Solar Panel Cost Guide in Wayne, NJ (2023 Update)
- Wayne Solar Installation Cost: $9,249
- 25-Year Savings: $8,235
- Payback Period: 13.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Wayne
Find out what the average cost of solar panel installation is in Wayne.
While the national average of solar panels is $2.66 per watt, solar panels in Wayne generally cost about 2.77. 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 $9,249 after claiming the federal solar tax credit of 30%.
The true cost of your system can go above or below the average in Wayne based on a variety of factors, such as the kind of solar panels you choose and the solar contractor you hire. With average savings of about $14,000 on utility bills over 20 years, many homeowners in Wayne find going solar can be quite rewarding.
You can click the button below to get connected with a pre-vetted solar company in Wayne for a quote for your home.
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
Although you can install solar panels on your own, it involves extra time and knowledge. That's one of the reasons most people choose a solar panel installer. The expertise that solar companies offer can be helpful as well, particularly if you don't quite know what type of solar equipment you need.
You can get a free quote from a local solar installer on how much your investment in solar could cost 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
See all of the solar companies in Wayne
Factors that Affect Solar Panel Costs in Wayne
Though the average cost of a solar system in Wayne is $9,249, your final cost may be above or below the average. There are several factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
When it comes to estimating the cost of a solar system in Wayne, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy usage, which you can gauge by looking at past electricity bills. Your overall cost can increase by about $2,770 for each additional kilowatt you need. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag 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 more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar installers in Wayne have solar loans, which reduce the initial cost of installing solar. While solar loans make adopting solar energy more accessible for Wayne homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Wayne, you'll have a great number of options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Wayne are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 |
How to Save on Solar Panels
The solar installer you opt for will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Reputation: Companies that have been operating for many years 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.
- Contract: When looking over your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Warranty: Warranties that provide coverage for defective panels and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one mark of a quality company.
- 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 substantial 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 Wayne, NJ Solar Cost FAQs
How much does it cost to install solar panels in Wayne?
The average cost of solar panels in Wayne 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 type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Wayne?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Is it worth going solar in Wayne?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
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 goes down 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.