Solar Panel Cost Guide in Port Reading, NJ (2023 Update)
- Port Reading Solar Installation Cost: $9,074
- 25-Year Savings: $8,776
- Payback Period: 12.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Port Reading
Let's take a look at the average cost of solar in Port Reading.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Port Reading, the average cost of solar panels is 2.77 per watt. Using this figure, a typical 4.7-kW system would cost about $9,075 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of installing solar panels can vary quite a bit depending on several factors, such as what size system you need, your energy usage and what company you go with. But, once you've paid the initial cost of installation, the payback for most homeowners is quite fruitful, with a net average savings of about $14,000 over 20 years on energy bills.
To get a free estimate from a top solar installation company in Port Reading, you can click the button below.
Solar savings over time in Port Reading
| Year | Return on Investment |
|---|---|
| 1 years | $-7,652 |
| 3 years | $-4,807 |
| 5 years | $-1,963 |
| 7 years | $882 |
| 9 years | $3,727 |
| 11 years | $6,572 |
| 13 years | $9,416 |
| 15 years | $12,261 |
| 17 years | $15,106 |
| 19 years | $17,951 |
| 21 years | $20,795 |
| 23 years | $23,640 |
| 25 years | $26,485 |
Top Solar Installers in Port Reading
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Hiring an installer can make converting to solar power much easier. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and part replacements.
There are various 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 Port Reading
Factors that Affect Solar Panel Costs in Port Reading
Though the average cost of a solar system in Port Reading is $9,075, your actual cost may be higher or lower than that. There are several factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,770. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Port Reading, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are offered by most installers in Port Reading, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. Even though solar loans make going solar more accessible for Port Reading homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The final major cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in Port Reading, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. Larger national companies generally have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on 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 | $10,786 | 13.2 years |
| 8 kW | $2.83 | $15,822 | $14,691 | 13.0 years |
| 10 kW | $2.77 | $19,390 | $18,752 | 12.7 years |
| 12 kW | $2.71 | $22,803 | $22,968 | 12.5 years |
| 14 kW | $2.66 | $26,060 | $27,338 | 12.2 years |
| 16 kW | $2.60 | $29,163 | $31,864 | 11.9 years |
| 18 kW | $2.55 | $32,110 | $36,546 | 11.7 years |
| 20 kW | $2.49 | $34,902 | $41,382 | 11.4 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Contract: When looking over your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years in most cases provide quality solar panel installation and expertise.
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
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 Port Reading, NJ Solar Cost FAQs
How much does it cost to install solar panels in Port Reading?
This is a hard question to answer precisely, because the cost depends on a variety of 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 cost more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Port Reading?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Is going solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and the amount of direct sunlight your roof gets.
How long do solar panels last in Port Reading?
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 higher 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.