Solar Panel Cost Guide in Red Bank, NJ (2024 Update)

  • Red Bank Solar Installation Cost: $11,170
  • 25-Year Savings: $7,419
  • Payback Period: 17.3 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 24, 2025

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Red Bank

Let’s have a look at the average cost of solar in Red Bank.

Although the national average of solar panels is $2.66 per watt, solar panels in Red Bank generally cost around 4.Because a 4.5-kW system is needed to cover the energy needs of a typical home in Red Bank, the average price of going solar will be about $11,170 after claiming the federal solar tax credit of 0.

These figures are only averages, and your own solar costs may vary based on your energy needs and what company you want to go with.But, once you've paid the upfront cost of installation, the savings for most homeowners is quite rewarding, with a net average savings of about $14,000 over 20 years on power bills.

To calculate your potential ROI and connect with a local solar expert, click the button below.

Solar savings over time in Red Bank

YearReturn on Investment
1 years$-10,111
3 years$-7,992
5 years$-5,874
7 years$-3,755
9 years$-1,637
11 years$481
13 years$2,600
15 years$4,718
17 years$6,837
19 years$8,955
21 years$11,073
23 years$13,192
25 years$15,310

Top Solar Installers in Red Bank

DIY solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Taking advantage of an installer can make converting to solar power much easier. Solar installers provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.

Working with a vetted solar installer can help you make the most of your investment in solar. Here are our recommendations:

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Best Regional Coverage

Momentum Solar

★★★★★
4.5
  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0
  • 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 Red Bank

Factors that Affect Solar Panel Costs in Red Bank

The cost of installing a solar system in Red Bank can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is the size of the system you need, and other factors include equipment choices, financing options and the solar installer you choose.

Solar Equipment

Solar system size, which is measured in kilowatts, is one of the largest factors that determines 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 average energy use.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Red Bank, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.

Solar Financing Terms

If paying for solar panels out of pocket is difficult, solar loans are a popular option because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.It’s wise 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

Lastly, the company you opt for to install your solar panels can affect how much you pay. Red Bank’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.

Solar Panel Cost Data by System Size

System sizeCost per system wattSolar system cost25-Year savingsPayback period
6 kW$3.67$15,419$6,06217.9 years
8 kW$3.60$20,163$8,47817.6 years
10 kW$3.53$24,710$11,09217.3 years
12 kW$3.46$29,059$13,90316.9 years
14 kW$3.39$33,210$16,91216.6 years
16 kW$3.32$37,164$20,11916.2 years
18 kW$3.25$40,920$23,52415.9 years
20 kW$3.18$44,478$27,12615.5 years

How to Save on Solar Panels

The solar installer you choose will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, such as:

  • Installation Process: When going solar, it’s important to keep an open line of communication with your solar company. See to it that you understand how the installation process works and the completion timeline.
  • Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. Two 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 positive reviews from past customers.
  • Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
  • Solar Panel Brands: Different companies will have different brands and kinds of panels. If you prefer a specific brand, make sure the solar company you’re considering has it.
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Best Regional Coverage

Momentum Solar

★★★★★
4.5
  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0
  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's Red Bank, NJ Solar Cost FAQs

How much does it cost to install solar panels in Red Bank?

This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $17,650 for a 5-kW system and $35,300 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 above-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.

Is it better to lease or buy solar panels in Red Bank?

Leasing solar panels can be an appealing choice, because it typically 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 way to go if you want to maximize your savings.

Can solar panels completely eradicate my power bills?

Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $716.04 per year.

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 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.