Solar Panel Cost Guide in New Milford, NJ (2023 Update)
- New Milford Solar Installation Cost: $9,047
- 25-Year Savings: $8,804
- Payback Period: 12.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in New Milford
We break down average solar pricing in New Milford.
Currently, the national average cost of solar panels is $2.66 per watt. However, in New Milford, the typical cost of solar panels is 2.77 per watt. Since a 4.7-kW system is needed to cover the energy usage of a typical home in New Milford, the average price of going solar will be about $9,055 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average New Milford homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. For many homeowners, the upfront investment in solar is worth paying. On average homeowners in New Milford see about $15,000 in savings on utility bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in New Milford
| Year | Return on Investment |
|---|---|
| 1 years | $-8,987 |
| 3 years | $-8,868 |
| 5 years | $-8,749 |
| 7 years | $-8,630 |
| 9 years | $-8,511 |
| 11 years | $-8,392 |
| 13 years | $-8,273 |
| 15 years | $-8,154 |
| 17 years | $-8,035 |
| 19 years | $-7,916 |
| 21 years | $-7,797 |
| 23 years | $-7,678 |
| 25 years | $-7,559 |
Top Solar Installers in New Milford
Putting up solar panels yourself can be a time-consuming undertaking, which is why hiring a solar installer is a good option for many homeowners. A solar company can also help save you money over time by offering warranties, repairs and system component replacements.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some near you:
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 New Milford
Factors that Affect Solar Panel Costs in New Milford
There are a number of criteria that can determine your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. Because of that, it's important to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. The brand of solar panels and equipment you get is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many New Milford homeowners decide to finance their solar panel systems to make going solar more affordable. Although solar loans make adopting solar energy more accessible for New Milford homeowners, they can also add to the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar panel installation company you select will influence your total cost to make the switch to solar energy. Different companies will charge different amounts for the equipment and labor. Additionally, some companies in New Milford have more knowledge about local solar incentives and can help you make good use of 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 | $10,856 | 13.2 years |
| 8 kW | $2.83 | $15,822 | $14,785 | 12.9 years |
| 10 kW | $2.77 | $19,390 | $18,870 | 12.7 years |
| 12 kW | $2.71 | $22,803 | $23,109 | 12.4 years |
| 14 kW | $2.66 | $26,060 | $27,503 | 12.2 years |
| 16 kW | $2.60 | $29,163 | $32,053 | 11.9 years |
| 18 kW | $2.55 | $32,110 | $36,757 | 11.7 years |
| 20 kW | $2.49 | $34,902 | $41,617 | 11.4 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be difficult, we have some tips to help you, such as:
- Contract: When reading through 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.
- Reputation: Your solar installer should have a good 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 positive reviews from past customers.
- Installation Process: Make sure you're aligned with the company in regard to how the installation process will go and what you need to do before your solar system is installed, such as updating your electrical system or roof.
- Solar Panel Brands: The kind of solar panel you want to install plays a part in which installer you should opt for, 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
EcoWatch's New Milford, NJ Solar Cost FAQs
What is the average cost of installing solar panels in New Milford?
The average cost of solar panels in New Milford 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 such as the model of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in New Milford?
A solar panel system isn't free in New Milford, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Does New Milford have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future electricity bills.
How many solar panels do I need to power 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.