Solar Panel Cost Guide in Toms River, NJ (Jul 2022)

  • Toms River Solar Installation Cost: $9,101
  • 25-Year Savings: $7,083
  • Payback Period: 14.1 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 6/24/2022

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Average Cost of Solar Panels in Toms River

See how much it might cost to make the switch to solar in Toms River.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Toms River, the average cost of a solar system is $3 per watt. Using this figure, a typical 4.4 would cost about $9,101 before the federal solar tax credit is applied.

These figures are just averages, and the cost of going solar for you may vary based on factors unique to your home and what company you want to go with. For many homeowners, the upfront investment in solar power is worth paying. On average Toms River homeowners see about $14,000 in savings on energy bills over 20 years.

Click the button below to get connected to a top solar panel company in your area for a customized quote.

Solar savings over time in Toms River

Year Return on Investment
1 years $-8,454
3 years $-7,159
5 years $-5,864
7 years $-4,570
9 years $-3,275
11 years $-1,980
13 years $-686
15 years $609
17 years $1,904
19 years $3,199
21 years $4,493
23 years $5,788
25 years $7,083

Top Solar Installers in Toms River

Putting up solar panels by yourself can be a challenging project, which is why getting a solar installation company is a good option for many homeowners. Plus, if you're unsure what brand of solar panels and equipment you want, a solar company can help you find the right equipment for you after a site survey and consultation.

If you're searching for a solar company in Toms River, the EcoWatch team has organized a list of our top suggestions here:

Best National Provider

SunPower

5.0

  • Pros iconMost efficient panels on the market
  • Pros iconNational coverage
  • Pros iconCradle to Cradle sustainability certification
  • Pros iconGreat warranty coverage
  • Con iconExpensive
  • Con iconCustomer service varies by local dealer

Best Regional Coverage

Momentum Solar

4.5

  • Pros iconGreat warranty coverage
  • Pros iconRepresentatives are experts on local policies
  • Pros iconConcierge service ensures steady communication
  • Con iconSlightly limited service offerings

Best Technology

Tesla Energy

4.5

  • Pros iconPrice-match guarantee
  • Pros iconSleek, efficient, and durable solar panels
  • Pros iconBest solar battery on the market
  • Con iconSome reported issues with customer service
  • Con iconCustomer service varies by local dealer

See all of the solar companies in Toms River

Factors that Affect Solar Panel Costs in Toms River

Although the average cost of solar panels in Toms River is $9,101, your final cost may be higher or lower than that. There are quite a few factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.

Solar Equipment Size

When it comes to estimating the cost of solar panels in 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 usage, which you can determine by looking at past power bills. Your total cost can increase by around $2,770 for each additional kilowatt you need. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Toms River, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.

Solar Financing Terms

Many homeowners find the average cost of solar in Toms River to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area offers financing options. Solar loans substantially decrease upfront costs in most cases, but they also lead to a higher cost over time due to interest. When estimating your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.

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 Toms River, you'll have many options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Toms River are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, 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 $12,791 $9,093 14.6 years
8 kW $2.83 $16,726 $12,451 14.3 years
10 kW $2.77 $20,498 $15,974 14.1 years
12 kW $2.71 $24,106 $19,661 13.8 years
14 kW $2.66 $27,549 $23,512 13.5 years
16 kW $2.60 $30,829 $27,526 13.2 years
18 kW $2.55 $33,945 $31,705 12.9 years
20 kW $2.49 $36,896 $36,048 12.6 years

Solar Incentives in Toms River

Name NJ Clean Energy- Residential New Construction Program
Incentive Amount Incentives depend on the HERS score and the classification
Single family homes: Ranges from $1,125 to - 24,250
Multi-single homes: Ranges from $1,125 to $18,188
Multifamily homes: Ranges from $625-$12,125
Incentive Max Multifamily: up to $12,125
Individual homes: up to $24,250
Website Visit here
More Info Click here

Name Property Tax Exemption for Renewable Energy Systems
Incentive Amount 100% of value added by renewable system
More Info Click here

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Solar Renewable Energy Certificates (SRECs) Registration Program
Incentive Amount Determined by the market.
In June 2016, SREC traded at an average price of $229.90.
Incentive Max Maximum price set by the SACP for the particular year.
Website Visit here
More Info Click here

Name Successor Solar Incentive (SuSI) Program
Incentive Amount Net-Metered Residential: $90/SREC-II

Small Net-Metered Non-Residential located on Rooftop, Carport, Canopy and Floating Solar
Projects smaller than 1 MW (dc): $100/SREC-II, $120 for public entities
Projects 1 MW to 5 MW (dc): $90/SREC-II, $110 for public entities

Net Metered Non-Residential Ground Mount
Projects smaller than 1 MW (dc): $85/SREC-II, $105 for public entities
Projects 1 MW to 5 MW (dc): $80/SREC-II, $100 for public entities

Community Solar LMI: $90/SREC-II
Community Solar Non-LMI: $70/SREC-II
Incentive Max MW-DC Capacity Blocks
Net Metered Residential: 150 MW
Net Metered Non-Residential: 150 MW
Community Solar (LMI and Non-LMI): 150 MW
Website Visit here
More Info Click here

Name Solar Energy Sales Tax Exemption
Incentive Amount 100% exemption
Incentive Max None
More Info Click here

How to Save on Solar Panels

The solar installer you go with will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, such as:

  • Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you opt for.
  • 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 have a good reputation and are qualified to do the job well. Another way you can research your installer's reputation is by reading reviews.
  • Contract: Though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
  • Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should acquire and how long the project will take.

Best National Provider

SunPower

5.0

  • Pros iconMost efficient panels on the market
  • Pros iconNational coverage
  • Pros iconCradle to Cradle sustainability certification
  • Pros iconGreat warranty coverage
  • Con iconExpensive
  • Con iconCustomer service varies by local dealer

Best Regional Coverage

Momentum Solar

4.5

  • Pros iconGreat warranty coverage
  • Pros iconRepresentatives are experts on local policies
  • Pros iconConcierge service ensures steady communication
  • Con iconSlightly limited service offerings

Best Technology

Tesla Energy

4.5

  • Pros iconPrice-match guarantee
  • Pros iconSleek, efficient, and durable solar panels
  • Pros iconBest solar battery on the market
  • Con iconSome reported issues with customer service
  • Con iconCustomer service varies by local dealer

EcoWatch's Toms River, NJ Solar Cost FAQs

What is the average cost of installing solar panels in Toms River?

The average cost of solar panels in Toms River is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the real cost will depend on things like the type of solar panels you want, what size system you need and how much energy you consume.

Is it better to lease or buy solar panels in Toms River?

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 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.

Is it worth going solar in Toms River?

Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and the amount of direct sunlight your roof gets.

How many solar panels should I get to power my home?

To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household 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.

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