Solar Panel Cost Guide in Wayne, NJ (Oct 2022)
- Wayne Solar Installation Cost: $9,249
- 25-Year Savings: $8,235
- Payback Period: 13.2 Years
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Updated 9/16/2022
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Average Cost of Solar Panels in Wayne
Find out what the average cost of solar panel installation is in Wayne.
In Wayne, solar panels cost about $3 per watt on average. The average solar panel system size in Wayne is around 4.8 kilowatts, meaning a cost of about $9,249 for a solar installation, or $6,844 after the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of going solar can vary based on several factors, such as how many panels you need, your energy consumption and what solar installer you go with. Many homeowners find adopting solar power is a sound investment. The average homeowner in Wayne can save about $14,000 on their power bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Wayne
| Year | Return on Investment |
|---|---|
| 1 years | $-8,550 |
| 3 years | $-7,151 |
| 5 years | $-5,752 |
| 7 years | $-4,353 |
| 9 years | $-2,955 |
| 11 years | $-1,556 |
| 13 years | $-157 |
| 15 years | $1,242 |
| 17 years | $2,640 |
| 19 years | $4,039 |
| 21 years | $5,438 |
| 23 years | $6,837 |
| 25 years | $8,235 |
Top Solar Installers in Wayne
Putting up solar panels by yourself can be a stressful undertaking, which is why using a solar installation company is a good option for many homeowners. A solar installer can also help save you money over time by providing warranties, repairs and system component replacements.
There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:
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 many factors that can play into your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment Size
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the main factors is the system size. Solar power systems with better efficiency or power generation use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,770. The brand of solar panels and equipment you get is another factor that will considerably impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment is more than just the solar panels themselves. You'll also need to make decisions about 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 into a solar system that's in your budget.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a solid route because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
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 Wayne is the company you get to install your PV system. As with choosing a company to build a deck or pool, for instance, there's no shortage of solar installers that offer a range of services at different costs. Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.
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 | $9,872 | 13.8 years |
| 8 kW | $2.83 | $15,822 | $13,473 | 13.5 years |
| 10 kW | $2.77 | $19,390 | $17,230 | 13.2 years |
| 12 kW | $2.71 | $22,803 | $21,141 | 13.0 years |
| 14 kW | $2.66 | $26,060 | $25,207 | 12.7 years |
| 16 kW | $2.60 | $29,163 | $29,429 | 12.4 years |
| 18 kW | $2.55 | $32,110 | $33,805 | 12.2 years |
| 20 kW | $2.49 | $34,902 | $38,337 | 11.9 years |
Solar Incentives in Wayne
| Name | Successor Solar Incentive (SuSI) Program |
| Website | Visit here |
| More Info | Click here |
| Name | Solar Energy Sales Tax Exemption |
| Incentive Amount | 100% exemption |
| More Info | Click here |
| Name | Property Tax Exemption for Renewable Energy Systems |
| More Info | Click here |
| Name | Solar Renewable Energy Certificates (SRECs) Registration Program |
| Website | Visit here |
| More Info | Click here |
| Name | PSE&G - Solar Loan Program |
| Website | Visit here |
| More Info | Click here |
| Name | NJ Clean Energy- Residential New Construction Program |
| Website | Visit here |
| More Info | Click here |
| Name | Home Performance with ENERGY STAR Program |
| Website | Visit here |
| More Info | Click here |
| Name | Home Performance with ENERGY STAR Program |
| Website | Visit here |
| More Info | Click here |
| Name | COOLAdvantage Program |
| Website | Visit here |
| More Info | Click here |
| Name | NJ Clean Energy- WARMAdvantage Program (Electric and Gas) |
| Website | Visit here |
| More Info | Click here |
| Name | New Jersey Renewable Energy Incentive Program (Sustainable Biopower) |
| Website | Visit here |
| More Info | Click here |
| Name | Residential Renewable Energy Tax Credit |
| Website | Visit here |
| 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. Because choosing a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Different companies will carry different brands and types of panels. If you want a specific brand, make sure the solar installer you're considering has it.
- Contract: Before signing a contract with a solar company, make sure you read it through carefully so you understand the terms. Also, ask questions if you're not certain 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.
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- 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 adequate aftercare and customer service, such as part repairs and replacements.
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 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 additional solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Wayne?
A solar panel system isn't free in Wayne, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Does Wayne have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can either receive compensation 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 often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can keep using 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.
