Solar Panel Cost Guide in Paramus, NJ (2023 Update)
- Paramus Solar Installation Cost: $9,047
- 25-Year Savings: $8,804
- Payback Period: 12.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Paramus
Find out how much it might cost to make the switch to solar in Paramus.
In Paramus, solar panels cost about 2.77 per watt on average. To account for the typical energy usage of the average home in Paramus, most homeowners require a 4.7-kilowatt system. Using the per-watt figure above, a solar installation costs around $9,055, or $12,949 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy consumption, the type of solar system you want, your solar contractor and more. But, after you've paid the initial cost of installation, the ROI for most homeowners is usually rewarding, with a net average savings of about $15,000 over 20 years on power bills.
To get a free quote from a top solar installer in Paramus, you can click the button below.
Solar savings over time in Paramus
| Year | Return on Investment |
|---|---|
| 1 years | $-8,987 |
| 3 years | $-8,868 |
| 5 years | $-8,749 |
| 7 years | $-8,630 |
| 9 years | $-8,511 |
| 11 years | $-8,392 |
| 13 years | $-8,273 |
| 15 years | $-8,154 |
| 17 years | $-8,035 |
| 19 years | $-7,916 |
| 21 years | $-7,797 |
| 23 years | $-7,678 |
| 25 years | $-7,559 |
Top Solar Installers in Paramus
Trying to put up solar panels on your own can be a dangerous undertaking, which is why hiring a solar installer is a good option for many homeowners. Also, if you'd like to maximize your investment in solar energy, opting for a solar company can help with that as well. Different providers can offer warranties, expertise on how to install solar panels and sometimes even information on local incentives and net metering programs.
If you're on the hunt for a solar installer in Paramus, we've 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 Paramus
Factors that Affect Solar Panel Costs in Paramus
Though the average cost of a solar system in Paramus is $9,055, your final cost may be above or below the average. There are many factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
The size of the solar system you need for your household, 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 around $2,770. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your electric bills. In addition, add-on products, like solar batteries, can bump up your total well above the Paramus average.
Solar Financing Terms
Most solar installers in Paramus offer solar loans, which reduce your upfront costs of installing a solar system. Although solar loans make going solar more accessible for Paramus homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar panel installation company you pick will affect your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor. The size of the company can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because they have greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.
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 | $10,856 | 13.2 years |
| 8 kW | $2.83 | $15,822 | $14,785 | 12.9 years |
| 10 kW | $2.77 | $19,390 | $18,870 | 12.7 years |
| 12 kW | $2.71 | $22,803 | $23,109 | 12.4 years |
| 14 kW | $2.66 | $26,060 | $27,503 | 12.2 years |
| 16 kW | $2.60 | $29,163 | $32,053 | 11.9 years |
| 18 kW | $2.55 | $32,110 | $36,757 | 11.7 years |
| 20 kW | $2.49 | $34,902 | $41,617 | 11.4 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: If you're worried about the endurance of your solar system, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: Before signing a contract with a solar installer, make sure you 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.
- Solar Panel Brands: The type of solar panel you need plays a role in which installer you should choose, since different companies offer different panels.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. 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 Paramus, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Paramus?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra 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 efficient solar panels.
Is it better to lease or buy solar panels in Paramus?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The downside 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 get the most savings.
How will installing solar panels impact the value of my home?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Paramus is currently $600,200, which means you can expect a value of about $24,608 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Paramus is a fruitful investment.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.