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

  • Magnolia Solar Installation Cost: $11,511
  • 25-Year Savings: $8,818
  • Payback Period: 16.1 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 Magnolia

We go over average solar pricing in Magnolia.

In Magnolia, solar panels cost about 4 per watt on average.Using this figure, a typical 4.7-kW system would cost about $11,511 before the 0 federal solar tax credit is applied.

The prices above are just estimates to give you an idea of the cost of solar panels. The true cost of installing solar panels can vary quite a bit depending on multiple factors, such as how many panels you need, your energy consumption and what company you go with.Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Magnolia can save about $15,000 on their energy bills over 20 years.

For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.

Solar savings over time in Magnolia

Year Return on Investment
1 years $-10,088
3 years $-7,244
5 years $-4,399
7 years $-1,554
9 years $1,291
11 years $4,135
13 years $6,980
15 years $9,825
17 years $12,670
19 years $15,514
21 years $18,359
23 years $21,204
25 years $24,049

Top Solar Installers in Magnolia

Although you can install solar panels yourself, it involves extra effort and expertise. That's one of the reasons the majority of homeowners choose a solar panel installer. Some solar installers, especially local ones, can help you make the most of incentives in Magnolia, thereby optimizing your ROI.

If you're on the hunt for a solar company in Magnolia, we've compiled a list of our top suggestions here:

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 Magnolia

Factors that Affect Solar Panel Costs in Magnolia

There are a number of factors that can play into your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.

Solar Equipment

One of the most important 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 spend about $3,530 per kilowatt in Magnolia.The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your electric bills. Additionally, extra products, such as solar batteries, can bring your total well above the Magnolia average.

Solar Financing Terms

Most solar installers in Magnolia offer solar loans, which reduce your upfront costs of installing solar panels.Although solar loans make switching to solar energy more accessible for Magnolia homeowners, they can also add to 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 avoid paying as much in interest.

Solar Panel Installation Company

The final major cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Magnolia, you’ll have plenty of options to choose from, but each comes at different price points for labor and equipment.You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials 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 $7,573 16.8 years
8 kW $3.60 $20,163 $10,492 16.4 years
10 kW $3.53 $24,710 $13,609 16.1 years
12 kW $3.46 $29,059 $16,924 15.8 years
14 kW $3.39 $33,210 $20,437 15.5 years
16 kW $3.32 $37,164 $24,147 15.2 years
18 kW $3.25 $40,920 $28,055 14.8 years
20 kW $3.18 $44,478 $32,161 14.5 years

How to Save on Solar Panels

The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be difficult, we have some tips to help you, such as:

  • Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
  • Contract: Look through the contract terms thoroughly to make sure you understand how much it will cost, completion timeline incentives and warranties.
  • Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should secure and how long the project will take.
  • Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Although there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of options before making your decision.

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 Magnolia, NJ Solar Cost FAQs

What is the average cost of installing solar panels in Magnolia?

The average cost of solar panels in Magnolia 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 stuff like the model of solar panels you want, what size system you need and how much energy you use.

Should I lease or buy solar panels in Magnolia?

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 incentives and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.

Is it worth going solar in Magnolia?

Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.

What solar power system size is right for my home?

To figure out how many solar panels you need, you need to know how much energy your home uses 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 household 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.

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