Solar Panel Cost Guide in Carteret, NJ (2024 Update)
- Carteret Solar Installation Cost: $11,564
- 25-Year Savings: $8,776
- Payback Period: 16.2 Years
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Average Cost of Solar Panels in Carteret
We break down average solar pricing in Carteret.
While the national average of solar panels is $2.66 per watt, solar panels in Carteret generally cost around 4.The average solar panel system size in Carteret is around 4.7 kilowatts, meaning a cost of about $11,564 for a solar installation, or $16,537 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of making the switch to solar can vary quite a bit depending on a few factors, such as what size system you need, your energy consumption and what solar installer you go with.But, once you've paid the initial cost of installation, the savings for most homeowners is usually good, with a net average savings of about $14,000 over 20 years on electricity bills.
To receive a free estimate from a vetted solar installer in Carteret, you can click the button below.
Solar savings over time in Carteret
| Year | Return on Investment |
|---|---|
| 1 years | $-10,142 |
| 3 years | $-7,297 |
| 5 years | $-4,452 |
| 7 years | $-1,608 |
| 9 years | $1,237 |
| 11 years | $4,082 |
| 13 years | $6,927 |
| 15 years | $9,771 |
| 17 years | $12,616 |
| 19 years | $15,461 |
| 21 years | $18,306 |
| 23 years | $21,150 |
| 25 years | $23,995 |
Top Solar Installers in Carteret
Although you can install solar panels on your own, it involves extra time and expertise. That's why the majority of homeowners choose to hire a solar panel installer. The payback period on an investment in solar panels will vary based on factors like your location and energy needs, but working with a solar installer can shorten that period. Your provider will be able to help you identify incentives available in your area.
If you’d like to make the switch to solar but still aren’t certain which solar panel installer to go with, here are our recommendations for providers nearby:
Best National Provider
SunPower
- 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
- 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
See all of the solar companies in Carteret
Factors that Affect Solar Panel Costs in Carteret
There are a number of criteria that can determine your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
One of the most significant 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 power your household consumes, the larger your system will likely need to be. You can expect to spend about $3,530 per kilowatt in Carteret.The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your electric bills. In addition, extra products, like solar batteries, can bring your total well above the Carteret average.
Solar Financing Terms
Many homeowners find the average cost of solar in Carteret to be too costly, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to higher prices over time due to interest.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The final major cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Carteret, you’ll have lots of options to choose from, but each comes at varying price points for labor and equipment.You may see national solar installers that have lower prices due to their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $7,466 | 16.8 years |
| 8 kW | $3.60 | $20,163 | $10,350 | 16.5 years |
| 10 kW | $3.53 | $24,710 | $13,432 | 16.2 years |
| 12 kW | $3.46 | $29,059 | $16,711 | 15.9 years |
| 14 kW | $3.39 | $33,210 | $20,188 | 15.5 years |
| 16 kW | $3.32 | $37,164 | $23,863 | 15.2 years |
| 18 kW | $3.25 | $40,920 | $27,736 | 14.9 years |
| 20 kW | $3.18 | $44,478 | $31,806 | 14.6 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose has an impact on your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you choose.
- Contract: Before signing a contract with a solar company, be sure to read it through completely so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Installation Process: Make sure you’re aligned with the installer 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.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
Best National Provider
SunPower
- 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
- 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
EcoWatch's Carteret, NJ Solar Cost FAQs
How much does it cost to install solar panels in Carteret?
This is a hard 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 extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Carteret?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The downside 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
How will installing solar panels impact my property 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 Carteret is currently $460,297, so you can expect a value of about $18,872 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Carteret is a fruitful investment.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out 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.