Solar Panel Cost Guide in Waldwick, NJ (2023 Update)
- Waldwick Solar Installation Cost: $9,055
- 25-Year Savings: $8,950
- Payback Period: 12.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Waldwick
Let's take a look at the average cost of solar panels in Waldwick.
In Waldwick, solar panels cost about 2.77 per watt on average. The average Waldwick homeowner needs a 4.7-kilowatt system, which would cost about $9,055 with the federal tax credit, or $12,949 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The true cost of making the switch to solar can vary based on a few factors, such as what size system you need, your energy usage and what installation company you go with. With average savings of about $15,000 on electricity bills over 20 years, many homeowners in Waldwick find installing solar panels has a decent ROI.
You can click the button below to get connected with a vetted solar company in Waldwick that can help you get a more accurate cost estimate for your home.
Solar savings over time in Waldwick
| Year | Return on Investment |
|---|---|
| 1 years | $-8,335 |
| 3 years | $-6,895 |
| 5 years | $-5,454 |
| 7 years | $-4,014 |
| 9 years | $-2,573 |
| 11 years | $-1,133 |
| 13 years | $307 |
| 15 years | $1,748 |
| 17 years | $3,188 |
| 19 years | $4,628 |
| 21 years | $6,069 |
| 23 years | $7,509 |
| 25 years | $8,950 |
Top Solar Installers in Waldwick
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Taking advantage of an installer can make switching to solar power much easier. Plus, if you're not certain what type of solar panels and equipment you want, a solar expert can help you figure that out after a site survey and consultation.
Working with a professional solar company can help your solar project go smoothly. Here are our recommendations:
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 Waldwick
Factors that Affect Solar Panel Costs in Waldwick
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few major factors that affect your total cost in Waldwick: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,770. The kind of solar panels and equipment you get is another factor that will considerably influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Waldwick to be prohibitively costly, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to paying more over time because of interest. However, the interest on solar loans also increases your overall costs, so it's vital to take that into consideration 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
A final consideration when trying to figure out the cost of solar for your home or business in Waldwick is the company you choose to install your solar panel system. As with choosing a company to build a deck or pool, for example, you'll have no shortage of solar installers that offer a range of services at different costs. Additionally, some companies in Waldwick know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, 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 | $2.88 | $12,099 | $11,055 | 13.1 years |
| 8 kW | $2.83 | $15,822 | $15,050 | 12.8 years |
| 10 kW | $2.77 | $19,390 | $19,200 | 12.6 years |
| 12 kW | $2.71 | $22,803 | $23,506 | 12.3 years |
| 14 kW | $2.66 | $26,060 | $27,967 | 12.1 years |
| 16 kW | $2.60 | $29,163 | $32,582 | 11.8 years |
| 18 kW | $2.55 | $32,110 | $37,353 | 11.6 years |
| 20 kW | $2.49 | $34,902 | $42,279 | 11.3 years |
How to Save on Solar Panels
The solar panel company you choose will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should take into account, including:
- Contract: Though reading through a contract can be tedious, it's important to do it carefully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Warranty: If you're worried about the longevity of your solar energy system, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you hire.
- Reputation: Well-established companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
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 Waldwick, NJ Solar Cost FAQs
How much does it cost to install solar panels in Waldwick?
The average cost of solar panels in Waldwick 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 model of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on electricity bills after switching to solar?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Waldwick, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How many solar panels do I need 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 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.