Solar Panel Cost Guide in Shamong, NJ (2023 Update)
- Shamong Solar Installation Cost: $8,939
- 25-Year Savings: $9,993
- Payback Period: 11.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Shamong
Find out how much it might cost to switch to solar power in Shamong.
The national average cost of solar panels is $2.66 per watt, but in Shamong it's 2.77 per watt. The average Shamong homeowner needs a 4.6-kilowatt system, which would cost about $8,939 with the federal tax credit, or $12,783 before the 30% tax credit is applied.
The true price you pay can go above or below the average in Shamong depending on a few factors, such as the type of solar panels you choose and the solar company you hire. But, after you've paid the initial cost of installation, the return on investment for most homeowners is typically fruitful, with a net average savings of about $16,000 over 20 years on utility bills.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Shamong
| Year | Return on Investment |
|---|---|
| 1 years | $-8,182 |
| 3 years | $-6,667 |
| 5 years | $-5,152 |
| 7 years | $-3,638 |
| 9 years | $-2,123 |
| 11 years | $-609 |
| 13 years | $906 |
| 15 years | $2,420 |
| 17 years | $3,935 |
| 19 years | $5,449 |
| 21 years | $6,964 |
| 23 years | $8,478 |
| 25 years | $9,993 |
Top Solar Installers in Shamong
Many homeowners decide to use a solar panel company since figuring out how to install solar panels on your own can be a labor-intensive endeavor. Plus, if you're not certain what kind of solar panels and equipment you need, a solar expert can help you figure that out after a site survey and consultation.
If you're searching for a solar installer in Shamong, the EcoWatch team has 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
See all of the solar companies in Shamong
Factors that Affect Solar Panel Costs in Shamong
For many Shamong homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Shamong, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,770. The model of solar panels and equipment you choose is another factor that will considerably affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Further, solar equipment is more than just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are offered by most installers in Shamong, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible. However, the interest on solar loans also adds to your total costs, so it's crucial to take that into consideration as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The last significant cost factor you should consider is the installer you choose. Given the booming popularity of clean energy solutions in Shamong, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. Larger national companies typically have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
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 | $12,545 | 12.3 years |
| 8 kW | $2.83 | $15,822 | $17,036 | 12.0 years |
| 10 kW | $2.77 | $19,390 | $21,683 | 11.8 years |
| 12 kW | $2.71 | $22,803 | $26,485 | 11.6 years |
| 14 kW | $2.66 | $26,060 | $31,442 | 11.3 years |
| 16 kW | $2.60 | $29,163 | $36,555 | 11.1 years |
| 18 kW | $2.55 | $32,110 | $41,822 | 10.9 years |
| 20 kW | $2.49 | $34,902 | $47,245 | 10.6 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Shamong, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should secure and what the project timeline is.
- Warranty: If you care about the durability of your solar system, ensuring your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: When reading over your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Solar Panel Brands: Different companies will have different brands and types of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
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 Shamong, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Shamong?
The average cost of solar panels in Shamong 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 like the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Shamong?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Is going solar worth it?
Solar panels can be a beneficial investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already fairly low, solar panels might not be for you.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.