Solar Panel Cost Guide in Randolph, NJ (Mar 2023)
- Randolph Solar Installation Cost: $9,268
- 25-Year Savings: $6,915
- Payback Period: 14.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Randolph
We break down average solar pricing in Randolph.
The national average cost of solar panels is $2.66 per watt, but in Randolph it's 2.77 per watt. Since a 4.8-kW system is needed to cover the energy costs of a typical home in Randolph, the average price of going solar will be about $9,268 after claiming the federal solar tax credit of 30%.
How much you pay can be higher or lower than the average in Randolph based on a few factors, such as the kind of solar panels you choose and the solar contractor you hire. For many homeowners, the upfront investment in solar panels is worth paying. On average Randolph homeowners see about $13,000 in savings on energy bills over 20 years.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Randolph
| Year | Return on Investment |
|---|---|
| 1 years | $-8,621 |
| 3 years | $-7,326 |
| 5 years | $-6,032 |
| 7 years | $-4,737 |
| 9 years | $-3,442 |
| 11 years | $-2,148 |
| 13 years | $-853 |
| 15 years | $442 |
| 17 years | $1,737 |
| 19 years | $3,031 |
| 21 years | $4,326 |
| 23 years | $5,621 |
| 25 years | $6,915 |
Top Solar Installers in Randolph
When going solar, many homeowners decide to hire a solar company since installing a solar system yourself can be a time-consuming project. Companies can also provide access to various kinds of the best solar panels and help you choose which one will be best for your home.
If you're on the hunt for a solar company in Randolph, the EcoWatch team has compiled a list of our top suggestions here:
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
Tesla Energy
- 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 Randolph
Factors that Affect Solar Panel Costs in Randolph
While the average cost of a solar system in Randolph is $9,268, your actual cost may be higher or lower than that. There are several factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. Because of that, it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are offered by most installers in Randolph, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
The final significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Randolph, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and go with the company that provides the products, warranties and services you want and also fits 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 | $8,221 | 14.9 years |
| 8 kW | $2.83 | $15,822 | $11,271 | 14.6 years |
| 10 kW | $2.77 | $19,390 | $14,477 | 14.3 years |
| 12 kW | $2.71 | $22,803 | $17,838 | 14.0 years |
| 14 kW | $2.66 | $26,060 | $21,354 | 13.7 years |
| 16 kW | $2.60 | $29,163 | $25,025 | 13.5 years |
| 18 kW | $2.55 | $32,110 | $28,851 | 13.2 years |
| 20 kW | $2.49 | $34,902 | $32,832 | 12.9 years |
How to Save on Solar Panels
There are a lot of 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:
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
- Contract: When reading through your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
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
Tesla Energy
- 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 Randolph, NJ Solar Cost FAQs
How much does it cost to install solar panels in Randolph?
This is a hard question to answer precisely, 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 more efficient panels, or if you have higher-than-average energy consumption. 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 Randolph?
Leasing solar panels can be an attractive choice, as it often 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 get the most savings.
Can you sell solar power back to the grid in Randolph?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future energy bills.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.