Solar Panel Cost Guide in Newton, NJ (2023 Update)
- Newton Solar Installation Cost: $9,317
- 25-Year Savings: $8,149
- Payback Period: 13.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Newton
Let's take a look at the average cost of solar panels in Newton.
The average cost of solar panels in Newton is 2.77 per watt. Using this figure, a typical 4.8-kW system would cost about $9,327 before the 30% federal solar tax credit is applied.
The true cost of your system can be higher or lower than the average in Newton based on a variety of factors, such as the type of solar panels you choose and the solar installer you hire. Even with the large upfront cost, the average Newton homeowner can save around $14,000 on their energy bills over 20 years, which is one of the perks of solar.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Newton
| Year | Return on Investment |
|---|---|
| 1 years | $-8,258 |
| 3 years | $-6,140 |
| 5 years | $-4,021 |
| 7 years | $-1,903 |
| 9 years | $215 |
| 11 years | $2,334 |
| 13 years | $4,452 |
| 15 years | $6,570 |
| 17 years | $8,689 |
| 19 years | $10,807 |
| 21 years | $12,926 |
| 23 years | $15,044 |
| 25 years | $17,162 |
Top Solar Installers in Newton
When going solar, many homeowners prefer to hire a solar company since overseeing your solar installation yourself can be a time-consuming project. The payback period on an investment in solar panels will vary depending on factors like your location and energy needs, but going with a solar installer can shorten that period. Your provider will be able to help you identify incentives available in your area.
You can get a free estimate from a local solar installer on how much your investment in solar could cost 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 Newton
Factors that Affect Solar Panel Costs in Newton
Even though the average cost of a solar system in Newton is $9,327, your final cost may be above or below the average. There are many factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to pay around $2,770 per kilowatt in Newton. The kind of solar panels and equipment you choose is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment consists of more than just the solar panels themselves. You'll also need to make decisions 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 looking for a solar system that falls within your budget.
Solar Financing Terms
Most solar companies in Newton offer solar loans, which reduce your upfront costs of installing solar panels. However, the interest on solar loans also increases your overall costs, so it's vital to include that in your estimate as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Newton is the company you hire to install your PV system. As with choosing a company to install new cabinets, for example, you'll have no shortage of solar installers that provide a range of services at different price points. Larger national companies generally have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on 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 | $9,709 | 13.9 years |
| 8 kW | $2.83 | $15,822 | $13,256 | 13.6 years |
| 10 kW | $2.77 | $19,390 | $16,958 | 13.3 years |
| 12 kW | $2.71 | $22,803 | $20,815 | 13.1 years |
| 14 kW | $2.66 | $26,060 | $24,827 | 12.8 years |
| 16 kW | $2.60 | $29,163 | $28,994 | 12.5 years |
| 18 kW | $2.55 | $32,110 | $33,316 | 12.3 years |
| 20 kW | $2.49 | $34,902 | $37,794 | 12.0 years |
How to Save on Solar Panels
The company that does your solar system 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 tough decision, we have some tips to help you, such as:
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you go with.
- Reputation: Your solar installer should have a good reputation as a company and have proven 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 previous customers.
- Contract: Before you sign a contract with a solar installer, make sure to look it over fully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
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 Newton, NJ Solar Cost FAQs
How much does it cost to install solar panels in Newton?
The average cost of solar panels in Newton 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 Newton?
Leasing solar panels can be an attractive choice, as it usually comes with low or $0 upfront payments. The downside 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Is it worth going solar in Newton?
Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already fairly low, solar panels might not be for you.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them once you've had 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.