Solar Panel Cost Guide in Totowa, NJ (2023 Update)
- Totowa Solar Installation Cost: $9,258
- 25-Year Savings: $8,308
- Payback Period: 13.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Totowa
Find out what the average cost of solar panels are in Totowa.
While the national average of solar panels is $2.66 per watt, solar panels in Totowa generally cost about 2.77. Since a 4.8-kW system is needed to cover the energy needs of a typical home in Totowa, the average price of going solar will be about $9,249 after claiming the federal solar tax credit of 30%.
These figures are just averages, and how much solar costs for you may look different based on factors unique to your home and what company you choose to go with. Many homeowners find installing solar panels is a solid investment. The average homeowner in Totowa can save around $14,000 on their energy bills over 20 years.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Totowa
| Year | Return on Investment |
|---|---|
| 1 years | $-9,199 |
| 3 years | $-9,082 |
| 5 years | $-8,965 |
| 7 years | $-8,848 |
| 9 years | $-8,731 |
| 11 years | $-8,614 |
| 13 years | $-8,497 |
| 15 years | $-8,380 |
| 17 years | $-8,263 |
| 19 years | $-8,145 |
| 21 years | $-8,028 |
| 23 years | $-7,911 |
| 25 years | $-7,794 |
Top Solar Installers in Totowa
When making the switch to solar, many homeowners prefer to use a solar company since installing a solar system yourself can be a difficult project. The expertise that solar installers offer can be useful as well, especially if you aren't sure what kind of solar equipment would be right for your home.
If you're searching for a solar installer in Totowa, the EcoWatch team has compiled a list of our top suggestions here:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Totowa
Factors that Affect Solar Panel Costs in Totowa
Even though the average cost of a solar system in Totowa is $9,249, your actual cost may be higher or lower than that. There are several factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That's why it's important to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your power bills. In addition, extra products, such as solar batteries, can bring your total well above the Totowa average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are available from most installers in Totowa, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible. When estimating your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you hire to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Totowa, and each can charge varying amounts for labor and equipment. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $9,975 | 13.7 years |
| 8 kW | $2.83 | $15,822 | $13,610 | 13.4 years |
| 10 kW | $2.77 | $19,390 | $17,400 | 13.2 years |
| 12 kW | $2.71 | $22,803 | $21,345 | 12.9 years |
| 14 kW | $2.66 | $26,060 | $25,446 | 12.6 years |
| 16 kW | $2.60 | $29,163 | $29,701 | 12.4 years |
| 18 kW | $2.55 | $32,110 | $34,112 | 12.1 years |
| 20 kW | $2.49 | $34,902 | $38,678 | 11.9 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose significantly impacts 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:
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you opt for.
- Warranty: If you're worried about the longevity of your solar panel system, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years in most cases provide quality solar panel installation and expertise.
- Contract: Though reading through a contract can be tedious, it's important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Totowa, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Totowa?
This is a hard question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $13,850 for a 5-kW system and $27,700 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Totowa?
Leasing solar panels can be an attractive choice, as it often 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 way to go if you want to get the most savings.
Is it worth going solar in Totowa?
Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.