Solar Panel Cost Guide in South Toms River, NJ (2023 Update)
- South Toms River Solar Installation Cost: $8,604
- 25-Year Savings: $7,580
- Payback Period: 13.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in South Toms River
Let's have a look at the average cost of solar panels in South Toms River.
The national average cost of solar panels is $2.66 per watt, but in South Toms River it's 2.77 per watt. Since a 4.4-kW system is needed to cover the energy needs of a typical home in South Toms River, the average price of going solar will be about $8,609 after claiming the federal solar tax credit of 30%.
These figures are only averages, and how much solar costs for you may vary based on factors unique to your home and what company you go with. But, after you've paid the upfront cost of installation, the return on investment for most homeowners is typically rewarding, with a net average savings of about $14,000 over 20 years on electricity bills.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in South Toms River
| Year | Return on Investment |
|---|---|
| 1 years | $-8,550 |
| 3 years | $-8,442 |
| 5 years | $-8,334 |
| 7 years | $-8,226 |
| 9 years | $-8,118 |
| 11 years | $-8,010 |
| 13 years | $-7,902 |
| 15 years | $-7,795 |
| 17 years | $-7,687 |
| 19 years | $-7,579 |
| 21 years | $-7,471 |
| 23 years | $-7,363 |
| 25 years | $-7,255 |
Top Solar Installers in South Toms River
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a pain. Using a solar company can make your swap to solar power much easier. A solar company can also help save you money over time by providing warranties, repairs and part replacements.
Working with a licensed solar company can make going solar easier. Here are our recommendations:
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 South Toms River
Factors that Affect Solar Panel Costs in South Toms River
Although the average cost of a solar system in South Toms River is $8,609, your final cost may be higher or lower than that. There are quite a few factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
When it comes to estimating the cost of a solar system in South Toms River, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can gauge by looking at past power bills. Your overall cost can increase by around $2,770 for each additional kilowatt you need. The kind of solar equipment you choose can increase or decrease your cost 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. However, higher efficiency could save you more in the long run on your electric bills. Additionally, extra products, such as solar batteries, can bring your total well above the South Toms River average.
Solar Financing Terms
Many homeowners find the average cost of solar in South Toms River to be prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar installer in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in a higher cost over time because of interest. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only 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 finding a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar installer you select will influence your total cost to go solar. Different companies will charge different amounts for the equipment and labor. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and choose a company that provides the products, warranties and services you want and also fit into your budget.
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 | $9,784 | 13.8 years |
| 8 kW | $2.83 | $15,822 | $13,355 | 13.6 years |
| 10 kW | $2.77 | $19,390 | $17,082 | 13.3 years |
| 12 kW | $2.71 | $22,803 | $20,964 | 13.0 years |
| 14 kW | $2.66 | $26,060 | $25,001 | 12.8 years |
| 16 kW | $2.60 | $29,163 | $29,193 | 12.5 years |
| 18 kW | $2.55 | $32,110 | $33,540 | 12.2 years |
| 20 kW | $2.49 | $34,902 | $38,042 | 12.0 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. Because picking a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Although there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of options before deciding.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it thoroughly so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Warranty: If you're concerned about the longevity of your solar panels, verifying that your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
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 South Toms River, NJ Solar Cost FAQs
What is the average cost of installing solar panels in South Toms River?
This is a hard question to answer precisely, because the cost depends on many factors. Generally 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 other solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Are solar panels free in South Toms River?
A solar panel system isn't free in South Toms River, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Can you sell solar power back to the grid in South Toms River?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future power bills.
How long do solar panels last in South Toms River?
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 larger 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.