Solar Panel Cost Guide in Old Bridge, NJ (2024 Update)
- Old Bridge Solar Installation Cost: $11,564
- 25-Year Savings: $7,480
- Payback Period: 17.5 Years
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Average Cost of Solar Panels in Old Bridge
Let’s have a look at the average cost of solar in Old Bridge.
The national average cost of solar panels is $2.66 per watt, but in Old Bridge it’s 4 per watt.Because a 4.7-kW system is needed to cover the energy costs of a typical home in Old Bridge, the average price of going solar will be about $11,564 after claiming the federal solar tax credit of 0.
Remember that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy consumption, the type of solar system you choose, your solar contractor and more.For most homeowners, the upfront investment in solar is worth paying. On average Old Bridge homeowners see about $13,000 in savings on energy bills over 20 years.
To get a free quote from a top solar installer in Old Bridge, you can click the button below.
Solar savings over time in Old Bridge
| Year | Return on Investment |
|---|---|
| 1 years | $-10,505 |
| 3 years | $-8,387 |
| 5 years | $-6,268 |
| 7 years | $-4,150 |
| 9 years | $-2,031 |
| 11 years | $87 |
| 13 years | $2,205 |
| 15 years | $4,324 |
| 17 years | $6,442 |
| 19 years | $8,561 |
| 21 years | $10,679 |
| 23 years | $12,797 |
| 25 years | $14,916 |
Top Solar Installers in Old Bridge
Although it's possible to install solar panels yourself, it requires extra time and know-how. That's one of the reasons the majority of homeowners choose to hire a solar panel installer. A solar company can also help save you money in the long run by providing warranties, repairs and system component replacements.
If you're looking for a solar installer in Old Bridge, the EcoWatch team has organized a list of our top suggestions here:
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 Old Bridge
Factors that Affect Solar Panel Costs in Old Bridge
The cost of installing a solar system in Old Bridge can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is the size of the system you need, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of a solar energy system in Old Bridge, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy usage, which you can gauge by looking at past power bills. Your overall cost can increase by around $3,530 for each additional kilowatt you need.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better 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 limited 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
Most solar companies in Old Bridge offer solar loans, which reduce your upfront costs of installing solar panels.Although solar loans make going solar more accessible for Old Bridge homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Old Bridge is the company you get to install your PV system. As with choosing a company to install new cabinets, for example, there’s no shortage of solar installers that offer a range of services at different costs.Additionally, some companies in Old Bridge are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $5,804 | 18.2 years |
| 8 kW | $3.60 | $20,163 | $8,134 | 17.8 years |
| 10 kW | $3.53 | $24,710 | $10,662 | 17.5 years |
| 12 kW | $3.46 | $29,059 | $13,387 | 17.1 years |
| 14 kW | $3.39 | $33,210 | $16,311 | 16.8 years |
| 16 kW | $3.32 | $37,164 | $19,431 | 16.4 years |
| 18 kW | $3.25 | $40,920 | $22,750 | 16.1 years |
| 20 kW | $3.18 | $44,478 | $26,266 | 15.7 years |
How to Save on Solar Panels
The solar company you opt for will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, such as:
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for years to come and save you money on repairs and maintenance.
- Contract: Before you sign a contract with a solar installer, make sure to look it over completely so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
- Reputation: Companies that have been in business for many years likely have a high 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.
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should secure and how long the project will take.
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 Old Bridge, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Old Bridge?
The average cost of solar panels in Old Bridge is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the actual cost will depend on things like 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 Old Bridge?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property 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.
Is it worth going solar in Old Bridge?
Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.
How long do solar panels last in Old Bridge?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.