Solar Panel Cost Guide in Woodcliff Lake, NJ (Aug 2022)

  • Woodcliff Lake Solar Installation Cost: $9,573
  • 25-Year Savings: $8,432
  • Payback Period: 13.3 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 7/19/2022

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Average Cost of Solar Panels in Woodcliff Lake

Let's take a look at the average cost of solar panels in Woodcliff Lake.

In Woodcliff Lake, solar panels cost about $3 per watt on average. To account for the typical energy needs of the average home in Woodcliff Lake, most homeowners require a 4.7-kilowatt system. Using the figure above, a solar installation costs about $9,573, or $7,084 after the federal solar tax credit is applied.

Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy needs, the type of solar system you choose, your solar contractor and more. Many homeowners find going solar is a fruitful investment. The average homeowner in Woodcliff Lake can save around $15,000 on their power bills over 20 years.

Click the button below to get connected to a highly rated solar panel company in Woodcliff Lake for a custom estimate.

Solar savings over time in Woodcliff Lake

Year Return on Investment
1 years $-8,852
3 years $-7,412
5 years $-5,972
7 years $-4,531
9 years $-3,091
11 years $-1,650
13 years $-210
15 years $1,230
17 years $2,671
19 years $4,111
21 years $5,551
23 years $6,992
25 years $8,432

Top Solar Installers in Woodcliff Lake

Although it's possible to install solar panels yourself, it takes extra labor and know-how. That's one of the reasons almost all homeowners choose to go with a solar panel installer. A solar installer can also help save you money over the lifespan of your system by offering warranties, repairs and component replacements.

Working with a professional solar company can make going solar easier. Here are our recommendations:

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

The Green Panel

★★★★★
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 Woodcliff Lake

Factors that Affect Solar Panel Costs in Woodcliff Lake

For many Woodcliff Lake homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Woodcliff Lake, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you'll pay, which we'll go over below.

Solar Equipment Size

One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend around $2,770 per kilowatt in Woodcliff Lake. The kind of solar panels and equipment you choose is another factor that will significantly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment is more than just the solar panels themselves. You'll also need to think 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 researching a solar system that's in your budget.

Solar Financing Terms

Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Woodcliff Lake homeowners choose to finance their solar panel systems to make going solar more affordable. However, the interest on solar loans also increase your overall costs, so it's crucial to keep that in mind as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.

Solar Panel Installation Company

The solar installer you pick will play a role in your total cost to make the switch to solar energy. Different companies will bill different amounts for the equipment and labor. The size of the company can sometimes play the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower 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 $12,791 $10,364 13.8 years
8 kW $2.83 $16,726 $14,146 13.5 years
10 kW $2.77 $20,498 $18,092 13.3 years
12 kW $2.71 $24,106 $22,203 13.0 years
14 kW $2.66 $27,549 $26,477 12.7 years
16 kW $2.60 $30,829 $30,916 12.5 years
18 kW $2.55 $33,945 $35,518 12.2 years
20 kW $2.49 $36,896 $40,285 12.0 years

Solar Incentives in Woodcliff Lake

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 solar panel company you opt for will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, including:

  • Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and how long it will take.
  • Solar Panel Brands: Different companies carry various brands and types of panels. If you know you want a specific brand, make sure the solar installer you're considering has it.
  • Contract: Read the contract terms thoroughly to make sure you understand the total cost, completion timeline rebates and warranties.
  • Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.

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

The Green Panel

★★★★★
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 Woodcliff Lake, NJ Solar Cost FAQs

How much does it cost to install solar panels in Woodcliff Lake?

The average cost of solar panels in Woodcliff Lake is about $13,850 for a 5-kW system and $27,700 for a 10-kW system before the ITC, but the real cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you use.

Is cost the most important consideration when buying solar panels?

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

Do solar panels increase your home value?

Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Woodcliff Lake is currently $812,300, which means you can expect about a value of about $33,304 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Woodcliff Lake is a rewarding investment.

How many solar panels do I need to power my home?

The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to account for their typical energy usage.

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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