Solar Panel Cost Guide in Ridgewood, NJ (2023 Update)
- Ridgewood Solar Installation Cost: $9,047
- 25-Year Savings: $8,914
- Payback Period: 12.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Ridgewood
Find out what the average cost of solar panel installation is in Ridgewood.
The average cost of a solar panel system in Ridgewood is 2.77 per watt. The average Ridgewood homeowner needs a 4.7-kilowatt system, which would cost about $9,055 with the federal tax credit, or $12,949 before the 30% tax credit is applied.
How much you pay can be higher or lower than the average in Ridgewood depending on several factors, such as the brand of solar panels you choose and the solar contractor you hire. But, after you've paid the initial cost of installation, the savings for most homeowners is typically good, with a net average savings of about $15,000 over 20 years on power bills.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Ridgewood
| Year | Return on Investment |
|---|---|
| 1 years | $-7,624 |
| 3 years | $-4,779 |
| 5 years | $-1,935 |
| 7 years | $910 |
| 9 years | $3,755 |
| 11 years | $6,599 |
| 13 years | $9,444 |
| 15 years | $12,289 |
| 17 years | $15,134 |
| 19 years | $17,978 |
| 21 years | $20,823 |
| 23 years | $23,668 |
| 25 years | $26,513 |
Top Solar Installers in Ridgewood
Trying to install solar panels yourself can be a difficult project, which is why hiring a solar installation company is a good option for many homeowners. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long term due to their warranties, repair services and expert design.
Working with a licensed solar installer 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 Ridgewood
Factors that Affect Solar Panel Costs in Ridgewood
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that affect your total cost in Ridgewood: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. Because of that, it's a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. 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 opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your energy bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Ridgewood average.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That's why many Ridgewood homeowners decide to finance their solar panel systems to make going solar more affordable. However, the interest on solar loans also increases your overall costs, so it's important to include that in your estimate as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar panel installation company you pick will play a role in your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor. Additionally, some companies in Ridgewood know more about local solar incentives and can help you take advantage of 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 | $2.88 | $12,099 | $10,998 | 13.1 years |
| 8 kW | $2.83 | $15,822 | $14,975 | 12.8 years |
| 10 kW | $2.77 | $19,390 | $19,106 | 12.6 years |
| 12 kW | $2.71 | $22,803 | $23,392 | 12.3 years |
| 14 kW | $2.66 | $26,060 | $27,834 | 12.1 years |
| 16 kW | $2.60 | $29,163 | $32,431 | 11.8 years |
| 18 kW | $2.55 | $32,110 | $37,183 | 11.6 years |
| 20 kW | $2.49 | $34,902 | $42,090 | 11.3 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be difficult, we have some tips to help you, such as:
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Before you sign a contract with a solar installer, be sure to read it through completely so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: Long-running companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Although there are many options for which model 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 peruse their list of offerings before deciding.
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 Ridgewood, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Ridgewood?
The average cost of solar panels in Ridgewood 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 things such as the type of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Ridgewood?
You can't get solar panels for free in Ridgewood. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Ridgewood?
Solar panels can be a good investment for lots 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 power bills are already pretty low, solar panels might not be for you.
How long do solar panels last in Ridgewood?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.