Solar Panel Cost Guide in Port Monmouth, NJ (Oct 2022)
- Port Monmouth Solar Installation Cost: $8,764
- 25-Year Savings: $7,419
- Payback Period: 13.5 Years
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Updated 9/16/2022
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Average Cost of Solar Panels in Port Monmouth
Find out how much it might cost to make the switch to solar 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 $8,764 for a solar installation, or $6,485 after the 30% federal solar tax credit is applied.
These figures are just estimates, and your own solar costs may differ based on your specific situation and what company you go with. Many homeowners find going solar is a solid investment. The average homeowner in Port Monmouth can save around $14,000 on their energy bills over 20 years.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Port Monmouth
| Year | Return on Investment |
|---|---|
| 1 years | $-8,117 |
| 3 years | $-6,822 |
| 5 years | $-5,528 |
| 7 years | $-4,233 |
| 9 years | $-2,938 |
| 11 years | $-1,643 |
| 13 years | $-349 |
| 15 years | $946 |
| 17 years | $2,241 |
| 19 years | $3,535 |
| 21 years | $4,830 |
| 23 years | $6,125 |
| 25 years | $7,419 |
Top Solar Installers in Port Monmouth
Installing solar panels by yourself can be a stressful task, which is why hiring a solar installation company is a good option for many homeowners. Another upside of working with a solar company is that they can help you make the most of your investment by lowering your future costs of repairs and replacements because of warranties and helping you learn about local incentives you can take advantage of.
Working with a professional solar company can help you make the most of your investment in solar. 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 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
For many Port Monmouth homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Port Monmouth, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment Size
Size is one of the largest factors that affects the overall cost of installing solar panels. For that reason, it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your energy bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Port Monmouth average.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are a solid option because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. You'll have to consider the long-term cost of loans, including the amount of 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 more than the original cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar panel companies operating in Port Monmouth, and each can charge different amounts for labor and equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and decide on the company that provides the products, warranties and services you're looking for and also is within your budget.
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 | $9,382 | 14.1 years |
| 8 kW | $2.83 | $15,822 | $12,819 | 13.8 years |
| 10 kW | $2.77 | $19,390 | $16,412 | 13.5 years |
| 12 kW | $2.71 | $22,803 | $20,160 | 13.3 years |
| 14 kW | $2.66 | $26,060 | $24,062 | 13.0 years |
| 16 kW | $2.60 | $29,163 | $28,120 | 12.7 years |
| 18 kW | $2.55 | $32,110 | $32,333 | 12.5 years |
| 20 kW | $2.49 | $34,902 | $36,702 | 12.2 years |
Solar Incentives in Port Monmouth
| Name | Successor Solar Incentive (SuSI) Program |
| Website | Visit here |
| More Info | Click here |
| Name | Solar Energy Sales Tax Exemption |
| Incentive Amount | 100% exemption |
| More Info | Click here |
| Name | Property Tax Exemption for Renewable Energy Systems |
| More Info | Click here |
| Name | Solar Renewable Energy Certificates (SRECs) Registration Program |
| Website | Visit here |
| More Info | Click here |
| Name | NJ Clean Energy- Residential New Construction Program |
| Website | Visit here |
| More Info | Click here |
| Name | Home Performance with ENERGY STAR Program |
| Website | Visit here |
| More Info | Click here |
| Name | Home Performance with ENERGY STAR Program |
| Website | Visit here |
| More Info | Click here |
| Name | COOLAdvantage Program |
| Website | Visit here |
| More Info | Click here |
| Name | NJ Clean Energy- WARMAdvantage Program (Electric and Gas) |
| Website | Visit here |
| More Info | Click here |
| Name | New Jersey Renewable Energy Incentive Program (Sustainable Biopower) |
| Website | Visit here |
| More Info | Click here |
| Name | Residential Renewable Energy Tax Credit |
| Website | Visit here |
| More Info | Click here |
How to Save on Solar Panels
There are numerous companies available in Port Monmouth, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: Warranties that provide coverage for replacement parts and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one mark of a good company.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you hire.
- Reputation: Long-running companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: Although reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
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?
The average cost of solar panels in Port Monmouth is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the actual 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.
Should I lease or buy solar panels in Port Monmouth?
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 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 savings 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 Port Monmouth is currently $418,337, which means you can expect a value of about $17,152 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Port Monmouth is a rewarding 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 goes down 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.
