Solar Panel Cost Guide in Ocean City, NJ (2024 Update)
- Ocean City Solar Installation Cost: $10,458
- 25-Year Savings: $14,554
- Payback Period: 11.5 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Ocean City
We break down average solar pricing in Ocean City.
Although the national average of solar panels is $2.66 per watt, solar panels in Ocean City generally cost around 4.Since a 4.2-kW system is needed to cover the energy needs of a typical home in Ocean City, the average price of going solar will be about $10,458 after claiming the federal solar tax credit of 0.
Bear in mind that the figures above are only estimates based on the average Ocean City homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.For many homeowners, the upfront investment in solar panels is worth paying. On average Ocean City homeowners see about $20,000 in savings on utility bills over 20 years.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Ocean City
| Year | Return on Investment |
|---|---|
| 1 years | $-8,960 |
| 3 years | $-5,964 |
| 5 years | $-2,967 |
| 7 years | $29 |
| 9 years | $3,025 |
| 11 years | $6,022 |
| 13 years | $9,018 |
| 15 years | $12,015 |
| 17 years | $15,011 |
| 19 years | $18,007 |
| 21 years | $21,004 |
| 23 years | $24,000 |
| 25 years | $26,996 |
Top Solar Installers in Ocean City
DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Taking advantage of a solar company can make converting to solar power much easier. Plus, warranties and repairs from your solar panel installer can protect your investment and bring down the cost of maintenance over time.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some in Ocean City:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
See all of the solar companies in Ocean City
Factors that Affect Solar Panel Costs in Ocean City
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few major factors that determine your overall cost in Ocean City: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,530.The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are offered by most installers in Ocean City, which can lower, or in some cases completely eliminate, your upfront costs to make solar more accessible.However, the interest on solar loans also increases your total costs, so it’s important to keep that in mind 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 remaining major cost factor you should consider is the installer you choose. Given the massive popularity of clean energy solutions in Ocean City, you’ll have many options to choose from, but each comes at various price points for labor and equipment.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 access to specific equipment options like Tesla Powerwall batteries or extra 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 | $3.67 | $15,419 | $16,847 | 11.9 years |
| 8 kW | $3.60 | $20,163 | $22,858 | 11.7 years |
| 10 kW | $3.53 | $24,710 | $29,067 | 11.5 years |
| 12 kW | $3.46 | $29,059 | $35,474 | 11.3 years |
| 14 kW | $3.39 | $33,210 | $42,078 | 11.0 years |
| 16 kW | $3.32 | $37,164 | $48,880 | 10.8 years |
| 18 kW | $3.25 | $40,920 | $55,879 | 10.6 years |
| 20 kW | $3.18 | $44,478 | $63,076 | 10.3 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be a challenge, we have some tips to help you, such as:
- Warranty: If you’re worried about the durability of your solar system, ensuring your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should secure and how long the project will take.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Contract: When looking through your solar installer’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios like a system component breaking or the company going out of business.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
EcoWatch's Ocean City, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Ocean City?
This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $17,650 for a 5-kW system and $35,300 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Ocean City?
Leasing solar panels can be an attractive choice, because it commonly 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 incentives and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Do solar panels increase your property value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Ocean City is currently $727,778, which means you can look forward to a value of about $29,839 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Ocean City is a rewarding investment.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.