Solar Panel Cost Guide in Ringwood, NJ (Mar 2023)
- Ringwood Solar Installation Cost: $9,249
- 25-Year Savings: $8,089
- Payback Period: 13.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Ringwood
Find out how much it might cost to switch to solar power in Ringwood.
The national average cost of solar panels is $2.66 per watt, but in Ringwood it's 2.77 per watt. The average solar panel system size in Ringwood is around 4.8 kilowatts, meaning a cost of about $9,249 for a solar installation, or $13,226 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The true cost of making the switch to solar can vary quite a bit based on a few factors, such as how many panels you need, your energy usage and what installation company you go with. For most homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $14,000 in savings on utility bills over 20 years.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Ringwood
| Year | Return on Investment |
|---|---|
| 1 years | $-8,555 |
| 3 years | $-7,168 |
| 5 years | $-5,781 |
| 7 years | $-4,394 |
| 9 years | $-3,007 |
| 11 years | $-1,620 |
| 13 years | $-233 |
| 15 years | $1,154 |
| 17 years | $2,541 |
| 19 years | $3,928 |
| 21 years | $5,315 |
| 23 years | $6,702 |
| 25 years | $8,089 |
Top Solar Installers in Ringwood
Many homeowners decide to use a solar panel company since trying to put up solar panels yourself can be a lot of work. A solar installer can also help save you money over time by providing warranties, repairs and system component replacements.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Ringwood
Factors that Affect Solar Panel Costs in Ringwood
There are many criteria that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. For that reason, it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. There are a lot of different solar panel brands and the one you choose also affects the cost. Generally speaking, the brands that are more efficient tend to also cost more. Plus, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That's why many Ringwood homeowners decide to finance their solar panel systems to make paying for solar more affordable. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Ringwood is the company you hire to install your PV system. Similar to choosing a company to build a deck or pool, for instance, you'll have no shortage of solar installers that offer a range of services at different costs. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and decide on the company that provides the products, warranties and services you want and also fits within 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 | $9,688 | 13.9 years |
| 8 kW | $2.83 | $15,822 | $13,228 | 13.6 years |
| 10 kW | $2.77 | $19,390 | $16,923 | 13.3 years |
| 12 kW | $2.71 | $22,803 | $20,773 | 13.1 years |
| 14 kW | $2.66 | $26,060 | $24,778 | 12.8 years |
| 16 kW | $2.60 | $29,163 | $28,938 | 12.5 years |
| 18 kW | $2.55 | $32,110 | $33,254 | 12.3 years |
| 20 kW | $2.49 | $34,902 | $37,724 | 12.0 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose considerably impacts your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: The model of solar panel you want to install plays a role in which company you should choose, since different companies provide different panels.
- Reputation: Your solar installer should have a good 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 certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Installation Process: When going solar, it's essential to keep an open line of communication with your solar installer. See to it that you understand how the installation process will go and the project completion timeline.
- Contract: When looking through your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Ringwood, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Ringwood?
The average cost of solar panels in Ringwood is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Ringwood?
A solar panel system isn't free in Ringwood, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
Although 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 replace them once you've had 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.