Solar Panel Cost Guide in Wanaque, NJ (2023 Update)
- Wanaque Solar Installation Cost: $9,249
- 25-Year Savings: $7,759
- Payback Period: 13.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Wanaque
We go over average solar pricing in Wanaque.
Although the national average of solar panels is $2.66 per watt, solar panels in Wanaque typically cost about 2.77. Because a 4.8-kW system is needed to cover the energy usage of a typical home in Wanaque, the average price of going solar will be about $9,249 after claiming the federal solar tax credit of 30%.
Keep in mind that the figures above are only estimates based on the average energy use of Wanaque homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. Many homeowners find going solar is a solid investment. The average homeowner in Wanaque can save around $14,000 on their energy bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Wanaque
| Year | Return on Investment |
|---|---|
| 1 years | $-8,569 |
| 3 years | $-7,208 |
| 5 years | $-5,847 |
| 7 years | $-4,487 |
| 9 years | $-3,126 |
| 11 years | $-1,765 |
| 13 years | $-405 |
| 15 years | $956 |
| 17 years | $2,317 |
| 19 years | $3,677 |
| 21 years | $5,038 |
| 23 years | $6,399 |
| 25 years | $7,759 |
Top Solar Installers in Wanaque
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Hiring a solar company can make switching to solar power much easier. Another perk of using a solar installer is that they can help you maximize your ROI by lowering your future costs of repairs and replacements with the help of warranties and giving you information on local incentives you can take advantage of.
Working with a licensed solar installer can help you make the most of your investment in solar. 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 Wanaque
Factors that Affect Solar Panel Costs in Wanaque
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that affect your total cost in Wanaque: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,770. There are several different solar panel brands and the one you choose also affects the cost. In many cases, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a popular option because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. Even though solar loans make adopting solar energy more accessible for Wanaque homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The final major cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Wanaque, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and find a company that provides the products, warranties and services you're looking for and also fit into your budget.
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 | $9,274 | 14.2 years |
| 8 kW | $2.83 | $15,822 | $12,676 | 13.9 years |
| 10 kW | $2.77 | $19,390 | $16,232 | 13.6 years |
| 12 kW | $2.71 | $22,803 | $19,944 | 13.3 years |
| 14 kW | $2.66 | $26,060 | $23,811 | 13.1 years |
| 16 kW | $2.60 | $29,163 | $27,833 | 12.8 years |
| 18 kW | $2.55 | $32,110 | $32,010 | 12.5 years |
| 20 kW | $2.49 | $34,902 | $36,343 | 12.2 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be a challenge, we have some tips to help you, such as:
- Contract: When reading through your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Reputation: Well-established companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- 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 significant role in the company you go with.
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 Wanaque, NJ Solar Cost FAQs
How much does it cost to install solar panels in Wanaque?
This is a difficult question to answer exactly, because the cost depends on a variety of 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. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Wanaque?
The majority of states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels do I need to power my home?
To figure out how many solar panels 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.