Solar Panel Cost Guide in Pitman, NJ (2023 Update)
- Pitman Solar Installation Cost: $9,012
- 25-Year Savings: $13,749
- Payback Period: 9.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Pitman
See how much it might cost to go solar in Pitman.
While the national average of solar panels is $2.66 per watt, solar panels in Pitman typically cost around 2.77. Since a 4.7-kW system is needed to cover the energy consumption of a typical home in Pitman, the average price of going solar will be about $9,016 after claiming the federal solar tax credit of 30%.
The actual price you pay can go above or below the average in Pitman based on a variety of factors, such as the kind of solar panels you choose and the solar company you hire. But, once you've paid the initial cost of installation, the payback for most homeowners is typically rewarding, with a net average savings of about $19,000 over 20 years on power bills.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Pitman
| Year | Return on Investment |
|---|---|
| 1 years | $-8,936 |
| 3 years | $-8,785 |
| 5 years | $-8,633 |
| 7 years | $-8,481 |
| 9 years | $-8,329 |
| 11 years | $-8,178 |
| 13 years | $-8,026 |
| 15 years | $-7,874 |
| 17 years | $-7,722 |
| 19 years | $-7,571 |
| 21 years | $-7,419 |
| 23 years | $-7,267 |
| 25 years | $-7,115 |
Top Solar Installers in Pitman
Installing solar panels on your own can be a stressful project, which is why hiring a solar installation company is a good option for many homeowners. Another benefit of using a solar installer is that they can help you make the most of your investment by bringing down your future costs of repairs and replacements due to warranties and giving you information on local incentives you can take advantage of.
There are several licensed solar professionals that can take care of your solar installation project. 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
See all of the solar companies in Pitman
Factors that Affect Solar Panel Costs in Pitman
The cost of installing a solar system in Pitman can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Pitman, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can determine by looking at past electricity bills. Your overall cost can increase by around $2,770 for each additional kilowatt you need. The type of solar panels and equipment you get is another factor that will considerably impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions 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
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many Pitman homeowners choose to finance their solar panel systems to make going 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 a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you go with to handle your switch to clean energy can play a part in your total costs. There are about 3 solar installation companies in Pitman, and each can charge varying amounts for labor and equipment. Larger national companies typically have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
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 | $17,283 | 10.3 years |
| 8 kW | $2.83 | $15,822 | $23,354 | 10.1 years |
| 10 kW | $2.77 | $19,390 | $29,580 | 9.9 years |
| 12 kW | $2.71 | $22,803 | $35,961 | 9.7 years |
| 14 kW | $2.66 | $26,060 | $42,498 | 9.5 years |
| 16 kW | $2.60 | $29,163 | $49,190 | 9.3 years |
| 18 kW | $2.55 | $32,110 | $56,036 | 9.1 years |
| 20 kW | $2.49 | $34,902 | $63,038 | 8.9 years |
How to Save on Solar Panels
There are numerous companies to choose from in Pitman, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: Different companies offer various brands and models of panels. If you want a specific brand, make sure the solar company you're considering has it.
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Reputation: Companies that have been operating for many years likely have a good 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.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over around 25 years are the gold standard in the business, and offering such a warranty is one indication of a good company.
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 Pitman, NJ Solar Cost FAQs
How much does it cost to install solar panels in Pitman?
This is a tough question to answer precisely, 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. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, 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 Pitman?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of 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.
Do solar panels increase the value of your home?
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 Pitman is currently $187,300, which means you can expect a value of about $7,679 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Pitman is a rewarding investment.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.