Solar Panel Cost Guide in Shrewsbury, NJ (Aug 2022)

  • Shrewsbury Solar Installation Cost: $9,265
  • 25-Year Savings: $6,919
  • Payback Period: 14.3 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 7/19/2022

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Average Cost of Solar Panels in Shrewsbury

We break down average solar pricing in Shrewsbury.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Shrewsbury, the average cost of solar panels is $3 per watt. The average solar panel system size in Shrewsbury is around 4.5 kilowatts, meaning a cost of about $9,265 for a solar installation, or $6,856 after the federal solar tax credit is applied.

Remember that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy use, the type of equipment you choose, your solar contractor and more. For most homeowners, the upfront investment in solar power is worth paying. On average you could be looking at about $14,000 in savings on electricity bills over 20 years.

To get a free estimate from a top solar company in Shrewsbury, you can click the button below.

Solar savings over time in Shrewsbury

Year Return on Investment
1 years $-8,618
3 years $-7,323
5 years $-6,028
7 years $-4,734
9 years $-3,439
11 years $-2,144
13 years $-850
15 years $445
17 years $1,740
19 years $3,035
21 years $4,329
23 years $5,624
25 years $6,919

Top Solar Installers in Shrewsbury

Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Taking advantage of a solar panel installer can make switching to solar much easier. Another upside of using a solar company is that they can help you make the most of your ROI by reducing your future costs of repairs and replacements due to warranties and giving you information on local incentives you can take advantage of.

If you'd like to switch to solar energy but still aren't certain which solar panel company to go with, here are our recommendations for providers in Shrewsbury:

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 Technology

The Green Panel

★★★★★
4.5

  • 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 Shrewsbury

Factors that Affect Solar Panel Costs in Shrewsbury

For many Shrewsbury homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Shrewsbury, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you'll pay, which we'll go over below.

Solar Equipment Size

When it comes to estimating the cost of a solar panel system in Shrewsbury, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can gauge by looking at past power bills. Your total cost can increase by around $2,770 for each additional kilowatt you need. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Shrewsbury, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.

Solar Financing Terms

For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are available from most installers in Shrewsbury, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.

Solar Panel Installation Company

A final consideration when trying to estimate the cost of solar for your home or business in Shrewsbury is the company you hire to install your PV system. Similar to choosing a company to build a deck or pool, for example, there are plenty of solar installers that offer a range of services for different budgets. Additionally, some companies in Shrewsbury know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 $12,791 $8,690 14.9 years
8 kW $2.83 $16,726 $11,915 14.6 years
10 kW $2.77 $20,498 $15,304 14.3 years
12 kW $2.71 $24,106 $18,857 14.0 years
14 kW $2.66 $27,549 $22,573 13.7 years
16 kW $2.60 $30,829 $26,454 13.5 years
18 kW $2.55 $33,945 $30,499 13.2 years
20 kW $2.49 $36,896 $34,707 12.9 years

Solar Incentives in Shrewsbury

Name NJ Clean Energy- Residential New Construction Program
Incentive Amount Incentives depend on the HERS score and the classification
Single family homes: Ranges from $1,125 to - 24,250
Multi-single homes: Ranges from $1,125 to $18,188
Multifamily homes: Ranges from $625-$12,125
Incentive Max Multifamily: up to $12,125
Individual homes: up to $24,250
Website Visit here
More Info Click here

Name Property Tax Exemption for Renewable Energy Systems
Incentive Amount 100% of value added by renewable system
More Info Click here

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Solar Renewable Energy Certificates (SRECs) Registration Program
Incentive Amount Determined by the market.
In June 2016, SREC traded at an average price of $229.90.
Incentive Max Maximum price set by the SACP for the particular year.
Website Visit here
More Info Click here

Name Successor Solar Incentive (SuSI) Program
Incentive Amount Net-Metered Residential: $90/SREC-II

Small Net-Metered Non-Residential located on Rooftop, Carport, Canopy and Floating Solar
Projects smaller than 1 MW (dc): $100/SREC-II, $120 for public entities
Projects 1 MW to 5 MW (dc): $90/SREC-II, $110 for public entities

Net Metered Non-Residential Ground Mount
Projects smaller than 1 MW (dc): $85/SREC-II, $105 for public entities
Projects 1 MW to 5 MW (dc): $80/SREC-II, $100 for public entities

Community Solar LMI: $90/SREC-II
Community Solar Non-LMI: $70/SREC-II
Incentive Max MW-DC Capacity Blocks
Net Metered Residential: 150 MW
Net Metered Non-Residential: 150 MW
Community Solar (LMI and Non-LMI): 150 MW
Website Visit here
More Info Click here

Name Solar Energy Sales Tax Exemption
Incentive Amount 100% exemption
Incentive Max None
More Info Click here

How to Save on Solar Panels

The solar company you choose will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, such as:

  • Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
  • Warranty: If you're worried about the longevity of your solar energy system, checking your installer offers a 25-year, all-inclusive warranty can help put you at ease.
  • Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you go with.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely have a solid reputation and are qualified to install your solar system. Another way you can look into your installer's reputation is by reading reviews.

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 Technology

The Green Panel

★★★★★
4.5

  • 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 Shrewsbury, NJ Solar Cost FAQs

What is the average cost of installing solar panels in Shrewsbury?

This is a difficult question to answer precisely, because the cost depends on many 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 be more expensive if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.

Are solar panels free in Shrewsbury?

You can't get solar panels for free in Shrewsbury. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.

Is it worth going solar in Shrewsbury?

Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.

How long do solar panels last in Shrewsbury?

On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher 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.

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