Solar Panel Cost Guide in Parsippany Troy Hills, NJ (Aug 2022)

  • Parsippany Troy Hills Solar Installation Cost: $9,798
  • 25-Year Savings: $7,479
  • Payback Period: 14.2 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 7/19/2022

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Average Cost of Solar Panels in Parsippany Troy Hills

We break down average solar pricing in Parsippany Troy Hills.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Parsippany Troy Hills, the typical cost of solar panels is $3 per watt. To account for the typical energy usage of the average home in Parsippany Troy Hills, most homeowners require a 4.8-kilowatt system. Using the figure above, a solar installation costs around $9,798, or $7,251 after the federal solar tax credit is applied.

How much you pay can be higher or lower than the average in Parsippany Troy Hills depending on several factors, such as the brand of solar panels you choose and the solar company you hire. With average savings of about $14,000 on power bills over 20 years, many homeowners in Parsippany Troy Hills find going solar has a decent ROI.

Click the button below to get connected to a highly rated solar installer in your area for a custom quote.

Solar savings over time in Parsippany Troy Hills

Year Return on Investment
1 years $-9,107
3 years $-7,725
5 years $-6,343
7 years $-4,960
9 years $-3,578
11 years $-2,196
13 years $-814
15 years $568
17 years $1,950
19 years $3,332
21 years $4,715
23 years $6,097
25 years $7,479

Top Solar Installers in Parsippany Troy Hills

Putting up solar panels on your own can be a difficult project, which is why getting a solar installation company is a good option for many homeowners. Another benefit of going with a solar company is that they can help you optimize your ROI by cutting back on future costs of repairs and replacements due to warranties and helping you learn about local incentives you can take advantage of.

If you'd like to make the switch to solar but still aren't certain which solar system installer to go with, here are our recommendations for providers in Parsippany Troy Hills:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

See all of the solar companies in Parsippany Troy Hills

Factors that Affect Solar Panel Costs in Parsippany Troy Hills

There are a number of factors that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.

Solar Equipment Size

System size is one of the largest factors that affects the overall cost of installing solar panels. That's why it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Parsippany Troy Hills, where sunlight is relatively abundant, efficiency can quickly pay off. Also, 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

Many homeowners find the average cost of solar in Parsippany Troy Hills to be prohibitively expensive, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest. Though solar loans make adopting solar energy more accessible for Parsippany Troy Hills homeowners, they can also add to 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

The solar company you go with to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Parsippany Troy Hills, and each can charge varying amounts for labor and equipment. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.

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 $12,791 $8,902 14.7 years
8 kW $2.83 $16,726 $12,197 14.5 years
10 kW $2.77 $20,498 $15,657 14.2 years
12 kW $2.71 $24,106 $19,280 13.9 years
14 kW $2.66 $27,549 $23,067 13.6 years
16 kW $2.60 $30,829 $27,019 13.3 years
18 kW $2.55 $33,945 $31,134 13.0 years
20 kW $2.49 $36,896 $35,413 12.8 years

Solar Incentives in Parsippany Troy Hills

Name NJ Clean Energy- Residential New Construction Program
Incentive Amount Incentives depend on the HERS score and the classification
Single family homes: Ranges from $1,125 to - 24,250
Multi-single homes: Ranges from $1,125 to $18,188
Multifamily homes: Ranges from $625-$12,125
Incentive Max Multifamily: up to $12,125
Individual homes: up to $24,250
Website Visit here
More Info Click here

Name Property Tax Exemption for Renewable Energy Systems
Incentive Amount 100% of value added by renewable system
More Info Click here

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Solar Renewable Energy Certificates (SRECs) Registration Program
Incentive Amount Determined by the market.
In June 2016, SREC traded at an average price of $229.90.
Incentive Max Maximum price set by the SACP for the particular year.
Website Visit here
More Info Click here

Name Successor Solar Incentive (SuSI) Program
Incentive Amount Net-Metered Residential: $90/SREC-II

Small Net-Metered Non-Residential located on Rooftop, Carport, Canopy and Floating Solar
Projects smaller than 1 MW (dc): $100/SREC-II, $120 for public entities
Projects 1 MW to 5 MW (dc): $90/SREC-II, $110 for public entities

Net Metered Non-Residential Ground Mount
Projects smaller than 1 MW (dc): $85/SREC-II, $105 for public entities
Projects 1 MW to 5 MW (dc): $80/SREC-II, $100 for public entities

Community Solar LMI: $90/SREC-II
Community Solar Non-LMI: $70/SREC-II
Incentive Max MW-DC Capacity Blocks
Net Metered Residential: 150 MW
Net Metered Non-Residential: 150 MW
Community Solar (LMI and Non-LMI): 150 MW
Website Visit here
More Info Click here

Name Solar Energy Sales Tax Exemption
Incentive Amount 100% exemption
Incentive Max None
More Info Click here

How to Save on Solar Panels

There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:

  • Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.
  • Warranty: An all-inclusive, long-term warranty can help keep your solar system running for a long time and save you money on repairs and maintenance.
  • Reputation: Your solar installer should have a solid 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.
  • Installation Process: When going solar, it's crucial to keep an open line of communication with your solar panel installer. Make sure you understand how the installation process works and the project completion timeline.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

The Green Panel

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

EcoWatch's Parsippany Troy Hills, NJ Solar Cost FAQs

What is the average cost of installing solar panels in Parsippany Troy Hills?

This is a tough 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 extra solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.

Should I lease or buy solar panels in Parsippany Troy Hills?

Leasing solar panels can be an appealing choice, as it commonly 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 option if you want to get the most savings.

How will installing solar panels impact my home value?

Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Parsippany Troy Hills is currently $500,853, so you can look forward to a value of about $20,535 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Parsippany Troy Hills is a rewarding investment.

How often do you have to replace solar panels?

On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.

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.

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