Solar Panel Cost Guide in Wayne, NJ (2024 Update)
- Wayne Solar Installation Cost: $11,798
- 25-Year Savings: $8,227
- Payback Period: 16.9 Years
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Average Cost of Solar Panels in Wayne
Here’s how much it might cost to go solar in Wayne.
The national average cost of solar panels is $2.66 per watt, but in Wayne it’s 4 per watt.Because a 4.8-kW system is needed to cover the energy costs of a typical home in Wayne, the average price of going solar will be about $11,798 after claiming the federal solar tax credit of 0.
Bear in mind that the figures above are only estimates based on the average Wayne homeowner. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.But, after you've paid the upfront cost of installation, the savings for most homeowners is quite good, with a net average savings of about $14,000 over 20 years on electricity bills.
Click the button below to get connected to a highly rated solar panel company in your area for a customized quote.
Solar savings over time in Wayne
| Year | Return on Investment |
|---|---|
| 1 years | $-10,739 |
| 3 years | $-8,620 |
| 5 years | $-6,502 |
| 7 years | $-4,384 |
| 9 years | $-2,265 |
| 11 years | $-147 |
| 13 years | $1,972 |
| 15 years | $4,090 |
| 17 years | $6,208 |
| 19 years | $8,327 |
| 21 years | $10,445 |
| 23 years | $12,564 |
| 25 years | $14,682 |
Top Solar Installers in Wayne
Trying to put up solar panels yourself can be a stressful project, which is why hiring a solar installation company is a good option for many homeowners. Some solar installers, particularly local ones, can help you better understand incentives in Wayne, therefore optimizing your ROI.
If you're looking for a solar installer in Wayne, we've put together 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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Wayne
Factors that Affect Solar Panel Costs in Wayne
For many Wayne homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Wayne, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $3,530. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Wayne, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, 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
Many homeowners find the average cost of solar in Wayne to be too costly, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest.While solar loans make switching to solar energy more accessible for Wayne homeowners, they can also raise 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 solar company you choose will play a role in your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor.You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.67 | $15,419 | $6,553 | 17.5 years |
| 8 kW | $3.60 | $20,163 | $9,132 | 17.2 years |
| 10 kW | $3.53 | $24,710 | $11,910 | 16.9 years |
| 12 kW | $3.46 | $29,059 | $14,885 | 16.5 years |
| 14 kW | $3.39 | $33,210 | $18,057 | 16.2 years |
| 16 kW | $3.32 | $37,164 | $21,428 | 15.9 years |
| 18 kW | $3.25 | $40,920 | $24,995 | 15.5 years |
| 20 kW | $3.18 | $44,478 | $28,761 | 15.2 years |
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. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Warranty: If you care about the durability of your solar panel system, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Long-running 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 quality aftercare and customer service, such as part repairs and replacements.
- Contract: It’s important to look over your solar installer’s contract well to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a big 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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's Wayne, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Wayne?
This is a hard question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $17,650 for a 5-kW system and $35,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive 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 can further reduce the cost.
Can you sell solar power back to the grid in Wayne?
Most states offer net metering programs of some kind. Through these, you can get paid for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Wayne?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.