Solar Panel Cost Guide in Short Hills, NJ (Mar 2023)
- Short Hills Solar Installation Cost: $9,171
- 25-Year Savings: $7,846
- Payback Period: 13.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Short Hills
Here's how much it might cost to make the switch to solar in Short Hills.
In Short Hills, solar panels cost about 2.77 per watt on average. To cover the typical energy needs of the average home in Short Hills, most homeowners require a 4.7-kilowatt system. Using the per-watt figure above, a solar installation costs about $9,171, or $13,115 before the federal solar tax credit of 30% is applied.
The true cost of your system can go above or below the average in Short Hills depending on a variety of factors, such as the brand of solar panels you choose and the solar contractor you hire. But, after you've paid the initial cost of installation, the ROI for most homeowners is typically rewarding, with a net average savings of about $14,000 over 20 years on electricity bills.
To receive a free quote from a highly rated solar company in Short Hills, you can click the button below.
Solar savings over time in Short Hills
| Year | Return on Investment |
|---|---|
| 1 years | $-8,491 |
| 3 years | $-7,129 |
| 5 years | $-5,768 |
| 7 years | $-4,407 |
| 9 years | $-3,045 |
| 11 years | $-1,684 |
| 13 years | $-323 |
| 15 years | $1,039 |
| 17 years | $2,400 |
| 19 years | $3,761 |
| 21 years | $5,123 |
| 23 years | $6,484 |
| 25 years | $7,846 |
Top Solar Installers in Short Hills
Many homeowners choose to hire a solar installation company since trying to install solar panels on your own can be hard. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long term due to their warranties, repair services and expert design.
If you're looking for a solar company in Short Hills, 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 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 Short Hills
Factors that Affect Solar Panel Costs in Short Hills
Although the average cost of a solar system in Short Hills is $9,171, your actual cost may be above or below the average. There are many factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. The brand and kind of equipment you get for your solar system can raise or lower 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 limited roof space or just want maximum energy production, you can expect 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 increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Short Hills to be too costly, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it'll take to pay back the loan.
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
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 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.