Solar Panel Cost Guide in Short Hills, NJ (2023 Update)
- Short Hills Solar Installation Cost: $9,175
- 25-Year Savings: $7,842
- Payback Period: 13.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Short Hills
Find out what the average cost of solar panels are in Short Hills.
The national average cost of solar panels is $2.66 per watt, but in Short Hills it's 2.77 per watt. Since a 4.7-kW system is needed to cover the energy costs of a typical home in Short Hills, the average price of going solar will be about $9,171 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of installing solar panels can vary depending on a few factors, such as what size system you need, your energy usage and what company you go with. For many homeowners, the upfront cost of solar is worth paying. On average homeowners in Short Hills see about $14,000 in savings on electricity bills over 20 years.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Short Hills
| Year | Return on Investment |
|---|---|
| 1 years | $-8,116 |
| 3 years | $-5,997 |
| 5 years | $-3,879 |
| 7 years | $-1,760 |
| 9 years | $358 |
| 11 years | $2,476 |
| 13 years | $4,595 |
| 15 years | $6,713 |
| 17 years | $8,832 |
| 19 years | $10,950 |
| 21 years | $13,068 |
| 23 years | $15,187 |
| 25 years | $17,305 |
Top Solar Installers in Short Hills
Installing solar panels on your own can be a stressful task, which is why using a solar installation company is a good option for many homeowners. Plus, if you're unsure what brand of solar panels and equipment you want, a solar company can help you find the right equipment for you after a site survey and consultation.
Working with a vetted solar company 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 Short Hills
Factors that Affect Solar Panel Costs in Short Hills
While the average cost of a solar system in Short Hills is $9,171, your actual cost may differ. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend around $2,770 per kilowatt in Short Hills. The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar companies in Short Hills provide solar loans, which reduce the initial cost of installing solar panels. However, the interest on solar loans also adds to your total costs, so it's important to consider that as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Short Hills is the company you hire to install your PV system. As with choosing a company to build a deck or pool, for instance, there are plenty of solar installers that provide a range of services at different costs. Additionally, some companies in Short Hills have more knowledge 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 end up saving you 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 | $9,479 | 14.0 years |
| 8 kW | $2.83 | $15,822 | $12,949 | 13.7 years |
| 10 kW | $2.77 | $19,390 | $16,574 | 13.5 years |
| 12 kW | $2.71 | $22,803 | $20,354 | 13.2 years |
| 14 kW | $2.66 | $26,060 | $24,289 | 12.9 years |
| 16 kW | $2.60 | $29,163 | $28,380 | 12.7 years |
| 18 kW | $2.55 | $32,110 | $32,625 | 12.4 years |
| 20 kW | $2.49 | $34,902 | $37,026 | 12.1 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose has an impact on 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:
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years likely offer quality solar panel installation and expertise.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Even though there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of offerings before making your decision.
- Installation Process: One of the most important things to understand when going solar 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 how long the project will take.
- Contract: Though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
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 Short Hills, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Short Hills?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Short Hills?
Solar panels aren't free in Short Hills, 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.
Do solar panels increase your home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Short Hills is currently $1,189,324, so you can expect a value of about $48,762 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Short Hills is a rewarding investment.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can 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 get between 20 and 35 panels to cover 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.