Solar Panel Cost Guide in Wanamassa, NJ (2023 Update)
- Wanamassa Solar Installation Cost: $8,764
- 25-Year Savings: $7,419
- Payback Period: 13.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Wanamassa
Find out how much it might cost to go solar in Wanamassa.
In Wanamassa, solar panels cost about 2.77 per watt on average. To cover the typical energy needs of the average home in Wanamassa, most homeowners require a 4.5-kilowatt system. Using the figure above, a solar installation costs around $8,764, or $12,533 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy use, the type of solar panels you choose, your solar contractor and more. But, once you've paid the initial cost of installation, the return on investment for most homeowners is typically good, with a net average savings of about $14,000 over 20 years on utility bills.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Wanamassa
| Year | Return on Investment |
|---|---|
| 1 years | $-8,117 |
| 3 years | $-6,822 |
| 5 years | $-5,528 |
| 7 years | $-4,233 |
| 9 years | $-2,938 |
| 11 years | $-1,643 |
| 13 years | $-349 |
| 15 years | $946 |
| 17 years | $2,241 |
| 19 years | $3,535 |
| 21 years | $4,830 |
| 23 years | $6,125 |
| 25 years | $7,419 |
Top Solar Installers in Wanamassa
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Hiring a solar company can make swapping over to solar power much easier. The expertise that solar companies provide can be useful as well, especially if you aren't sure what brand of solar equipment would be right for your home.
If you're on the hunt for a solar installer in Wanamassa, we've organized 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 Wanamassa
Factors that Affect Solar Panel Costs in Wanamassa
Though the average cost of a solar system in Wanamassa is $8,764, your final cost may differ. There are many factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Wanamassa, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can determine by looking at past electricity bills. Your total cost can increase by about $2,770 for each additional kilowatt you need. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Wanamassa, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited 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
Most solar companies in Wanamassa offer solar loans, which reduce the initial cost of installing solar panels. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Wanamassa is the company you choose to install your solar system. Similar to choosing a company to install new cabinets, for instance, there's no shortage of solar installers that offer a range of services for different budgets. The company's size can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because of more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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 | $9,382 | 14.1 years |
| 8 kW | $2.83 | $15,822 | $12,819 | 13.8 years |
| 10 kW | $2.77 | $19,390 | $16,412 | 13.5 years |
| 12 kW | $2.71 | $22,803 | $20,160 | 13.3 years |
| 14 kW | $2.66 | $26,060 | $24,062 | 13.0 years |
| 16 kW | $2.60 | $29,163 | $28,120 | 12.7 years |
| 18 kW | $2.55 | $32,110 | $32,333 | 12.5 years |
| 20 kW | $2.49 | $34,902 | $36,702 | 12.2 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Wanamassa, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Contract: Review the contract terms carefully to make sure you understand the cost breakdown, completion timeline rebates and warranties.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years most likely offer quality solar panel installation and expertise.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Solar Panel Brands: The brand of solar panel you need to install plays a part in which company you should choose, since different companies have different panels.
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 Wanamassa, NJ Solar Cost FAQs
How much does it cost to install solar panels in Wanamassa?
This is a tough question to answer precisely, because the cost depends on many factors. Broadly 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 extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Wanamassa?
Leasing solar panels can be an option if you are unable to pay upfront or get 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 installing solar panels impact my home value?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
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 uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually 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.