Solar Panel Cost Guide in Richwood, NJ (2023 Update)
- Richwood Solar Installation Cost: $9,012
- 25-Year Savings: $12,346
- Payback Period: 10.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Richwood
We go over average solar pricing in Richwood.
In Richwood, solar panels cost about 2.77 per watt on average. Because a 4.7-kW system is needed to cover the energy needs of a typical home in Richwood, the average price of going solar will be about $9,016 after claiming the federal solar tax credit of 30%.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy use, the type of solar panels you want to get, your solar contractor and more. For many homeowners, the upfront investment in solar power is worth paying. On average you could be looking at about $17,000 in savings on electricity 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 Richwood
| Year | Return on Investment |
|---|---|
| 1 years | $-7,514 |
| 3 years | $-4,518 |
| 5 years | $-1,521 |
| 7 years | $1,475 |
| 9 years | $4,472 |
| 11 years | $7,468 |
| 13 years | $10,464 |
| 15 years | $13,461 |
| 17 years | $16,457 |
| 19 years | $19,453 |
| 21 years | $22,450 |
| 23 years | $25,446 |
| 25 years | $28,443 |
Top Solar Installers in Richwood
Many homeowners opt for a solar panel company since figuring out how to install solar panels by yourself can be a lot of work. Some solar companies, especially local ones, can help you take advantage of incentives in Richwood, thereby optimizing your ROI.
Working with a vetted solar company can make going solar easier. Here are our recommendations:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Richwood
Factors that Affect Solar Panel Costs in Richwood
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few primary factors that determine your overall cost in Richwood: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
One of the most important 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 energy your household consumes, the larger your system will likely need to be. You can expect to spend about $2,770 per kilowatt in Richwood. The kind of solar panels and equipment you choose is another factor that will greatly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment goes beyond 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 looking into a solar system that's in your budget.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are an affordable choice because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also adds to your total costs, so it's vital to take that into consideration as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The remaining key cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Richwood, you'll have a great number of options to choose from, but each comes at different price points for labor and equipment. Companies that 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 decide on the company that offers the products, warranties and services you're looking for and also fit into 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 | $15,472 | 11.0 years |
| 8 kW | $2.83 | $15,822 | $20,939 | 10.8 years |
| 10 kW | $2.77 | $19,390 | $26,562 | 10.5 years |
| 12 kW | $2.71 | $22,803 | $32,339 | 10.3 years |
| 14 kW | $2.66 | $26,060 | $38,272 | 10.1 years |
| 16 kW | $2.60 | $29,163 | $44,360 | 9.9 years |
| 18 kW | $2.55 | $32,110 | $50,603 | 9.7 years |
| 20 kW | $2.49 | $34,902 | $57,001 | 9.5 years |
How to Save on Solar Panels
The solar panel company you opt for will affect not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, such as:
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Even though reading through a contract can be tedious, it's important to do it thoroughly so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years most likely offer good-quality solar panel installation and expertise.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Richwood, NJ Solar Cost FAQs
How much does it cost to install solar panels in Richwood?
The average cost of solar panels in Richwood is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the model of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Richwood?
You can't get solar panels for free in Richwood. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Do solar panels increase the value of your home?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
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 decreases 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.