Solar Panel Cost Guide in Parsippany Troy Hills, NJ (2023 Update)
- Parsippany Troy Hills Solar Installation Cost: $9,268
- 25-Year Savings: $8,009
- Payback Period: 13.4 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Parsippany Troy Hills
Let's take a look at the average cost of solar in Parsippany Troy Hills.
While the national average of solar panels is $2.66 per watt, solar panels in Parsippany Troy Hills generally cost around 2.77. The average Parsippany Troy Hills homeowner needs a 4.8-kilowatt system, which would cost about $9,268 with the federal tax credit, or $13,253 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of going solar can vary depending on multiple factors, such as what size system you need, your energy usage and what solar installer you go with. For many homeowners, the upfront investment in solar panels is worth paying. On average Parsippany Troy Hills homeowners see about $14,000 in savings on utility bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Parsippany Troy Hills
| Year | Return on Investment |
|---|---|
| 1 years | $-8,577 |
| 3 years | $-7,195 |
| 5 years | $-5,813 |
| 7 years | $-4,431 |
| 9 years | $-3,049 |
| 11 years | $-1,667 |
| 13 years | $-284 |
| 15 years | $1,098 |
| 17 years | $2,480 |
| 19 years | $3,862 |
| 21 years | $5,244 |
| 23 years | $6,626 |
| 25 years | $8,009 |
Top Solar Installers in Parsippany Troy Hills
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a pain. Going with an installer can make converting to solar power much easier. The expertise that solar companies provide can be helpful as well, especially if you don't quite know what brand of solar equipment would be right for your home.
If you're looking for a solar company in Parsippany Troy Hills, 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 Parsippany Troy Hills
Factors that Affect Solar Panel Costs in Parsippany Troy Hills
There are many factors that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. Because of that, it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. The type of solar panels and equipment you get is another factor that will considerably influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are offered by most installers in Parsippany Troy Hills, which can lower, or in some cases eliminate, your upfront costs to make solar more accessible. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
The solar company you go with to handle your switch to green energy can play a role in your total costs. There are about 3 solar installation companies operating in Parsippany Troy Hills, and each can charge varying amounts for labor and equipment. The company's size sometimes plays the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to more 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 lower 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 | $9,594 | 13.9 years |
| 8 kW | $2.83 | $15,822 | $13,102 | 13.7 years |
| 10 kW | $2.77 | $19,390 | $16,765 | 13.4 years |
| 12 kW | $2.71 | $22,803 | $20,583 | 13.1 years |
| 14 kW | $2.66 | $26,060 | $24,557 | 12.9 years |
| 16 kW | $2.60 | $29,163 | $28,685 | 12.6 years |
| 18 kW | $2.55 | $32,110 | $32,969 | 12.3 years |
| 20 kW | $2.49 | $34,902 | $37,408 | 12.1 years |
How to Save on Solar Panels
There are many companies to choose from in Parsippany Troy Hills, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Contract: Before you sign a contract with a solar installer, make sure you read it through fully 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 what services you can expect from them.
- Solar Panel Brands: Different companies will carry different brands and kinds of panels. If you prefer a specific brand, make sure the solar installer you're considering has it.
- Reputation: Long-standing companies likely have a solid 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.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
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 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 precisely, 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 additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Parsippany Troy Hills?
Solar panels aren't free in Parsippany Troy Hills, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Do solar panels increase how much your home is worth?
Solar panels 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, which means you can look forward to a value of about $20,535 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Parsippany Troy Hills is a rewarding investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a 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 cover 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.