Solar Panel Cost Guide in Palmyra, NJ (2023 Update)
- Palmyra Solar Installation Cost: $8,939
- 25-Year Savings: $8,912
- Payback Period: 12.5 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Palmyra
Find out what the average cost of installing solar panels is in Palmyra.
In Palmyra, solar panels cost about 2.77 per watt on average. Because a 4.6-kW system is needed to cover the energy usage of a typical home in Palmyra, the average price of going solar will be about $8,939 after claiming the federal solar tax credit of 30%.
These figures are only estimates, and your own solar costs will differ based on the amount of energy your home requires and what company you want to go with. With average savings of about $15,000 on power bills over 20 years, many homeowners in Palmyra find going solar can be quite rewarding.
To receive a free estimate from a vetted solar company in Palmyra, you can click the button below.
Solar savings over time in Palmyra
| Year | Return on Investment |
|---|---|
| 1 years | $-8,225 |
| 3 years | $-6,797 |
| 5 years | $-5,369 |
| 7 years | $-3,941 |
| 9 years | $-2,513 |
| 11 years | $-1,085 |
| 13 years | $343 |
| 15 years | $1,772 |
| 17 years | $3,200 |
| 19 years | $4,628 |
| 21 years | $6,056 |
| 23 years | $7,484 |
| 25 years | $8,912 |
Top Solar Installers in Palmyra
Trying to install solar panels yourself can be a stressful undertaking, which is why hiring a solar installation company is a good option for many homeowners. Local solar companies can also help you maximize your return on investment by walking you through any local incentives and by offering warranties and repairs.
Working with a licensed solar installer can help your solar project go smoothly. Here are our recommendations:
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 Palmyra
Factors that Affect Solar Panel Costs in Palmyra
The cost of installing a solar system in Palmyra can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest 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 cost of a solar system in Palmyra, 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 consumption, which you can gauge by looking at past energy bills. Your overall cost can increase by around $2,770 for each additional kilowatt you need. There are many different solar panel brands and the one you choose also affects the cost. Typically, the brands that are more efficient tend to also cost more. Plus, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are a solid choice because they decrease your upfront costs and let you pay for your system over five to seven years on average. Though solar loans make adopting solar energy more accessible for Palmyra homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you choose to handle your switch to clean energy can play a part in your total costs. There are about 3 solar panel companies in Palmyra, and each can charge varying amounts for labor and equipment. Additionally, some companies in Palmyra have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $2.88 | $12,099 | $11,137 | 13.0 years |
| 8 kW | $2.83 | $15,822 | $15,160 | 12.8 years |
| 10 kW | $2.77 | $19,390 | $19,337 | 12.5 years |
| 12 kW | $2.71 | $22,803 | $23,670 | 12.3 years |
| 14 kW | $2.66 | $26,060 | $28,158 | 12.0 years |
| 16 kW | $2.60 | $29,163 | $32,801 | 11.8 years |
| 18 kW | $2.55 | $32,110 | $37,600 | 11.5 years |
| 20 kW | $2.49 | $34,902 | $42,553 | 11.3 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: If you're worried about the endurance of your solar energy system, verifying that your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: The brand of solar panel you want plays a part in which installer you should choose, since different companies have access to different panels.
- Contract: Before signing a contract with a solar installer, be sure to read it through carefully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can check your installer's reputation is by reading reviews.
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 Palmyra, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Palmyra?
This is a hard question to answer exactly, 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 be more expensive 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 want a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to think about when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels completely eradicate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $774.55 per year.
How often do you have to replace solar panels?
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 continue to use 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.