Solar Panel Cost Guide in Toms River, NJ (Mar 2023)
- Toms River Solar Installation Cost: $8,609
- 25-Year Savings: $7,575
- Payback Period: 13.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Toms River
Find out what the average cost of a solar system is in Toms River.
In Toms River, solar panels cost about 2.77 per watt on average. To cover the typical energy usage of the average home in Toms River, most homeowners require a 4.4-kilowatt system. Using the figure above, a solar installation costs around $8,609, or $12,311 before the federal solar tax credit of 30% is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Toms River homeowners. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. With typical savings of about $14,000 on energy bills over 20 years, many homeowners in Toms River find installing solar panels can pay off big.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Toms River
| Year | Return on Investment |
|---|---|
| 1 years | $-7,962 |
| 3 years | $-6,667 |
| 5 years | $-5,372 |
| 7 years | $-4,078 |
| 9 years | $-2,783 |
| 11 years | $-1,488 |
| 13 years | $-194 |
| 15 years | $1,101 |
| 17 years | $2,396 |
| 19 years | $3,690 |
| 21 years | $4,985 |
| 23 years | $6,280 |
| 25 years | $7,575 |
Top Solar Installers in Toms River
When switching to solar energy, many homeowners opt to go with a solar company since putting up a solar system yourself can be a time-consuming project. A solar company can also help save you money over time by offering warranties, repairs and part replacements.
You can work with a local solar installer to get a free quote on how much solar panels could cost for your home. Here are some near you:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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
There are several criteria that can determine your solar panel 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
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. That's why it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. There are several different solar panel brands and the one you pick also affects the cost. Generally, the brands that have better efficiency tend to also be more expensive. In addition, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Toms River provide solar loans, which reduce the initial cost of installing solar. However, the interest on solar loans also increases your total costs, so it's vital to include that in your estimate as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you go with to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar panel companies in Toms River, and each can charge varying amounts for labor and equipment. Larger national companies generally have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
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
Since the model of solar panels and the installer you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Before you sign a contract with a solar company, make sure to read it through completely so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Solar Panel Brands: The type of solar panel you'd like plays a role in which company you should go with, since different companies provide different panels.
- Reputation: Long-running companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Warranty: If you're concerned about the longevity of your solar panel system, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
Tesla Energy
- 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
How much does it cost to install 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 actual cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider aside from cost when buying solar panels?
Cost is a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Do solar panels increase your home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Toms River is currently $274,885, so you could be looking at a value of about $11,270 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Toms River is a worthwhile investment.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home 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.