Solar Panel Cost Guide in Oceanport, NJ (Aug 2022)
- Oceanport Solar Installation Cost: $9,265
- 25-Year Savings: $6,919
- Payback Period: 14.3 Years
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Updated 7/19/2022
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Average Cost of Solar Panels in Oceanport
We go over average solar pricing in Oceanport.
In Oceanport, solar panels cost about $3 per watt on average. The average solar panel system size in Oceanport is around 4.5 kilowatts, meaning a cost of about $9,265 for a solar installation, or $6,856 after the federal solar tax credit is applied.
The actual price you pay can go above or below the average in Oceanport depending on several factors, such as the brand of solar panels you choose and the solar contractor you hire. With average savings of about $14,000 on power bills over 20 years, many homeowners in Oceanport find investing in solar has a decent ROI.
To get a free quote from a top solar installation company in Oceanport, you can click the button below.
Solar savings over time in Oceanport
| Year | Return on Investment |
|---|---|
| 1 years | $-8,618 |
| 3 years | $-7,323 |
| 5 years | $-6,028 |
| 7 years | $-4,734 |
| 9 years | $-3,439 |
| 11 years | $-2,144 |
| 13 years | $-850 |
| 15 years | $445 |
| 17 years | $1,740 |
| 19 years | $3,035 |
| 21 years | $4,329 |
| 23 years | $5,624 |
| 25 years | $6,919 |
Top Solar Installers in Oceanport
When switching to solar energy, many homeowners choose to hire a solar installer since putting up solar panels yourself can be a challenging project. Plus, if you're not certain what brand of solar panels and equipment you need, a solar installer can help you find the right equipment for you after a site survey and consultation.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost 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
Best Technology
The Green Panel
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Oceanport
Factors that Affect Solar Panel Costs in Oceanport
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that affect your total cost in Oceanport: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment Size
The size of the solar energy system you need for your home is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,770. There are several different solar panel brands and the one you pick also affects the cost. Usually, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be far 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 Oceanport to be too steep, even if the investment pays off over time. Fortunately, almost every solar company in the area provides financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in a higher cost over time because of interest. When figuring out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Oceanport is the company you choose to install your solar panel system. As with choosing a company to install new cabinets, for example, you'll have no shortage of solar installers that offer a range of services at different costs. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and go with the company that provides the products, warranties and services you want and also is within your budget.
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 | $12,791 | $8,690 | 14.9 years |
| 8 kW | $2.83 | $16,726 | $11,915 | 14.6 years |
| 10 kW | $2.77 | $20,498 | $15,304 | 14.3 years |
| 12 kW | $2.71 | $24,106 | $18,857 | 14.0 years |
| 14 kW | $2.66 | $27,549 | $22,573 | 13.7 years |
| 16 kW | $2.60 | $30,829 | $26,454 | 13.5 years |
| 18 kW | $2.55 | $33,945 | $30,499 | 13.2 years |
| 20 kW | $2.49 | $36,896 | $34,707 | 12.9 years |
Solar Incentives in Oceanport
| Name | NJ Clean Energy- Residential New Construction Program |
| Incentive Amount | Incentives depend on the HERS score and the classification Single family homes: Ranges from $1,125 to - 24,250 Multi-single homes: Ranges from $1,125 to $18,188 Multifamily homes: Ranges from $625-$12,125 |
| Incentive Max | Multifamily: up to $12,125 Individual homes: up to $24,250 |
| Website | Visit here |
| More Info | Click here |
| Name | Property Tax Exemption for Renewable Energy Systems |
| Incentive Amount | 100% of value added by renewable system |
| More Info | Click here |
| Name | ITC |
| Type | Tax Incentive |
| Incentive Amount | 26% of installation cost |
| Website | Visit here |
| Name | Solar Renewable Energy Certificates (SRECs) Registration Program |
| Incentive Amount | Determined by the market. In June 2016, SREC traded at an average price of $229.90. |
| Incentive Max | Maximum price set by the SACP for the particular year. |
| Website | Visit here |
| More Info | Click here |
| Name | Successor Solar Incentive (SuSI) Program |
| Incentive Amount | Net-Metered Residential: $90/SREC-II Small Net-Metered Non-Residential located on Rooftop, Carport, Canopy and Floating Solar Projects smaller than 1 MW (dc): $100/SREC-II, $120 for public entities Projects 1 MW to 5 MW (dc): $90/SREC-II, $110 for public entities Net Metered Non-Residential Ground Mount Projects smaller than 1 MW (dc): $85/SREC-II, $105 for public entities Projects 1 MW to 5 MW (dc): $80/SREC-II, $100 for public entities Community Solar LMI: $90/SREC-II Community Solar Non-LMI: $70/SREC-II |
| Incentive Max | MW-DC Capacity Blocks Net Metered Residential: 150 MW Net Metered Non-Residential: 150 MW Community Solar (LMI and Non-LMI): 150 MW |
| Website | Visit here |
| More Info | Click here |
| Name | Solar Energy Sales Tax Exemption |
| Incentive Amount | 100% exemption |
| Incentive Max | None |
| More Info | Click here |
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. Because choosing a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: The brand of solar panel you'd like plays a part in which installer you should go with, since different companies offer different panels.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it fully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
The Green Panel
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Oceanport, NJ Solar Cost FAQs
How much does it cost to install solar panels in Oceanport?
This is a difficult question to answer precisely, because the cost depends on many factors. Broadly 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 additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Oceanport?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Do solar panels increase your property value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can take a 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.
