Solar Panel Cost Guide in Oaklyn, NJ (2023 Update)
- Oaklyn Solar Installation Cost: $9,032
- 25-Year Savings: $8,818
- Payback Period: 12.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Oaklyn
Find out what the average cost of installing solar panels is in Oaklyn.
The average cost of a solar system in Oaklyn is 2.77 per watt. Using this figure, a typical 4.7-kW system would cost about $9,036 before the 30% federal solar tax credit is applied.
The true cost of your system can be higher or lower than the average in Oaklyn based on a variety of factors, such as the type of solar panels you choose and the solar company you hire. For many homeowners, the upfront investment in solar is worth paying. On average homeowners in Oaklyn see about $15,000 in savings on electricity bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Oaklyn
| Year | Return on Investment |
|---|---|
| 1 years | $-7,610 |
| 3 years | $-4,765 |
| 5 years | $-1,921 |
| 7 years | $924 |
| 9 years | $3,769 |
| 11 years | $6,614 |
| 13 years | $9,458 |
| 15 years | $12,303 |
| 17 years | $15,148 |
| 19 years | $17,993 |
| 21 years | $20,837 |
| 23 years | $23,682 |
| 25 years | $26,527 |
Top Solar Installers in Oaklyn
Trying to put up solar panels yourself can be a time-consuming task, which is why getting a solar installation company is a good option for many homeowners. A solar installer can also help save you money over time by providing warranties, repairs and component replacements.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Oaklyn
Factors that Affect Solar Panel Costs in Oaklyn
For many Oaklyn homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Oaklyn, with typical prices between $20,000 to $40,000. There are a few factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. For that reason, it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your energy bills. In addition, add-on products, like solar batteries, can bump up your total well above the Oaklyn average.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are offered by most installers in Oaklyn, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also increases your overall costs, so it's crucial 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 panel installer 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. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $10,892 | 13.2 years |
| 8 kW | $2.83 | $15,822 | $14,833 | 12.9 years |
| 10 kW | $2.77 | $19,390 | $18,929 | 12.7 years |
| 12 kW | $2.71 | $22,803 | $23,181 | 12.4 years |
| 14 kW | $2.66 | $26,060 | $27,587 | 12.1 years |
| 16 kW | $2.60 | $29,163 | $32,148 | 11.9 years |
| 18 kW | $2.55 | $32,110 | $36,865 | 11.6 years |
| 20 kW | $2.49 | $34,902 | $41,737 | 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. Because picking a company can be a challenge, we have some tips to help you, such as:
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Contract: When looking through your solar installer'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: Well-established companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you opt for.
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 Oaklyn, NJ Solar Cost FAQs
How much does it cost to install solar panels in Oaklyn?
This is a tough question to answer exactly, because the cost depends on many 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 cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is cost the most important consideration 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.
Can you sell solar power back to the grid in Oaklyn?
Most states have net metering programs of some kind. Through these, you can be compensated for the extra power your system produces or or receive credits to put toward future energy 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?
To figure out what solar panel system size you need, you should find out 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 household 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.