Solar Panel Cost Guide in Parsippany-Troy Hills, NJ (2024 Update)
- Parsippany-Troy Hills Solar Installation Cost: $11,808
- 25-Year Savings: $8,011
- Payback Period: 17.1 Years
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Average Cost of Solar Panels in Parsippany-Troy Hills
Find out what the average cost of solar panel installation is in Parsippany-Troy Hills.
The average cost of a solar system in Parsippany-Troy Hills is 4 per watt.Using this figure, a typical 4.8-kW system would cost about $11,808 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Parsippany-Troy Hills homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.For most homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $14,000 in savings on utility bills over 20 years.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Parsippany-Troy Hills
| Year | Return on Investment |
|---|---|
| 1 years | $-10,749 |
| 3 years | $-8,630 |
| 5 years | $-6,512 |
| 7 years | $-4,394 |
| 9 years | $-2,275 |
| 11 years | $-157 |
| 13 years | $1,962 |
| 15 years | $4,080 |
| 17 years | $6,198 |
| 19 years | $8,317 |
| 21 years | $10,435 |
| 23 years | $12,554 |
| 25 years | $14,672 |
Top Solar Installers in Parsippany-Troy Hills
Many homeowners opt for a solar installer since trying to put up solar panels yourself can be time-consuming. A solar installer can also help save you money in the long run by offering warranties, repairs and system component replacements.
Working with a professional solar company can make going solar easier. 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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Parsippany-Troy Hills
Factors that Affect Solar Panel Costs in Parsippany-Troy Hills
The cost of installing a solar system in Parsippany-Troy Hills 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 your household needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the price of solar panels in Parsippany-Troy Hills, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can figure out by looking at past electricity bills. Your total cost can increase by about $3,530 for each additional kilowatt you need.The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted 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 limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Parsippany-Troy Hills to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in paying more over time because of interest.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation 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 because of their bigger brand name and access to bulk pricing, 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 | $3.67 | $15,419 | $6,274 | 17.8 years |
| 8 kW | $3.60 | $20,163 | $8,761 | 17.4 years |
| 10 kW | $3.53 | $24,710 | $11,445 | 17.1 years |
| 12 kW | $3.46 | $29,059 | $14,327 | 16.7 years |
| 14 kW | $3.39 | $33,210 | $17,407 | 16.4 years |
| 16 kW | $3.32 | $37,164 | $20,684 | 16.1 years |
| 18 kW | $3.25 | $40,920 | $24,159 | 15.7 years |
| 20 kW | $3.18 | $44,478 | $27,832 | 15.4 years |
How to Save on Solar Panels
The solar company you go with will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Long-standing companies likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: The kind of solar panel you’d like plays a role in which installer you should opt for, since different companies offer different panels.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Parsippany-Troy Hills, NJ Solar Cost FAQs
How much does it cost to install solar panels in Parsippany-Troy Hills?
The average cost of solar panels in Parsippany-Troy Hills is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Parsippany-Troy Hills?
Leasing solar panels can be an option if you can’t afford to pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is it worth going solar in Parsippany-Troy Hills?
Solar panels can be a good investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
How long do solar panels last in Parsippany-Troy Hills?
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 replace them once you've had them for that long or you can keep using 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.