Solar Panel Cost Guide in Totowa, NJ (2024 Update)
- Totowa Solar Installation Cost: $11,798
- 25-Year Savings: $8,308
- Payback Period: 16.8 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Totowa
We go over average solar pricing in Totowa.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Totowa, the typical cost of solar panels is 4 per watt.Using this figure, a typical 4.8-kW system would cost about $11,798 before the 0 federal solar tax credit is applied.
These figures are only estimates, and your own solar costs may vary based on the amount of energy your home requires and what company you go with.Many homeowners find installing solar panels is a solid investment. The average homeowner in Totowa can save about $14,000 on their electricity bills over 20 years.
To receive a free quote from a top solar installation company in Totowa, you can click the button below.
Solar savings over time in Totowa
| Year | Return on Investment |
|---|---|
| 1 years | $-10,497 |
| 3 years | $-7,894 |
| 5 years | $-5,291 |
| 7 years | $-2,689 |
| 9 years | $-86 |
| 11 years | $2,516 |
| 13 years | $5,119 |
| 15 years | $7,722 |
| 17 years | $10,324 |
| 19 years | $12,927 |
| 21 years | $15,529 |
| 23 years | $18,132 |
| 25 years | $20,735 |
Top Solar Installers in Totowa
Although it's possible to install solar panels by yourself, it requires extra labor and know-how. Because of that, most people choose a solar panel installer. Plus, if you’d like to maximize your investment in solar power, using a solar installer can help with that as well. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives.
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 in Totowa:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Totowa
Factors that Affect Solar Panel Costs in Totowa
There are many criteria that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
When it comes to estimating the price of a solar panel system in Totowa, one of the most important 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 gauge by looking at past electricity bills. Your overall cost can increase by about $3,530 for each additional kilowatt you need.The type of 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, higher efficiency could save you more in the long run on your power bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Totowa average.
Solar Financing Terms
Most solar companies in Totowa provide solar loans, which reduce the initial cost of installing a solar system.However, the interest on solar loans also adds to your all-in costs, so it’s vital to keep that in mind as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The last major cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in Totowa, you’ll have many options to choose from, but each comes at various price points for labor and equipment.Additionally, some companies in Totowa 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 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 | $3.67 | $15,419 | $6,655 | 17.5 years |
| 8 kW | $3.60 | $20,163 | $9,269 | 17.1 years |
| 10 kW | $3.53 | $24,710 | $12,080 | 16.8 years |
| 12 kW | $3.46 | $29,059 | $15,089 | 16.5 years |
| 14 kW | $3.39 | $33,210 | $18,296 | 16.1 years |
| 16 kW | $3.32 | $37,164 | $21,700 | 15.8 years |
| 18 kW | $3.25 | $40,920 | $25,302 | 15.4 years |
| 20 kW | $3.18 | $44,478 | $29,102 | 15.1 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. Although there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of options before deciding.
- Reputation: Long-running companies likely have a good 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 support, such as part repairs and replacements.
- Warranty: If you care about the longevity of your solar panel system, ensuring your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: When reading over your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Totowa, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Totowa?
The average cost of solar panels in Totowa is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Totowa?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
How will solar panels impact how much my home is worth?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Totowa is currently $555,338, which means you could be looking at a value of about $22,769 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Totowa is a fruitful investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs 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 buy between 20 and 35 panels to account for 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.