Solar Panel Cost Guide in Ramsey, NJ (2023 Update)
- Ramsey Solar Installation Cost: $9,047
- 25-Year Savings: $9,061
- Payback Period: 12.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Ramsey
Find out what the average cost of solar panel installation is in Ramsey.
The national average cost of solar panels is $2.66 per watt, but in Ramsey it's 2.77 per watt. The average Ramsey homeowner needs a 4.7-kilowatt system, which would cost about $9,055 with the federal tax credit, or $12,949 before the 30% tax credit is applied.
These figures are only estimates, and your own solar costs will differ based on your specific situation and what company you go with. Despite the large initial cost, the average Ramsey homeowner can save about $15,000 on their electricity bills over 20 years, which is one of the advantages of solar.
To get a free estimate from a highly rated solar company in Ramsey, you can click the button below.
Solar savings over time in Ramsey
| Year | Return on Investment |
|---|---|
| 1 years | $-8,986 |
| 3 years | $-8,865 |
| 5 years | $-8,745 |
| 7 years | $-8,624 |
| 9 years | $-8,503 |
| 11 years | $-8,383 |
| 13 years | $-8,262 |
| 15 years | $-8,141 |
| 17 years | $-8,020 |
| 19 years | $-7,900 |
| 21 years | $-7,779 |
| 23 years | $-7,658 |
| 25 years | $-7,538 |
Top Solar Installers in Ramsey
Although it's possible to install solar panels on your own, it requires extra effort and handiness. Because of that, most homeowners choose to go with a solar panel installer. In addition, if you'd like to maximize your investment in solar, opting for a solar installer can help with that as well. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives, rebates and net metering programs.
If you'd like to switch to solar energy but still aren't certain which solar installer to go with, here are our recommendations for providers in Ramsey:
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 Ramsey
Factors that Affect Solar Panel Costs in Ramsey
There are a number of 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 does the installation.
Solar Equipment
When it comes to estimating the cost of a solar system in Ramsey, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily 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 equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your electric bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Ramsey average.
Solar Financing Terms
Most solar installers in Ramsey offer solar loans, which reduce the initial cost of installing solar. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
Finally, the company you opt for to install your solar system can play a part in determining the cost. Ramsey's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Ramsey are more knowledgeable 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 help you save 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 | $11,187 | 13.0 years |
| 8 kW | $2.83 | $15,822 | $15,227 | 12.7 years |
| 10 kW | $2.77 | $19,390 | $19,421 | 12.5 years |
| 12 kW | $2.71 | $22,803 | $23,771 | 12.2 years |
| 14 kW | $2.66 | $26,060 | $28,275 | 12.0 years |
| 16 kW | $2.60 | $29,163 | $32,935 | 11.7 years |
| 18 kW | $2.55 | $32,110 | $37,750 | 11.5 years |
| 20 kW | $2.49 | $34,902 | $42,720 | 11.2 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Companies that have been in business for many years 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 quality aftercare and customer support, such as part repairs and replacements.
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you go with.
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 Ramsey, NJ Solar Cost FAQs
How much does it cost to install solar panels in Ramsey?
This is a difficult question to answer exactly, because the cost depends on many 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 usage. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Are solar panels free in Ramsey?
You can't get solar panels for free in Ramsey. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
How will having solar panels impact how much my home is worth?
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 Ramsey is currently $598,200, so you could be looking at a value of about $24,526 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Ramsey is a rewarding investment.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household 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.