Solar Panel Cost Guide in Randolph, NJ (2024 Update)
- Randolph Solar Installation Cost: $11,808
- 25-Year Savings: $6,918
- Payback Period: 18.2 Years
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Average Cost of Solar Panels in Randolph
Find out what the average cost of solar panels are in Randolph.
The average cost of solar panels in Randolph is 4 per watt.The average Randolph homeowner needs a 4.8-kilowatt system, which would cost about $11,808 with the federal tax credit, or $16,885 before the 0 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 needs, the type of equipment you want, your solar contractor and more.Even with the significant initial cost, the average Randolph homeowner can save about $13,000 on their power bills over 20 years, which is one of the benefits of solar.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Randolph
| Year | Return on Investment |
|---|---|
| 1 years | $-10,749 |
| 3 years | $-8,630 |
| 5 years | $-6,512 |
| 7 years | $-4,394 |
| 9 years | $-2,275 |
| 11 years | $-157 |
| 13 years | $1,962 |
| 15 years | $4,080 |
| 17 years | $6,198 |
| 19 years | $8,317 |
| 21 years | $10,435 |
| 23 years | $12,554 |
| 25 years | $14,672 |
Top Solar Installers in Randolph
Putting up solar panels by yourself can be a time-consuming undertaking, which is why hiring a solar installer is a good option for many homeowners. Local solar installation companies can also help you maximize your return on investment by assisting with any local incentives you can benefit from and by providing warranties and repairs.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some in Randolph:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Randolph
Factors that Affect Solar Panel Costs in Randolph
For many Randolph homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Randolph, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend around $3,530 per kilowatt in Randolph.The brand of solar panels and equipment you choose is another factor that will largely impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Furthermore, solar equipment is more than just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that’s in your budget.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are a popular route because they cut back your upfront costs and let you pay for your system over five to seven years on average.It’s a good idea to include the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it’ll take to pay back the loan.
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 Randolph is the company you choose to install your PV system. Similar to choosing a company to renovate your kitchen, for example, you’ll have no shortage of solar installers that offer a range of services at different costs.Additionally, some companies in Randolph have more knowledge about local solar incentives and can help you learn about 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 | $3.67 | $15,419 | $4,901 | 19.0 years |
| 8 kW | $3.60 | $20,163 | $6,930 | 18.6 years |
| 10 kW | $3.53 | $24,710 | $9,157 | 18.2 years |
| 12 kW | $3.46 | $29,059 | $11,581 | 17.9 years |
| 14 kW | $3.39 | $33,210 | $14,203 | 17.5 years |
| 16 kW | $3.32 | $37,164 | $17,023 | 17.1 years |
| 18 kW | $3.25 | $40,920 | $20,041 | 16.8 years |
| 20 kW | $3.18 | $44,478 | $23,256 | 16.4 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:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. While there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of options before deciding.
- Contract: Before signing a contract with a solar installer, make sure you read it through completely so you understand the terms. Also, ask questions if you’re unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Installation Process: Make sure you’re on the same page with the installer regarding how the installation process will go and what needs to be done before your solar system is installed, such as updating your electrical system or roof.
- Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Randolph, NJ Solar Cost FAQs
How much does it cost to install solar panels in Randolph?
This is a tough question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $17,650 for a 5-kW system and $35,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Randolph?
A solar panel system isn’t free in Randolph, 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 further reduce the cost.
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 electricity bills.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.