Solar Panel Cost Guide in Somerset, NJ (2023 Update)
- Somerset Solar Installation Cost: $9,191
- 25-Year Savings: $8,660
- Payback Period: 12.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Somerset
Find out what the average cost of solar panel installation is in Somerset.
The average cost of a solar panel system in Somerset is 2.77 per watt. To account for the typical energy usage of the average home in Somerset, most homeowners require a 4.7-kilowatt system. Using the figure above, a solar installation costs around $9,191, or $13,143 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The true cost of installing solar panels can vary quite a bit based on several factors, such as what size system you need, your energy usage and what installation company you go with. Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Somerset can save about $14,000 on their power bills over 20 years.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Somerset
| Year | Return on Investment |
|---|---|
| 1 years | $-8,477 |
| 3 years | $-7,049 |
| 5 years | $-5,621 |
| 7 years | $-4,193 |
| 9 years | $-2,765 |
| 11 years | $-1,337 |
| 13 years | $91 |
| 15 years | $1,519 |
| 17 years | $2,947 |
| 19 years | $4,376 |
| 21 years | $5,804 |
| 23 years | $7,232 |
| 25 years | $8,660 |
Top Solar Installers in Somerset
Although you can install solar panels by yourself, it requires extra effort and knowledge. For that reason, most people choose to go with a solar panel installer. A solar company can also help save you money in the long run by offering warranties, repairs and system component replacements.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Somerset
Factors that Affect Solar Panel Costs in Somerset
The cost of installing a solar system in Somerset can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. That's why it's important to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. There are several different solar panel brands and the one you pick also changes the cost. In general, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are a solid option because they lower your upfront costs and allow you to pay for your system over five to seven years on average. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panels can affect the cost. Somerset's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Somerset have more knowledge about local solar incentives and can help you take advantage of 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 | $12,099 | $10,518 | 13.4 years |
| 8 kW | $2.83 | $15,822 | $14,334 | 13.1 years |
| 10 kW | $2.77 | $19,390 | $18,305 | 12.9 years |
| 12 kW | $2.71 | $22,803 | $22,432 | 12.6 years |
| 14 kW | $2.66 | $26,060 | $26,713 | 12.3 years |
| 16 kW | $2.60 | $29,163 | $31,150 | 12.1 years |
| 18 kW | $2.55 | $32,110 | $35,742 | 11.8 years |
| 20 kW | $2.49 | $34,902 | $40,489 | 11.6 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: When looking over your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Solar Panel Brands: The brand of solar panel you need to install plays a part in which company you should choose, since different companies have access to different panels.
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 Somerset, NJ Solar Cost FAQs
How much does it cost to install solar panels in Somerset?
The average cost of solar panels in Somerset 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 such as the kind of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Somerset?
A solar panel system isn't free in Somerset, 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.
How will having solar panels impact the value of my home?
Solar panels can increase your property's value remarkably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs 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 house 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.