Solar Panel Cost Guide in Woodstown, NJ (2023 Update)
- Woodstown Solar Installation Cost: $8,958
- 25-Year Savings: $13,803
- Payback Period: 9.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Woodstown
We break down average solar pricing in Woodstown.
While the national average of solar panels is $2.66 per watt, solar panels in Woodstown typically cost about 2.77. To account for the typical energy needs of the average home in Woodstown, most homeowners require a 4.6-kilowatt system. Using the figure above, a solar installation costs around $8,958, or $12,810 before the federal solar tax credit of 30% is applied.
The true cost of your system can go higher or lower than the average in Woodstown 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 $19,000 on utility bills over 20 years, many homeowners in Woodstown find installing solar panels can be quite rewarding.
To receive a free estimate from a highly rated solar company in Woodstown, you can click the button below.
Solar savings over time in Woodstown
| Year | Return on Investment |
|---|---|
| 1 years | $-8,048 |
| 3 years | $-6,227 |
| 5 years | $-4,406 |
| 7 years | $-2,585 |
| 9 years | $-764 |
| 11 years | $1,057 |
| 13 years | $2,877 |
| 15 years | $4,698 |
| 17 years | $6,519 |
| 19 years | $8,340 |
| 21 years | $10,161 |
| 23 years | $11,982 |
| 25 years | $13,803 |
Top Solar Installers in Woodstown
Many homeowners choose to hire a solar panel company since figuring out how to install solar panels on your own can be hard. The expertise that solar companies provide can be invaluable as well, particularly if you don't quite know what type of solar equipment you need.
There are several licensed solar professionals that can help you install your solar panels. 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
See all of the solar companies in Woodstown
Factors that Affect Solar Panel Costs in Woodstown
The cost of installing a solar system in Woodstown can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to pay around $2,770 per kilowatt in Woodstown. The brand of solar panels and equipment you want is another factor that will significantly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to consider 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 falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a solid choice because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. Though solar loans make switching to solar energy more accessible for Woodstown 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 put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Woodstown is the company you choose to install your solar system. As with choosing a company to install new cabinets, for instance, there's no shortage of solar installers that provide a range of services for different budgets. Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on 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 | $17,473 | 10.2 years |
| 8 kW | $2.83 | $15,822 | $23,607 | 10.0 years |
| 10 kW | $2.77 | $19,390 | $29,896 | 9.8 years |
| 12 kW | $2.71 | $22,803 | $36,341 | 9.6 years |
| 14 kW | $2.66 | $26,060 | $42,941 | 9.4 years |
| 16 kW | $2.60 | $29,163 | $49,696 | 9.2 years |
| 18 kW | $2.55 | $32,110 | $56,606 | 9.0 years |
| 20 kW | $2.49 | $34,902 | $63,671 | 8.9 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years most likely provide high-quality solar panel installation and expertise.
- Solar Panel Brands: The kind of solar panel you want to install plays a role in which company you should go with, since different companies have different panels.
- Contract: Though reading through a contract can take a lot of time, it's important to do it fully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Installation Process: Make sure you're on the same page with the company with regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as updating or replacing your electrical system or roof.
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 Woodstown, NJ Solar Cost FAQs
How much does it cost to install solar panels in Woodstown?
The average cost of solar panels in Woodstown 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 things such as the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Woodstown?
Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of 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 savings from going solar.
Do solar panels increase your property value?
Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in Woodstown?
Though 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 continue to use 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.