Solar Panel Cost Guide in Palmyra, NJ (Jan 2023)
- Palmyra Solar Installation Cost: $8,939
- 25-Year Savings: $8,912
- Payback Period: 12.5 Years
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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:
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.
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.
EcoWatch's Palmyra, NJ Solar Cost FAQs
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.