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

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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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 Richwood

Find out what the average cost of a solar system is in Richwood.

In Richwood, solar panels cost about 4 per watt on average.Using this figure, a typical 4.6-kW system would cost about $11,485 before the 0 federal solar tax credit is applied.

The actual price you pay can be higher or lower than the average in Richwood based on a variety of factors, such as the kind of solar panels you choose and the solar contractor you hire.But, after you've paid the upfront cost of installation, the ROI for most homeowners is quite rewarding, with a net average savings of about $17,000 over 20 years on electricity bills.

To get a free quote from a vetted solar installer in Richwood, you can click the button below.

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

When making the switch to solar, many homeowners decide to go with a solar installation company since DIY solar panel installation can be a difficult project. Another upside of using a solar installer is that they can help you maximize your ROI by lowering your future costs of repairs and replacements due to warranties and helping you learn about local incentives you can take advantage of.

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 Richwood:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
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 Richwood

Factors that Affect Solar Panel Costs in Richwood

Although the average cost of a solar system in Richwood is $11,485, your final cost may be above or below the average. There are several factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to consider.

Solar Equipment

One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay around $3,530 per kilowatt in Richwood.The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose 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, more efficient panels could save you more in the long run on your electric bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Richwood average.

Solar Financing Terms

Solar panels can save you money on energy bills over time, but they can also be a big investment. That’s why many Richwood homeowners decide to finance their solar panel systems to offset upfront costs.When considering your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more upfront can lower the total interest paid over time.

Solar Panel Installation Company

The solar installer you choose to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar installation companies in Richwood, and each can charge different amounts for labor and equipment.The company’s size can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to more 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 brand of solar panels and the installer you choose considerably influences your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:

  • Contract: Review the contract terms thoroughly to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
  • 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 adequate aftercare and customer support, such as part repairs and replacements.
  • Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and energy efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
  • Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
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 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 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 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 efficient solar panels.

Is cost the most important thing to keep in mind when buying solar panels?

Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.

Is it worth going solar in Richwood?

Solar panels can be a great investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.

How many solar panels should I get to power my home?

To figure out what solar panel system size you need, you need to know 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 house 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.

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