Solar Panel Cost Guide in Garwood, NJ (2024 Update)
- Garwood Solar Installation Cost: $11,528
- 25-Year Savings: $8,804
- Payback Period: 16.1 Years
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Average Cost of Solar Panels in Garwood
Let’s take a look at the average cost of solar panels in Garwood.
In Garwood, solar panels cost about 4 per watt on average.Using this figure, a typical 4.7-kW system would cost about $11,528 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The true cost of installing solar panels can vary quite a bit based on multiple factors, such as how many panels you need, your energy consumption and what company you go with.Many homeowners find going solar is a sound investment. The average homeowner in Garwood can save around $15,000 on their energy bills over 20 years.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Garwood
| Year | Return on Investment |
|---|---|
| 1 years | $-10,106 |
| 3 years | $-7,261 |
| 5 years | $-4,417 |
| 7 years | $-1,572 |
| 9 years | $1,273 |
| 11 years | $4,118 |
| 13 years | $6,962 |
| 15 years | $9,807 |
| 17 years | $12,652 |
| 19 years | $15,497 |
| 21 years | $18,341 |
| 23 years | $21,186 |
| 25 years | $24,031 |
Top Solar Installers in Garwood
Installing solar panels by yourself can be a dangerous project, which is why getting a solar installation company is a good option for many homeowners. The payback period on a solar system will vary based on factors like your roof configuration and energy consumption, but working with a solar company can shorten it. Your provider will be able to help you get the most out of incentives available in your area.
If you're searching for a solar installer in Garwood, the EcoWatch team has compiled 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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Garwood
Factors that Affect Solar Panel Costs in Garwood
For many Garwood 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 Garwood, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Garwood, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can gauge by looking at past electricity bills. Your total cost can increase by around $3,530 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 come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Garwood to be prohibitively steep, even if the investment pays off over time. Thankfully, nearly every solar installer in the area offers financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in higher prices over time due to interest.However, the interest on solar loans also adds to your overall costs, so it’s crucial to take that into consideration as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you hire to handle your switch to renewable energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Garwood, and each can charge different amounts for labor and equipment.Additionally, some companies in Garwood have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 | $3.67 | $15,419 | $7,537 | 16.8 years |
| 8 kW | $3.60 | $20,163 | $10,445 | 16.5 years |
| 10 kW | $3.53 | $24,710 | $13,550 | 16.1 years |
| 12 kW | $3.46 | $29,059 | $16,854 | 15.8 years |
| 14 kW | $3.39 | $33,210 | $20,354 | 15.5 years |
| 16 kW | $3.32 | $37,164 | $24,053 | 15.2 years |
| 18 kW | $3.25 | $40,920 | $27,949 | 14.9 years |
| 20 kW | $3.18 | $44,478 | $32,043 | 14.5 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be a challenge, we have some tips to help you, such as:
- Contract: Read the contract terms closely to make sure you understand the overall cost, project completion timeline incentives and warranties.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years likely provide good-quality solar panel installation and expertise.
- Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should secure and how long the project will take.
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Garwood, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Garwood?
The average cost of solar panels in Garwood is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the real cost will depend on things like 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 Garwood?
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 home 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 financial benefits from going solar.
Can solar panels completely eradicate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $765.21 per year.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can take a 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 buy 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.