Solar Panel Cost Guide in Port Monmouth, NJ (Aug 2022)
- Port Monmouth Solar Installation Cost: $9,265
- 25-Year Savings: $6,919
- Payback Period: 14.3 Years
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Updated 7/19/2022
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Average Cost of Solar Panels in Port Monmouth
Let's take a look at the average cost of solar panels in Port Monmouth.
The average cost of a solar panel system in Port Monmouth is $3 per watt. The average solar panel system size in Port Monmouth is around 4.5 kilowatts, meaning a cost of about $9,265 for a solar installation, or $6,856 after the federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy consumption, the type of equipment you want, your solar contractor and more. But, after you've paid the initial cost of installation, the savings for most homeowners is usually rewarding, with a net average savings of about $14,000 over 20 years on utility bills.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Port Monmouth
| Year | Return on Investment |
|---|---|
| 1 years | $-8,618 |
| 3 years | $-7,323 |
| 5 years | $-6,028 |
| 7 years | $-4,734 |
| 9 years | $-3,439 |
| 11 years | $-2,144 |
| 13 years | $-850 |
| 15 years | $445 |
| 17 years | $1,740 |
| 19 years | $3,035 |
| 21 years | $4,329 |
| 23 years | $5,624 |
| 25 years | $6,919 |
Top Solar Installers in Port Monmouth
Although you can install solar panels by yourself, it involves extra energy and know-how. That's one of the reasons almost all homeowners choose a solar panel installer. Solar installers provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some near you:
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
The Green Panel
- 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 Port Monmouth
Factors that Affect Solar Panel Costs in Port Monmouth
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that affect your total cost in Port Monmouth: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment Size
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the most significant factors is the system size. Solar power systems with greater efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,770. The model of solar panels and equipment you choose is another factor that will considerably impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on 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 power bills over many years, but they can also be a big investment. That's why many Port Monmouth homeowners opt to finance their solar panel systems to make going solar more affordable. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Port Monmouth is the company you choose to install your solar panel system. Similar to choosing a company to install new cabinets, for example, you'll have no shortage of solar installers that provide a range of services at different costs. Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle 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 | $12,791 | $8,690 | 14.9 years |
| 8 kW | $2.83 | $16,726 | $11,915 | 14.6 years |
| 10 kW | $2.77 | $20,498 | $15,304 | 14.3 years |
| 12 kW | $2.71 | $24,106 | $18,857 | 14.0 years |
| 14 kW | $2.66 | $27,549 | $22,573 | 13.7 years |
| 16 kW | $2.60 | $30,829 | $26,454 | 13.5 years |
| 18 kW | $2.55 | $33,945 | $30,499 | 13.2 years |
| 20 kW | $2.49 | $36,896 | $34,707 | 12.9 years |
Solar Incentives in Port Monmouth
| 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:
- Contract: It's important to look over your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Solar Panel Brands: The brand of solar panel you want to get plays a role in which installer you should opt for, since different companies have different panels.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
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
The Green Panel
- 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 Port Monmouth, NJ Solar Cost FAQs
How much does it cost to install solar panels in Port Monmouth?
This is a hard question to answer precisely, because the cost depends on a variety of 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 extra solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Port Monmouth?
A solar panel system isn't free in Port Monmouth, 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.
Is making the switch to solar worth it?
Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
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 goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.
