Solar Panel Cost Guide in Commercial, NJ (2024 Update)
- Commercial Solar Installation Cost: $11,168
- 25-Year Savings: $14,506
- Payback Period: 12.0 Years
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Average Cost of Solar Panels in Commercial
We go over average solar pricing in Commercial.
While the national average of solar panels is $2.66 per watt, solar panels in Commercial typically cost about 4.To account for the typical energy usage of the average home in Commercial, most homeowners require a 4.5-kilowatt system. Using the figure above, a solar installation costs about $11,168, or $15,970 before the federal solar tax credit of 0 is applied.
Keep in mind that the figures above are only estimates based on the average Commercial homeowner. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.With average savings of about $20,000 on energy bills over 20 years, many homeowners in Commercial find investing in solar can pay off big.
To get a free estimate from a vetted solar installation company in Commercial, you can click the button below.
Solar savings over time in Commercial
| Year | Return on Investment |
|---|---|
| 1 years | $-9,670 |
| 3 years | $-6,674 |
| 5 years | $-3,677 |
| 7 years | $-681 |
| 9 years | $2,315 |
| 11 years | $5,312 |
| 13 years | $8,308 |
| 15 years | $11,305 |
| 17 years | $14,301 |
| 19 years | $17,297 |
| 21 years | $20,294 |
| 23 years | $23,290 |
| 25 years | $26,286 |
Top Solar Installers in Commercial
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Hiring a solar company can make your swap to solar power much easier. Companies can also have access to a large variety of the best solar panels and help you pick which one will be right for your home.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some near you:
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 Commercial
Factors that Affect Solar Panel Costs in Commercial
While the average cost of a solar system in Commercial is $11,168, your final cost may differ. There are many factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to consider.
Solar Equipment
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 pay about $3,530 per kilowatt in Commercial.The model of solar panels and equipment you get is another factor that will substantially influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions 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 looking into a solar system that’s in your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are provided by most installers in Commercial, which can reduce, or in some cases eliminate, your upfront costs to make solar more affordable.While solar loans make adopting solar energy more accessible for Commercial 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
The remaining key cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Commercial, you’ll have plenty of options to choose from, but each comes at various price points for labor and equipment.The size of the company sometimes plays the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down 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 | $3.67 | $15,419 | $15,472 | 12.5 years |
| 8 kW | $3.60 | $20,163 | $21,024 | 12.2 years |
| 10 kW | $3.53 | $24,710 | $26,775 | 12.0 years |
| 12 kW | $3.46 | $29,059 | $32,723 | 11.8 years |
| 14 kW | $3.39 | $33,210 | $38,868 | 11.5 years |
| 16 kW | $3.32 | $37,164 | $45,212 | 11.3 years |
| 18 kW | $3.25 | $40,920 | $51,753 | 11.0 years |
| 20 kW | $3.18 | $44,478 | $58,492 | 10.8 years |
How to Save on Solar Panels
The solar panel company you choose will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, such as:
- Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Although reading through a contract can be tedious, it’s important to do it fully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Installation Process: When making the switch to solar, it’s crucial to keep an open line of communication with your solar installer. Confirm that you understand how the installation process will go and the project timeline.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years likely offer high-quality solar panel installation and expertise.
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 Commercial, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Commercial?
The average cost of solar panels in Commercial 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 such as the type of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels eliminate my power bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Commercial, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.