Solar Panel Cost Guide in Smithville, NJ (2024 Update)
- Smithville Solar Installation Cost: $11,064
- 25-Year Savings: $14,078
- Payback Period: 12.2 Years
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Average Cost of Solar Panels in Smithville
Find out what the average cost of solar panel installation is in Smithville.
The average cost of solar panels in Smithville is 4 per watt.Using this figure, a typical 4.5-kW system would cost about $11,064 before the 0 federal solar tax credit is applied.
The true cost of your system can go above or below the average in Smithville depending on several factors, such as the brand of solar panels you choose and the solar contractor you hire.For many homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Smithville see about $19,000 in savings on utility bills over 20 years.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Smithville
| Year | Return on Investment |
|---|---|
| 1 years | $-9,566 |
| 3 years | $-6,570 |
| 5 years | $-3,574 |
| 7 years | $-577 |
| 9 years | $2,419 |
| 11 years | $5,416 |
| 13 years | $8,412 |
| 15 years | $11,408 |
| 17 years | $14,405 |
| 19 years | $17,401 |
| 21 years | $20,397 |
| 23 years | $23,394 |
| 25 years | $26,390 |
Top Solar Installers in Smithville
Putting up solar panels yourself can be a time-consuming task, which is why getting a solar installer is a good option for many homeowners. Solar warranties and repairs are typically included in the cost of installation when you go with a solar contractor too, which can save you more money over time.
If you’d like to make the switch to solar but still aren’t certain which solar panel installer to go with, here are our suggestions for providers near you:
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
See all of the solar companies in Smithville
Factors that Affect Solar Panel Costs in Smithville
There are many criteria that can influence your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,530.The brand and kind of equipment you choose 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 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. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are a solid choice because they decrease your upfront costs and allow you to pay for your system over five to seven years on average.However, the interest on solar loans also adds to your total costs, so it’s crucial to consider that 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 final major cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Smithville, you’ll have a great number of options to choose from, but each comes at various price points for labor and equipment.The company’s size sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger companies.
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 | $15,079 | 12.6 years |
| 8 kW | $3.60 | $20,163 | $20,501 | 12.4 years |
| 10 kW | $3.53 | $24,710 | $26,121 | 12.2 years |
| 12 kW | $3.46 | $29,059 | $31,938 | 11.9 years |
| 14 kW | $3.39 | $33,210 | $37,953 | 11.7 years |
| 16 kW | $3.32 | $37,164 | $44,165 | 11.4 years |
| 18 kW | $3.25 | $40,920 | $50,575 | 11.2 years |
| 20 kW | $3.18 | $44,478 | $57,183 | 10.9 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Contract: Even though reading through a contract can be tedious, it’s important to do it carefully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can verify your installer’s reputation is by reading reviews.
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
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
EcoWatch's Smithville, NJ Solar Cost FAQs
How much does it cost to install solar panels in Smithville?
This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $17,650 for a 5-kW system and $35,300 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Smithville?
Leasing solar panels can be an attractive choice, as it usually 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
How much can I save on electricity bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,016.61 per year.
How long do solar panels last in Smithville?
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.