Solar Panel Cost Guide in South Bound Brook, NJ (Feb 2023)
- South Bound Brook Solar Installation Cost: $9,191
- 25-Year Savings: $8,660
- Payback Period: 12.9 Years
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Updated January 20, 2023
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Average Cost of Solar Panels in South Bound Brook
Find out what the average cost of installing solar panels is in South Bound Brook.
While the national average of solar panels is $2.66 per watt, solar panels in South Bound Brook typically cost around $3. To cover the typical energy usage of the average home in South Bound Brook, most homeowners require a 4.7-kilowatt system. Using the figure above, a solar installation costs around $9,191, or $6,801 after the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The true cost of installing solar panels can vary quite a bit based on a few factors, such as how many panels you need, your energy usage and what installation company you go with. Many homeowners find adopting solar power is a sound investment. The average homeowner in South Bound Brook can save about $14,000 on their energy bills over 20 years.
Click the button below to get connected to a top solar panel company in South Bound Brook for a custom estimate.
Solar savings over time in South Bound Brook
| 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 South Bound Brook
Putting up solar panels on your own can be a challenging undertaking, which is why hiring a solar installer is a good option for many homeowners. Some solar companies, particularly local ones, can help you take advantage of incentives in South Bound Brook, optimizing your ROI.
If you're looking for a solar installer in South Bound Brook, the EcoWatch team has 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 South Bound Brook
Factors that Affect Solar Panel Costs in South Bound Brook
Although the average cost of a solar system in South Bound Brook is $9,191, your actual cost may be higher or lower than that. There are quite a few factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to consider.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay about $2,770 per kilowatt in South Bound Brook. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your electric bills. Additionally, extra products, like solar batteries, can bring your total well above the South Bound Brook average.
Solar Financing Terms
Many homeowners find the average cost of solar in South Bound Brook to be prohibitively expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in higher prices over time due to interest. Even though solar loans make switching to solar energy more accessible for South Bound Brook homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The remaining key cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in South Bound Brook, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in South Bound Brook have more knowledge about local solar incentives and can help you learn about 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 | $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
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you opt for.
- Contract: It's important to look over your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for years to come and save you money on repairs and maintenance.
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 South Bound Brook, NJ Solar Cost FAQs
What is the average cost of installing solar panels in South Bound Brook?
The average cost of solar panels in South Bound Brook 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 stuff such as the type of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels significantly reduce my energy bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located 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 $753.91 per year.
How long do solar panels last in South Bound Brook?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use them at a lower efficiency.
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.