Solar Panel Cost Guide in Old Bridge, NJ (2023 Update)
- Old Bridge Solar Installation Cost: $9,074
- 25-Year Savings: $7,480
- Payback Period: 13.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Old Bridge
Find out what the average cost of solar panels are in Old Bridge.
The average cost of a solar panel system in Old Bridge is 2.77 per watt. To account for the typical energy usage of the average home in Old Bridge, most homeowners require a 4.7-kilowatt system. Using the figure above, a solar installation costs about $9,075, or $12,977 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The true cost of installing solar panels can vary based on several factors, such as what size system you need, your energy consumption and what solar installer you go with. But, after you've paid the upfront cost of installation, the payback for most homeowners is usually good, with a net average savings of about $13,000 over 20 years on utility bills.
To get a free quote from a vetted solar installer in Old Bridge, you can click the button below.
Solar savings over time in Old Bridge
| Year | Return on Investment |
|---|---|
| 1 years | $-8,015 |
| 3 years | $-5,897 |
| 5 years | $-3,778 |
| 7 years | $-1,660 |
| 9 years | $458 |
| 11 years | $2,577 |
| 13 years | $4,695 |
| 15 years | $6,813 |
| 17 years | $8,932 |
| 19 years | $11,050 |
| 21 years | $13,169 |
| 23 years | $15,287 |
| 25 years | $17,405 |
Top Solar Installers in Old Bridge
Although it's possible to install solar panels on your own, it requires extra time and know-how. That's one of the reasons the majority of homeowners choose to hire a solar panel installer. Companies can also provide access to various kinds of the best solar panels and help you decide which one will be best for your home.
If you'd like to switch to solar energy but still aren't certain which solar panel company to go with, here are our recommendations for providers in Old Bridge:
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 Old Bridge
Factors that Affect Solar Panel Costs in Old Bridge
For many Old Bridge homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Old Bridge, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,770. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Old Bridge, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Old Bridge to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest. However, the interest on solar loans also adds to your all-in costs, so it's important to take that into consideration as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Old Bridge is the company you choose to install your solar panel system. As with choosing a company to install new cabinets, for example, there are plenty of solar installers that offer a range of services for different budgets. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions 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 | $9,124 | 14.3 years |
| 8 kW | $2.83 | $15,822 | $12,475 | 14.0 years |
| 10 kW | $2.77 | $19,390 | $15,982 | 13.7 years |
| 12 kW | $2.71 | $22,803 | $19,644 | 13.4 years |
| 14 kW | $2.66 | $26,060 | $23,461 | 13.2 years |
| 16 kW | $2.60 | $29,163 | $27,433 | 12.9 years |
| 18 kW | $2.55 | $32,110 | $31,560 | 12.6 years |
| 20 kW | $2.49 | $34,902 | $35,842 | 12.3 years |
How to Save on Solar Panels
There are numerous companies to choose from in Old Bridge, 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:
- Contract: Although reading through a contract can take a lot of time, it's important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you opt for.
- Reputation: Long-running 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 support, such as part repairs and replacements.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should acquire and what the project timeline is.
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 Old Bridge, NJ Solar Cost FAQs
How much does it cost to install solar panels in Old Bridge?
The average cost of solar panels in Old Bridge 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 certain factors like the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Old Bridge?
Leasing solar panels can be an option if you are unable to pay upfront or get 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 bang for your buck from going solar.
Does Old Bridge have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can be compensated for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Old Bridge?
On average, the lifespan of solar panels is 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 larger 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.