Solar Panel Cost Guide in Palmyra, NJ (2023 Update)
- Palmyra Solar Installation Cost: $8,937
- 25-Year Savings: $8,913
- Payback Period: 12.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Palmyra
Find out what the average cost of solar panel installation is in Palmyra.
The national average cost of solar panels is $2.66 per watt, but in Palmyra it's 2.77 per watt. The average Palmyra homeowner needs a 4.6-kilowatt system, which would cost about $8,939 with the federal tax credit, or $12,783 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy use, the type of solar panels you choose, your solar contractor and more. Despite the large upfront cost, the average Palmyra homeowner can save around $15,000 on their power bills over 20 years, which is one of the perks of solar.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Palmyra
| Year | Return on Investment |
|---|---|
| 1 years | $-8,878 |
| 3 years | $-8,759 |
| 5 years | $-8,640 |
| 7 years | $-8,521 |
| 9 years | $-8,402 |
| 11 years | $-8,283 |
| 13 years | $-8,164 |
| 15 years | $-8,045 |
| 17 years | $-7,926 |
| 19 years | $-7,807 |
| 21 years | $-7,688 |
| 23 years | $-7,569 |
| 25 years | $-7,450 |
Top Solar Installers in Palmyra
DIY solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Going with a solar company can make swapping over to solar power much easier. In addition, if you'd like to maximize your investment in solar energy, using a solar installer can help with that as well. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives, rebates and net metering programs.
If you're on the hunt for a solar company in Palmyra, the EcoWatch team has compiled 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
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 depends on several factors. The biggest one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production use 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. The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are available from most installers in Palmyra, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. Even though solar loans make adopting solar energy more accessible for Palmyra homeowners, they can also increase the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Palmyra is the company you choose to install your PV system. Similar to choosing a company to build a deck or pool, for instance, there's no shortage of solar installers that provide a range of services for different budgets. The size of the company can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger companies.
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
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. While there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of options before making your decision.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Contract: It's important to read your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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?
The average cost of solar panels in Palmyra 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 stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Palmyra?
Leasing solar panels can be an appealing choice, as it usually comes with low or $0 upfront payments. The drawback 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.
How much can I save on electricity bills after installing solar panels?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Palmyra, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.