW | $2.66 | $26,060 | $45,752 | 9.1 years |
| 16 kW | $2.60 | $29,163 | $52,908 | 8.9 years |
| 18 kW | $2.55 | $32,110 | $60,220 | 8.7 years |
| 20 kW | $2.49 | $34,902 | $67,687 | 8.5 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Contract: Though reading through a contract can be tedious, it's important to do it fully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: If you care about the endurance of your solar panel system, making sure your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Different companies have various brands and types of panels. If you prefer a specific brand, make sure the solar installer you're considering has it.
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
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 Mystic Island, NJ Solar Cost FAQs
How much does it cost to install solar panels in Mystic Island?
The average cost of solar panels in Mystic Island 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 things like the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Mystic Island?
Leasing solar panels can be an option if you can't afford 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 property 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 financial benefits from going solar.
Do solar panels increase the value of your home?
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 Mystic Island is currently $229,200, which means you can look forward to a value of about $9,397 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Mystic Island is a worthwhile investment.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.