Solar Panel Cost Guide in Penns Grove, NJ (Feb 2023)
- Penns Grove Solar Installation Cost: $8,958
- 25-Year Savings: $13,803
- Payback Period: 9.8 Years
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Updated January 20, 2023
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Average Cost of Solar Panels in Penns Grove
Find out what the average cost of installing solar panels is in Penns Grove.
In Penns Grove, solar panels cost about $3 per watt on average. The average solar panel system size in Penns Grove is around 4.6 kilowatts, meaning a cost of about $8,958 for a solar installation, or $6,629 after the 30% federal solar tax credit is applied.
These figures are only estimates, and how much solar costs for you will vary based on your specific situation and what company you choose to go with. Many homeowners find installing a solar system is a solid investment. The average homeowner in Penns Grove can save around $19,000 on their energy bills over 20 years.
To get a free estimate from a pre-vetted solar company in Penns Grove, you can click the button below.
Solar savings over time in Penns Grove
| Year | Return on Investment |
|---|---|
| 1 years | $-8,048 |
| 3 years | $-6,227 |
| 5 years | $-4,406 |
| 7 years | $-2,585 |
| 9 years | $-764 |
| 11 years | $1,057 |
| 13 years | $2,877 |
| 15 years | $4,698 |
| 17 years | $6,519 |
| 19 years | $8,340 |
| 21 years | $10,161 |
| 23 years | $11,982 |
| 25 years | $13,803 |
Top Solar Installers in Penns Grove
Many homeowners opt for a solar panel installer since figuring out how to install solar panels by yourself can be time-consuming. Local solar installation companies can also help you optimize your return on investment by walking you through any local incentives you can benefit from and by providing warranties and repairs.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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 Penns Grove
Factors that Affect Solar Panel Costs in Penns Grove
There are many 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
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Penns Grove homeowners choose to finance their solar panel systems to make paying for solar more affordable. When figuring out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installation company you pick will affect your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor. Additionally, some companies in Penns Grove have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $17,473 | 10.2 years |
| 8 kW | $2.83 | $15,822 | $23,607 | 10.0 years |
| 10 kW | $2.77 | $19,390 | $29,896 | 9.8 years |
| 12 kW | $2.71 | $22,803 | $36,341 | 9.6 years |
| 14 kW | $2.66 | $26,060 | $42,941 | 9.4 years |
| 16 kW | $2.60 | $29,163 | $49,696 | 9.2 years |
| 18 kW | $2.55 | $32,110 | $56,606 | 9.0 years |
| 20 kW | $2.49 | $34,902 | $63,671 | 8.9 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: Different companies will have different brands and models of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for years to come and save you money on repairs and maintenance.
- Contract: It's important to read your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- 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.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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 Penns Grove, NJ Solar Cost FAQs
How much does it cost to install solar panels in Penns Grove?
The average cost of solar panels in Penns Grove is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the real cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider apart from cost when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your property value?
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 Penns Grove is currently $143,500, so you can look forward to a value of about $5,884 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Penns Grove is a fruitful 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 larger amount 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.