Solar Panel Cost Guide in Greenwich, NJ (2024 Update)

  • Greenwich Solar Installation Cost: $11,855
  • 25-Year Savings: $6,881
  • Payback Period: 18.3 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Greenwich

Let’s take a look at the average cost of solar in Greenwich.

The national average cost of solar panels is $2.66 per watt, but in Greenwich it’s 4 per watt.The average Greenwich homeowner needs a 4.8-kilowatt system, which would cost about $11,855 with the federal tax credit, or $16,953 before the 0 tax credit is applied.

The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of making the switch to solar can vary quite a bit based on several factors, such as what size system you need, your energy consumption and what installation company you go with.Even with the high upfront cost, the average Greenwich homeowner can save around $13,000 on their power bills over 20 years, which is one of the positives of solar.

You can click the button below to get connected with a pre-vetted solar company in Greenwich for a quote for your home.

Solar savings over time in Greenwich

Year Return on Investment
1 years $-10,796
3 years $-8,678
5 years $-6,559
7 years $-4,441
9 years $-2,323
11 years $-204
13 years $1,914
15 years $4,033
17 years $6,151
19 years $8,269
21 years $10,388
23 years $12,506
25 years $14,625

Top Solar Installers in Greenwich

Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Going with a solar panel installer can make your swap to solar power much easier. In addition, if you’d like to maximize your investment in solar, going with a solar company can help with that as well. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives and net metering programs.

Working with a professional solar company can make going solar easier. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • 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 Greenwich

Factors that Affect Solar Panel Costs in Greenwich

Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that will push your cost above or below the average in Greenwich: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.

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 electricity your household consumes, the larger your system will likely need to be. You can expect to pay about $3,530 per kilowatt in Greenwich.The kind of solar panels and equipment you choose is another factor that will greatly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment consists of more than 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 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.It’s a good idea to include the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it’ll take to pay back the loan.

Solar Panel Installation Company

Finally, the company you hire to install your solar panels can play a role in determining how much you pay. Greenwich’s solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and choose a company that provides the products, warranties and services you want and also fit into your budget.

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 $4,820 19.0 years
8 kW $3.60 $20,163 $6,822 18.7 years
10 kW $3.53 $24,710 $9,022 18.3 years
12 kW $3.46 $29,059 $11,419 17.9 years
14 kW $3.39 $33,210 $14,014 17.6 years
16 kW $3.32 $37,164 $16,807 17.2 years
18 kW $3.25 $40,920 $19,797 16.8 years
20 kW $3.18 $44,478 $22,985 16.5 years

How to Save on Solar Panels

Since the type of solar panels and the installation company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:

  • Installation Process: When making the switch to solar energy, it’s essential to maintain an open line of communication with your solar company. See to it that you understand how the installation process will go and the project timeline.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done well. Another way you can verify your installer’s reputation is by reading reviews.
  • Solar Panel Brands: Different companies carry different brands and kinds of panels. If you want a specific brand, make sure the solar panel company you’re considering has it.
  • Contract: It’s important to read through your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's Greenwich, NJ Solar Cost FAQs

How much does it cost to install solar panels in Greenwich?

This is a hard question to answer precisely, because the cost depends on a variety of 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. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.

Are solar panels free in Greenwich?

You can’t get solar panels for free in Greenwich. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.

Can you sell solar power back to the grid in Greenwich?

Most states offer net metering programs of some kind. Through these, you can be compensated for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.

How long do solar panels last in Greenwich?

Although 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 their energy production will have decreased significantly after that point. You can decide to 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.

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