Solar Panel Cost Guide in Richwood, NJ (2024 Update)
- Richwood Solar Installation Cost: $11,485
- 25-Year Savings: $12,346
- Payback Period: 13.4 Years
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Average Cost of Solar Panels in Richwood
Find out what the average cost of a solar system is in Richwood.
The national average cost of solar panels is $2.66 per watt, but in Richwood it’s 4 per watt.To cover the typical energy needs of the average home in Richwood, most homeowners require a 4.6-kilowatt system. Using the figure above, a solar installation costs about $11,485, or $16,424 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy needs, the type of solar panels you want, your solar contractor and more.Even with the large upfront cost, the average Richwood homeowner can save about $17,000 on their energy bills over 20 years, which is one of the positives of solar.
You can click the button below to get connected with a top solar company in Richwood that can help you get a more accurate cost estimate for your home.
Solar savings over time in Richwood
| Year | Return on Investment |
|---|---|
| 1 years | $-9,987 |
| 3 years | $-6,990 |
| 5 years | $-3,994 |
| 7 years | $-998 |
| 9 years | $1,999 |
| 11 years | $4,995 |
| 13 years | $7,992 |
| 15 years | $10,988 |
| 17 years | $13,984 |
| 19 years | $16,981 |
| 21 years | $19,977 |
| 23 years | $22,973 |
| 25 years | $25,970 |
Top Solar Installers in Richwood
Trying to put up solar panels yourself can be a difficult project, which is why hiring a solar installation company is a good option for many homeowners. Also, if you’d like to maximize your investment in solar energy, opting for a solar company can help with that as well. Different providers can offer repairs, expertise on solar panel installation and sometimes even information on local incentives, rebates and net metering programs.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some nearby:
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 Richwood
Factors that Affect Solar Panel Costs in Richwood
The cost of installing a solar system in Richwood can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend around $3,530 per kilowatt in Richwood.The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag 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 can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar companies in Richwood offer solar loans, which reduce your upfront costs of installing solar panels.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 how long it’ll take to pay back the loan.
Solar Panel Installation Company
The solar panel installer you choose will play a role in your total cost to make the switch to solar energy. Different companies will bill different amounts for the equipment and labor.The company’s size sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger names.
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 | $12,152 | 14.0 years |
| 8 kW | $3.60 | $20,163 | $16,598 | 13.7 years |
| 10 kW | $3.53 | $24,710 | $21,242 | 13.4 years |
| 12 kW | $3.46 | $29,059 | $26,083 | 13.2 years |
| 14 kW | $3.39 | $33,210 | $31,122 | 12.9 years |
| 16 kW | $3.32 | $37,164 | $36,359 | 12.6 years |
| 18 kW | $3.25 | $40,920 | $41,793 | 12.4 years |
| 20 kW | $3.18 | $44,478 | $47,425 | 12.1 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: It’s important to read through your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.
- Reputation: Your solar installer should have a sound 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 good reviews from previous customers.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. While there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of options before making your decision.
- Warranty: If you’re concerned about the durability of your solar panels, making sure your installer offers a 25-year, all-inclusive warranty can help put you at ease.
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 Richwood, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Richwood?
This is a difficult question to answer precisely, because the cost depends on a variety of 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 additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is a crucial factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Is it worth going solar in Richwood?
Solar panels can be a great investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already reasonably low, solar panels might not be for you.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can 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 buy 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.