Solar Panel Cost Guide in Norwood, NJ (2023 Update)
- Norwood Solar Installation Cost: $9,055
- 25-Year Savings: $9,053
- Payback Period: 12.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Norwood
Let's have a look at the average cost of solar in Norwood.
Although the national average of solar panels is $2.66 per watt, solar panels in Norwood typically cost about 2.77. To account for the typical energy needs of the average home in Norwood, most homeowners require a 4.7-kilowatt system. Using the figure above, a solar installation costs around $9,055, or $12,949 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy consumption, the type of solar panels you want to get, your solar contractor and more. Despite the significant initial cost, the average Norwood homeowner can save about $15,000 on their power bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a top solar installer in your area for a personalized estimate.
Solar savings over time in Norwood
| Year | Return on Investment |
|---|---|
| 1 years | $-8,331 |
| 3 years | $-6,882 |
| 5 years | $-5,434 |
| 7 years | $-3,985 |
| 9 years | $-2,536 |
| 11 years | $-1,088 |
| 13 years | $361 |
| 15 years | $1,810 |
| 17 years | $3,258 |
| 19 years | $4,707 |
| 21 years | $6,155 |
| 23 years | $7,604 |
| 25 years | $9,053 |
Top Solar Installers in Norwood
Trying to install solar panels yourself can be a difficult task, which is why using a solar installation company is a good option for many homeowners. Companies can also offer access to quality options of the best solar panels and help you decide which one will be right for you.
You can get a free quote from a local solar installer 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 Norwood
Factors that Affect Solar Panel Costs in Norwood
The cost of installing a solar system in Norwood can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is the size of the system you need, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the price of a solar panel system in Norwood, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy usage, which you can gauge by looking at past electricity bills. Your overall cost can increase by about $2,770 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you choose also changes the cost. Usually, the brands that are more efficient tend to also cost more. Additionally, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are available from most installers in Norwood, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can play a part in determining the cost. Norwood's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Norwood know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $11,187 | 13.0 years |
| 8 kW | $2.83 | $15,822 | $15,227 | 12.7 years |
| 10 kW | $2.77 | $19,390 | $19,421 | 12.5 years |
| 12 kW | $2.71 | $22,803 | $23,771 | 12.2 years |
| 14 kW | $2.66 | $26,060 | $28,275 | 12.0 years |
| 16 kW | $2.60 | $29,163 | $32,935 | 11.7 years |
| 18 kW | $2.55 | $32,110 | $37,750 | 11.5 years |
| 20 kW | $2.49 | $34,902 | $42,720 | 11.2 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
- Contract: Review the contract terms closely to make sure you understand how much it will cost, completion timeline incentives and warranties.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. While there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to ask for their list of options before making your decision.
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 Norwood, NJ Solar Cost FAQs
How much does it cost to install solar panels in Norwood?
This is a hard 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 be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Are solar panels free in Norwood?
Solar panels aren't free in Norwood, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Can you sell solar power back to the grid in Norwood?
Most states offer 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 utility 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?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can 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 install 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.