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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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 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 Technology
Tesla Energy
4.5
- 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 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 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 Technology
Tesla Energy
4.5
- 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 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.
