Solar Panel Cost Guide in Wayne, NJ (Aug 2022)
- Wayne Solar Installation Cost: $9,778
- 25-Year Savings: $7,707
- Payback Period: 14.0 Years
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Updated 7/19/2022
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Average Cost of Solar Panels in Wayne
Find out what the average cost of solar panels are in Wayne.
The national average cost of solar panels is $2.66 per watt, but in Wayne it's $3 per watt. Because a 4.8-kW system is needed to cover the energy consumption of a typical home in Wayne, the average price of going solar will be about $9,778 before claiming the federal solar tax credit.
Bear in mind that the figures above are only estimates based on the average energy use of Wayne homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. Even with the large upfront cost, the average Wayne homeowner can save around $14,000 on their energy bills over 20 years, which is one of the benefits of solar.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Wayne
| Year | Return on Investment |
|---|---|
| 1 years | $-9,078 |
| 3 years | $-7,679 |
| 5 years | $-6,281 |
| 7 years | $-4,882 |
| 9 years | $-3,483 |
| 11 years | $-2,084 |
| 13 years | $-686 |
| 15 years | $713 |
| 17 years | $2,112 |
| 19 years | $3,511 |
| 21 years | $4,909 |
| 23 years | $6,308 |
| 25 years | $7,707 |
Top Solar Installers in Wayne
Although it's possible to install solar panels yourself, it involves extra effort and handiness. That's why the majority of homeowners choose a solar panel installer. Plus, if you're not certain what brand of solar panels and equipment you want, a solar expert can help you figure that out after a site survey and consultation.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some near you:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
The Green Panel
- 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 Wayne
Factors that Affect Solar Panel Costs in Wayne
There are a number of criteria that can determine your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment Size
The size of the system you need is one of the largest factors that determines the overall cost of installing solar panels. That's why it's important to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. The kind of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Furthermore, 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
If paying for a solar system in cash is too expensive, solar loans are a solid option because they lower your upfront costs and allow you to pay for your system over five to seven years on average. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar company you opt for to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar installation companies in Wayne, and each can charge varying amounts 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 go with the company that offers the products, warranties and services you want and also is within 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 | $12,791 | $9,181 | 14.6 years |
| 8 kW | $2.83 | $16,726 | $12,569 | 14.3 years |
| 10 kW | $2.77 | $20,498 | $16,122 | 14.0 years |
| 12 kW | $2.71 | $24,106 | $19,838 | 13.7 years |
| 14 kW | $2.66 | $27,549 | $23,718 | 13.4 years |
| 16 kW | $2.60 | $30,829 | $27,762 | 13.2 years |
| 18 kW | $2.55 | $33,945 | $31,971 | 12.9 years |
| 20 kW | $2.49 | $36,896 | $36,343 | 12.6 years |
Solar Incentives in Wayne
| Name | NJ Clean Energy- Residential New Construction Program |
| Incentive Amount | Incentives depend on the HERS score and the classification Single family homes: Ranges from $1,125 to - 24,250 Multi-single homes: Ranges from $1,125 to $18,188 Multifamily homes: Ranges from $625-$12,125 |
| Incentive Max | Multifamily: up to $12,125 Individual homes: up to $24,250 |
| Website | Visit here |
| More Info | Click here |
| Name | Property Tax Exemption for Renewable Energy Systems |
| Incentive Amount | 100% of value added by renewable system |
| More Info | Click here |
| Name | ITC |
| Type | Tax Incentive |
| Incentive Amount | 26% of installation cost |
| Website | Visit here |
| Name | Solar Renewable Energy Certificates (SRECs) Registration Program |
| Incentive Amount | Determined by the market. In June 2016, SREC traded at an average price of $229.90. |
| Incentive Max | Maximum price set by the SACP for the particular year. |
| Website | Visit here |
| More Info | Click here |
| Name | PSE&G - Solar Loan Program |
| Website | Visit here |
| More Info | Click here |
| Name | Successor Solar Incentive (SuSI) Program |
| Incentive Amount | Net-Metered Residential: $90/SREC-II Small Net-Metered Non-Residential located on Rooftop, Carport, Canopy and Floating Solar Projects smaller than 1 MW (dc): $100/SREC-II, $120 for public entities Projects 1 MW to 5 MW (dc): $90/SREC-II, $110 for public entities Net Metered Non-Residential Ground Mount Projects smaller than 1 MW (dc): $85/SREC-II, $105 for public entities Projects 1 MW to 5 MW (dc): $80/SREC-II, $100 for public entities Community Solar LMI: $90/SREC-II Community Solar Non-LMI: $70/SREC-II |
| Incentive Max | MW-DC Capacity Blocks Net Metered Residential: 150 MW Net Metered Non-Residential: 150 MW Community Solar (LMI and Non-LMI): 150 MW |
| Website | Visit here |
| More Info | Click here |
| Name | Solar Energy Sales Tax Exemption |
| Incentive Amount | 100% exemption |
| Incentive Max | None |
| More Info | Click here |
How to Save on Solar Panels
The company that does your solar panel 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 tough decision, we have some tips to help you, such as:
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be done and what the project timeline is.
- Contract: Even though reading through a contract can be tedious, it's important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Solar Panel Brands: Different companies will carry various brands and kinds of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best Technology
The Green Panel
- 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 Wayne, NJ Solar Cost FAQs
How much does it cost to install solar panels in Wayne?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally 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 extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Are solar panels free in Wayne?
Solar panels aren't free in Wayne, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
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 house 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.
