Solar Panel Cost Guide in Madison Park, NJ (2024 Update)
- Madison Park Solar Installation Cost: $11,564
- 25-Year Savings: $7,526
- Payback Period: 17.4 Years
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Average Cost of Solar Panels in Madison Park
Find out how much it might cost to make the switch to solar in Madison Park.
The average cost of a solar panel system in Madison Park is 4 per watt.The average Madison Park homeowner needs a 4.7-kilowatt system, which would cost about $11,564 with the federal tax credit, or $16,537 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of going solar can vary quite a bit depending on multiple factors, such as what size system you need, your energy consumption and what company you go with.With typical savings of about $13,000 on power bills over 20 years, many homeowners in Madison Park find investing in solar can pay off big.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Madison Park
| Year | Return on Investment |
|---|---|
| 1 years | $-10,505 |
| 3 years | $-8,387 |
| 5 years | $-6,268 |
| 7 years | $-4,150 |
| 9 years | $-2,031 |
| 11 years | $87 |
| 13 years | $2,205 |
| 15 years | $4,324 |
| 17 years | $6,442 |
| 19 years | $8,561 |
| 21 years | $10,679 |
| 23 years | $12,797 |
| 25 years | $14,916 |
Top Solar Installers in Madison Park
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Using a solar panel installer can make swapping over to solar power much easier. Plus, warranties and repairs from your solar panel company can protect your investment and bring down the cost of maintenance over time.
If you're looking for a solar company in Madison Park, the EcoWatch team has put together 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 Madison Park
Factors that Affect Solar Panel Costs in Madison Park
The cost of installing a solar system in Madison Park can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the price of a solar panel system in Madison Park, one of the most crucial 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 consumption, which you can gauge by looking at past energy 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 increase or decrease 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 will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That’s why many Madison Park homeowners decide to finance their solar panel systems to make going solar more affordable.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can impact the cost. Madison Park’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically 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 car 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 | $3.67 | $15,419 | $5,864 | 18.1 years |
| 8 kW | $3.60 | $20,163 | $8,213 | 17.8 years |
| 10 kW | $3.53 | $24,710 | $10,761 | 17.4 years |
| 12 kW | $3.46 | $29,059 | $13,506 | 17.1 years |
| 14 kW | $3.39 | $33,210 | $16,449 | 16.7 years |
| 16 kW | $3.32 | $37,164 | $19,590 | 16.4 years |
| 18 kW | $3.25 | $40,920 | $22,928 | 16.0 years |
| 20 kW | $3.18 | $44,478 | $26,464 | 15.7 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Warranty: A comprehensive, 25-year warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
- Contract: Though reading through a contract can take a lot of time, it’s important to do it thoroughly so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Solar Panel Brands: The type of solar panel you want to get plays a role in which installer you should opt for, since different companies have different panels.
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 Madison Park, NJ Solar Cost FAQs
How much does it cost to install solar panels in Madison Park?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $17,650 for a 5-kW system and $35,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Madison Park?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Can solar panels significantly reduce my energy bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Madison Park, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.