Solar Panel Cost Guide in Ringwood, NJ (2024 Update)

  • Ringwood Solar Installation Cost: $11,798
  • 25-Year Savings: $8,080
  • Payback Period: 17.0 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 Ringwood

Let’s have a look at the average cost of solar in Ringwood.

The average cost of a solar system in Ringwood is 4 per watt.Using this figure, a typical 4.8-kW system would cost about $11,798 before the 0 federal solar tax credit is applied.

Bear in mind that the figures above are only estimates based on the average Ringwood homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.With typical savings of about $14,000 on electricity bills over 20 years, many homeowners in Ringwood find investing in solar can be quite rewarding.

Click the button below to get connected to a highly rated solar company in your area for a personalized estimate.

Solar savings over time in Ringwood

Year Return on Investment
1 years $-10,739
3 years $-8,620
5 years $-6,502
7 years $-4,384
9 years $-2,265
11 years $-147
13 years $1,972
15 years $4,090
17 years $6,208
19 years $8,327
21 years $10,445
23 years $12,564
25 years $14,682

Top Solar Installers in Ringwood

Although it's possible to install solar panels by yourself, it involves extra time and handiness. For that reason, most homeowners choose to hire a solar panel installer. Companies can also have access to quality options of the best solar panels and help you pick which one will be right for your family.

There are several licensed solar professionals that can help you install your solar panels. Here are our suggestions:

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 Ringwood

Factors that Affect Solar Panel Costs in Ringwood

There are several factors that can play into your solar system 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

When it comes to estimating the cost of solar panels in Ringwood, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can figure out by looking at past electricity bills. Your total cost can increase by about $3,530 for each additional kilowatt you need.The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at 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 raise the cost.

Solar Financing Terms

If paying for solar panels out of pocket is too expensive, solar loans are an affordable choice because they decrease your upfront costs and let you pay for your system over five to seven years on average.When considering your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.

Solar Panel Installation Company

The solar installer you opt for to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar installation companies in Ringwood, and each can charge different amounts for labor and equipment.You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.

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 $6,369 17.7 years
8 kW $3.60 $20,163 $8,887 17.4 years
10 kW $3.53 $24,710 $11,603 17.0 years
12 kW $3.46 $29,059 $14,517 16.7 years
14 kW $3.39 $33,210 $17,628 16.3 years
16 kW $3.32 $37,164 $20,937 16.0 years
18 kW $3.25 $40,920 $24,444 15.7 years
20 kW $3.18 $44,478 $28,148 15.3 years

How to Save on Solar Panels

There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:

  • Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
  • Contract: Before signing a contract with a solar installer, be sure to look it over completely so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can look into your installer’s reputation is by reading reviews.
  • Installation Process: When going solar, it’s necessary to keep an open line of communication with your solar panel installer. See to it that you understand how the installation process will go and the project completion timeline.

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 Ringwood, NJ Solar Cost FAQs

How much does it cost to install solar panels in Ringwood?

This is a tough question to answer exactly, because the cost depends on a few different 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 be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.

Is it better to lease or buy solar panels in Ringwood?

Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.

Can you sell solar power back to the grid in Ringwood?

Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future power bills.

How many solar panels do I need to power my home?

The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a 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 install between 20 and 35 panels to account for 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.

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