Solar Panel Cost Guide in Waterford, NJ (Dec 2022)

  • Waterford Solar Installation Cost: $9,036
  • 25-Year Savings: $13,725
  • Payback Period: 9.9 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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Average Cost of Solar Panels in Waterford

Let's have a look at the average cost of solar panels in Waterford.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Waterford, the average cost of a solar system is $3 per watt. To cover the typical energy needs of the average home in Waterford, most homeowners require a 4.7-kilowatt system. Using the figure above, a solar installation costs around $9,036, or $6,687 after the federal solar tax credit of 30% is applied.

These figures are just estimates, and your own solar costs will most likely vary based on your energy needs and what company you choose to go with. Many homeowners find adopting solar power is a solid investment. The average homeowner in Waterford can save about $19,000 on their energy bills over 20 years.

You can click the button below to get connected with a top solar company in Waterford that can help you get a more accurate cost estimate for your home.

Solar savings over time in Waterford

Year Return on Investment
1 years $-8,125
3 years $-6,304
5 years $-4,484
7 years $-2,663
9 years $-842
11 years $979
13 years $2,800
15 years $4,621
17 years $6,442
19 years $8,262
21 years $10,083
23 years $11,904
25 years $13,725

Top Solar Installers in Waterford

Installing solar panels yourself can be a difficult undertaking, which is why getting a solar installer is a good option for many homeowners. The expertise that solar companies provide can be useful as well, particularly if you don't quite know what type of solar equipment you need.

There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

Tesla Energy

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

See all of the solar companies in Waterford

Factors that Affect Solar Panel Costs in Waterford

The cost of installing a solar system in Waterford can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar company you choose.

Solar Equipment

The size of the solar panel system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,770. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.

Solar Financing Terms

Solar panels can save you money on power bills over time, but they can also be a big investment. That's why many Waterford homeowners choose to finance their solar panel systems to make paying for solar more affordable. Though solar loans make going solar more accessible for Waterford homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.

Solar Panel Installation Company

The solar company you choose to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar panel companies in Waterford, and each can charge different amounts for labor and equipment. The company's size can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to greater resources and better 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 down 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 $17,217 10.3 years
8 kW $2.83 $15,822 $23,266 10.1 years
10 kW $2.77 $19,390 $29,470 9.9 years
12 kW $2.71 $22,803 $35,830 9.7 years
14 kW $2.66 $26,060 $42,344 9.5 years
16 kW $2.60 $29,163 $49,014 9.3 years
18 kW $2.55 $32,110 $55,839 9.1 years
20 kW $2.49 $34,902 $62,819 8.9 years

How to Save on Solar Panels

The solar panel company you go with will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should consider, such as:

  • Contract: Before you sign a contract with a solar installer, make sure to read it through carefully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
  • Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
  • Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
  • Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you go with.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best Technology

Tesla Energy

★★★★★
4.5

  • Price-match guarantee
  • Sleek, efficient, and durable solar panels
  • Best solar battery on the market
  • Some reported issues with customer service
  • Customer service varies by local dealer

EcoWatch's Waterford, NJ Solar Cost FAQs

How much does it cost to install solar panels in Waterford?

The average cost of solar panels in Waterford 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 use.

What other factors should I consider other than cost when buying solar panels?

The upfront cost is a key factor to consider, but whether it's the most important for you depends on why you decided to go solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.

Is going solar worth it?

Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.

How often do you have to replace solar panels?

Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can continue to use them at a lower efficiency.

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.

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