Solar Panel Cost Guide in River Edge, NJ (2024 Update)
- River Edge Solar Installation Cost: $11,529
- 25-Year Savings: $8,804
- Payback Period: 16.1 Years
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Average Cost of Solar Panels in River Edge
Find out what the average cost of solar panels are in River Edge.
Currently, the national average cost of solar panels is $2.66 per watt. However, in River Edge, the average cost of solar panels is 4 per watt.The average solar panel system size in River Edge is around 4.7 kilowatts, meaning a cost of about $11,529 for a solar installation, or $16,486 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The true cost of installing solar panels can vary based on several factors, such as how many panels you need, your energy consumption and what solar installer you go with.Many homeowners find installing a solar panel system is a sound investment. The average homeowner in River Edge can save around $15,000 on their power bills over 20 years.
Click the button below to get connected to a highly rated solar panel company in River Edge for a personalized estimate.
Solar savings over time in River Edge
| Year | Return on Investment |
|---|---|
| 1 years | $-10,106 |
| 3 years | $-7,262 |
| 5 years | $-4,417 |
| 7 years | $-1,572 |
| 9 years | $1,273 |
| 11 years | $4,117 |
| 13 years | $6,962 |
| 15 years | $9,807 |
| 17 years | $12,652 |
| 19 years | $15,496 |
| 21 years | $18,341 |
| 23 years | $21,186 |
| 25 years | $24,031 |
Top Solar Installers in River Edge
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Using a solar panel installer can make your swap to solar power much easier. The payback period on a solar system will vary depending on factors like your location and energy use, but working with a solar company can shorten it. Your provider will be able to help you identify incentives available in your area.
If you're searching for a solar installer in River Edge, we've put together a list of our top suggestions here:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- 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 River Edge
Factors that Affect Solar Panel Costs in River Edge
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few major factors that determine your overall cost in River Edge: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar panel system in River Edge, 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 usage, which you can gauge by looking at past energy bills. Your overall cost can increase by around $3,530 for each additional kilowatt you need.There are many different solar panel brands and the one you pick also changes the cost. In general, the brands that have better efficiency tend to also cost more. In addition, the type of equipment you choose 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 energy bills over many years, but they can also be a big investment. That’s why many River Edge homeowners opt to finance their solar panel systems to make paying for solar more affordable.When estimating your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in River Edge is the company you choose to install your PV system. Similar to choosing a company to renovate your kitchen, for instance, you’ll have no shortage of solar installers that provide a range of services for different budgets.Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and find a company that provides the products, warranties and services you’re looking for and also is 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 | $3.67 | $15,419 | $7,537 | 16.8 years |
| 8 kW | $3.60 | $20,163 | $10,444 | 16.5 years |
| 10 kW | $3.53 | $24,710 | $13,550 | 16.1 years |
| 12 kW | $3.46 | $29,059 | $16,853 | 15.8 years |
| 14 kW | $3.39 | $33,210 | $20,353 | 15.5 years |
| 16 kW | $3.32 | $37,164 | $24,051 | 15.2 years |
| 18 kW | $3.25 | $40,920 | $27,947 | 14.9 years |
| 20 kW | $3.18 | $44,478 | $32,041 | 14.5 years |
How to Save on Solar Panels
The solar installer you opt for will affect not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, including:
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you choose.
- Contract: Although reading through a contract can be tedious, it’s important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's River Edge, NJ Solar Cost FAQs
How much does it cost to install solar panels in River Edge?
The average cost of solar panels in River Edge is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in River Edge?
Solar panels aren’t free in River Edge, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
How much can I save on energy bills after installing solar panels?
It is possible to erase your electricity bills with solar panels, but for most homeowners in River Edge, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
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 goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.