Solar Panel Cost Guide in Norwood, NJ (2024 Update)
- Norwood Solar Installation Cost: $11,529
- 25-Year Savings: $9,061
- Payback Period: 15.9 Years
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Average Cost of Solar Panels in Norwood
Let’s have a look at the average cost of solar in Norwood.
The average cost of solar panels in Norwood is 4 per watt.Because a 4.7-kW system is needed to cover the energy costs of a typical home in Norwood, the average price of going solar will be about $11,529 after claiming the federal solar tax credit of 0.
The true cost of your system can be above or below the average in Norwood based on a variety of factors, such as the type of solar panels you choose and the solar company you hire.For most homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $15,000 in savings on electricity bills over 20 years.
To receive a free quote from a highly rated solar installer in Norwood, you can click the button below.
Solar savings over time in Norwood
| Year | Return on Investment |
|---|---|
| 1 years | $-10,175 |
| 3 years | $-7,468 |
| 5 years | $-4,761 |
| 7 years | $-2,053 |
| 9 years | $654 |
| 11 years | $3,361 |
| 13 years | $6,068 |
| 15 years | $8,775 |
| 17 years | $11,483 |
| 19 years | $14,190 |
| 21 years | $16,897 |
| 23 years | $19,604 |
| 25 years | $22,312 |
Top Solar Installers in Norwood
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. Hiring a solar panel installer can make switching to solar power much easier. Another great thing about using a top solar installer is that it'll usually provide warranties and free repairs, which help protect your solar system over time.
If you're searching for a solar installer in Norwood, the EcoWatch team has compiled a list of our top suggestions here:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Norwood
Factors that Affect Solar Panel Costs in Norwood
There are a number of criteria that can play into your 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
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,530. There are a lot of different solar panel brands and the one you pick also changes the cost. In general, the brands that offer higher efficiency tend to also be more expensive. Additionally, the type of equipment you’re looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Norwood to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to paying more over time because of interest.However, the interest on solar loans also adds to your all-in costs, so it’s important to consider that as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you go with to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar installation companies in Norwood, and each can charge varying amounts for labor and equipment.Larger national companies typically have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to 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 | $3.67 | $15,419 | $7,868 | 16.6 years |
| 8 kW | $3.60 | $20,163 | $10,886 | 16.2 years |
| 10 kW | $3.53 | $24,710 | $14,101 | 15.9 years |
| 12 kW | $3.46 | $29,059 | $17,514 | 15.6 years |
| 14 kW | $3.39 | $33,210 | $21,125 | 15.3 years |
| 16 kW | $3.32 | $37,164 | $24,934 | 15.0 years |
| 18 kW | $3.25 | $40,920 | $28,940 | 14.6 years |
| 20 kW | $3.18 | $44,478 | $33,144 | 14.3 years |
How to Save on Solar Panels
Since the kind 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 pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Read the contract terms carefully to make sure you understand the overall cost, project completion timeline incentives and warranties.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years most likely offer quality solar panel installation and expertise.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Norwood, NJ Solar Cost FAQs
How much does it cost to install solar panels in Norwood?
The average cost of solar panels in Norwood is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to think about when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on electricity bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $776.22 per year.
How long do solar panels last in Norwood?
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 the amount of energy they produce 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.