Solar Panel Cost Guide in Oceanport, NJ (2023 Update)
- Oceanport Solar Installation Cost: $8,764
- 25-Year Savings: $7,419
- Payback Period: 13.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Oceanport
Find out what the average cost of a solar system is in Oceanport.
The average cost of a solar system in Oceanport is 2.77 per watt. Since a 4.5-kW system is needed to cover the energy usage of a typical home in Oceanport, the average price of going solar will be about $8,764 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average Oceanport homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. Many homeowners find adopting solar power is a sound investment. The average homeowner in Oceanport can save around $14,000 on their energy bills over 20 years.
Click the button below to get connected to a highly rated solar installer in Oceanport for a custom estimate.
Solar savings over time in Oceanport
| Year | Return on Investment |
|---|---|
| 1 years | $-8,117 |
| 3 years | $-6,822 |
| 5 years | $-5,528 |
| 7 years | $-4,233 |
| 9 years | $-2,938 |
| 11 years | $-1,643 |
| 13 years | $-349 |
| 15 years | $946 |
| 17 years | $2,241 |
| 19 years | $3,535 |
| 21 years | $4,830 |
| 23 years | $6,125 |
| 25 years | $7,419 |
Top Solar Installers in Oceanport
When making the switch to solar, many homeowners prefer to go with a solar installation company since installing solar panels yourself can be a time-consuming project. Companies can also offer access to a large variety of the best solar panels and help you decide which one will be right for your family.
There are a number of licensed solar professionals that can help you install your solar panels. 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 Oceanport
Factors that Affect Solar Panel Costs in Oceanport
For many Oceanport homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Oceanport, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,770. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Oceanport, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many Oceanport homeowners opt to finance their solar panel systems to make paying for solar more affordable. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar installer you go with to handle your switch to clean energy can play a part in your total costs. There are about 3 solar panel companies operating in Oceanport, and each can charge varying amounts for labor and equipment. Larger national companies generally have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to 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 | $9,382 | 14.1 years |
| 8 kW | $2.83 | $15,822 | $12,819 | 13.8 years |
| 10 kW | $2.77 | $19,390 | $16,412 | 13.5 years |
| 12 kW | $2.71 | $22,803 | $20,160 | 13.3 years |
| 14 kW | $2.66 | $26,060 | $24,062 | 13.0 years |
| 16 kW | $2.60 | $29,163 | $28,120 | 12.7 years |
| 18 kW | $2.55 | $32,110 | $32,333 | 12.5 years |
| 20 kW | $2.49 | $34,902 | $36,702 | 12.2 years |
How to Save on Solar Panels
There are numerous companies available in Oceanport, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: Warranties that provide coverage for defective panels and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one indication of a good company.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely offer quality solar panel installation and expertise.
- Contract: Look through the contract terms carefully to make sure you understand the total cost, project timeline rebates and warranties.
- Solar Panel Brands: Different companies will offer various brands and types of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
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 Oceanport, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Oceanport?
The average cost of solar panels in Oceanport 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 such as the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Oceanport?
Leasing solar panels can be an appealing choice, as it often 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 way to go if you want to maximize your savings.
Is it worth going solar in Oceanport?
Solar panels can be a fruitful investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already reasonably low, solar panels might not be for you.
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 goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.