Solar Panel Cost Guide in Toms River, NJ (2024 Update)

  • Toms River Solar Installation Cost: $10,964
  • 25-Year Savings: $7,580
  • Payback Period: 16.9 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Toms River

Let’s take a look at the average cost of solar in Toms River.

While the national average of solar panels is $2.66 per watt, solar panels in Toms River typically cost around 4.To account for the typical energy usage of the average home in Toms River, most homeowners require a 4.4-kilowatt system. Using the per-watt figure above, a solar installation costs around $10,964, or $15,679 before the federal solar tax credit of 0 is applied.

The true cost of your system can go higher or lower than the average in Toms River depending on several factors, such as the kind of solar panels you choose and the solar contractor you hire.But, after you've paid the initial cost of installation, the savings for most homeowners is usually good, with a net average savings of about $14,000 over 20 years on power bills.

To receive a free estimate from a top solar installation company in Toms River, you can click the button below.

Solar savings over time in Toms River

Year Return on Investment
1 years $-9,905
3 years $-7,787
5 years $-5,668
7 years $-3,550
9 years $-1,432
11 years $687
13 years $2,805
15 years $4,923
17 years $7,042
19 years $9,160
21 years $11,279
23 years $13,397
25 years $15,515

Top Solar Installers in Toms River

Many homeowners choose to hire a solar panel installer since trying to install solar panels on your own can be challenging. Since solar panels are exposed to temperature swings and extreme weather, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.

You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some in Toms River:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • 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 Toms River

Factors that Affect Solar Panel Costs in Toms River

For many Toms River homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Toms River, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you’ll pay, which we'll go over below.

Solar Equipment

The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,530.The 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. However, higher efficiency could save you more in the long run on your power bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Toms River average.

Solar Financing Terms

Most solar installers in Toms River have solar loans, which reduce the initial cost of installing a solar system.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 can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs considerably.

Solar Panel Installation Company

Lastly, the company you hire to install your solar panel system can affect the cost. Toms River’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Toms River know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, 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 $6,464 17.6 years
8 kW $3.60 $20,163 $9,014 17.3 years
10 kW $3.53 $24,710 $11,762 16.9 years
12 kW $3.46 $29,059 $14,708 16.6 years
14 kW $3.39 $33,210 $17,851 16.3 years
16 kW $3.32 $37,164 $21,192 15.9 years
18 kW $3.25 $40,920 $24,730 15.6 years
20 kW $3.18 $44,478 $28,466 15.2 years

How to Save on Solar Panels

Since the type of solar panels and the installation company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:

  • Warranty: Warranties that provide coverage for replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a quality company.
  • Installation Process: Make sure you’re on the same page with the company regarding how the installation process will go and what you need to do before your solar panel system is installed, such as repairing your electrical system or roof.
  • Contract: Read the contract terms closely to make sure you understand how much it will cost, completion timeline rebates and warranties.
  • Reputation: Your solar installer should have a solid 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 that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's Toms River, NJ Solar Cost FAQs

How much does it cost to install solar panels in Toms River?

This is a hard question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $17,650 for a 5-kW system and $35,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.

What other factors should I consider other than cost when buying solar panels?

The upfront cost is a crucial factor to consider, but whether it’s the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.

How will having solar panels impact my property value?

Solar panels can increase your property’s value significantly 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% after installing solar panels."

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

To figure out what solar panel system size you need, you need to know how much energy your home uses 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 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.

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