Solar Panel Cost Guide in Tewksbury, NJ (2024 Update)
- Tewksbury Solar Installation Cost: $11,751
- 25-Year Savings: $6,963
- Payback Period: 18.2 Years
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Average Cost of Solar Panels in Tewksbury
Find out what the average cost of a solar system is in Tewksbury.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Tewksbury, the typical cost of solar panels is 4 per watt.The average Tewksbury homeowner needs a 4.8-kilowatt system, which would cost about $11,751 with the federal tax credit, or $16,804 before the 0 tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy consumption, the type of equipment you choose, your solar contractor and more.But, after you've paid the upfront cost of installation, the payback for most homeowners is quite rewarding, with a net average savings of about $13,000 over 20 years on power bills.
To get a free quote from a pre-vetted solar company in Tewksbury, you can click the button below.
Solar savings over time in Tewksbury
| Year | Return on Investment |
|---|---|
| 1 years | $-10,692 |
| 3 years | $-8,574 |
| 5 years | $-6,455 |
| 7 years | $-4,337 |
| 9 years | $-2,218 |
| 11 years | $-100 |
| 13 years | $2,018 |
| 15 years | $4,137 |
| 17 years | $6,255 |
| 19 years | $8,374 |
| 21 years | $10,492 |
| 23 years | $12,610 |
| 25 years | $14,729 |
Top Solar Installers in Tewksbury
Installing solar panels by yourself can be a dangerous task, which is why using a solar installation company is a good option for many homeowners. Solar warranties and repairs are often included in the cost of installation when you opt for a solar contractor as well, which can save you more money after your upfront investment.
If you're searching for a solar installer in Tewksbury, the EcoWatch team has organized a list of our top suggestions here:
Best National Provider
SunPower
- 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
- 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
See all of the solar companies in Tewksbury
Factors that Affect Solar Panel Costs in Tewksbury
There are many factors that can determine your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher 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.Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Tewksbury, 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 a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That’s why many Tewksbury homeowners decide to finance their solar panel systems to offset upfront costs.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you go with to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies in Tewksbury, and each can charge different amounts for labor and equipment.Additionally, some companies in Tewksbury are more knowledgeable about local solar incentives and can help you take advantage of 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 | $3.67 | $15,419 | $4,999 | 18.9 years |
| 8 kW | $3.60 | $20,163 | $7,061 | 18.5 years |
| 10 kW | $3.53 | $24,710 | $9,320 | 18.2 years |
| 12 kW | $3.46 | $29,059 | $11,777 | 17.8 years |
| 14 kW | $3.39 | $33,210 | $14,432 | 17.4 years |
| 16 kW | $3.32 | $37,164 | $17,285 | 17.1 years |
| 18 kW | $3.25 | $40,920 | $20,335 | 16.7 years |
| 20 kW | $3.18 | $44,478 | $23,583 | 16.3 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Contract: Before you sign a contract with a solar installer, be sure to look it over carefully so you understand the terms. Also, ask questions if you’re unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: Long-running companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Warranty: Warranties that cover replacement parts and repairs over a couple decades are the best you can get in the business, and offering that kind of warranty is one indication of a good company.
Best National Provider
SunPower
- 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
- 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
EcoWatch's Tewksbury, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Tewksbury?
The average cost of solar panels in Tewksbury is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Tewksbury?
Leasing solar panels can be an attractive choice, as it usually comes with low or $0 upfront payments. The downside 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Do solar panels increase your property value?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can keep using 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.