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

  • Millburn Solar Installation Cost: $11,692
  • 25-Year Savings: $14,788
  • Payback Period: 17.2 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 Millburn

Find out what the average cost of installing solar panels is in Millburn.

The average cost of solar panels in Millburn is 4 per watt.To cover the typical energy needs of the average home in Millburn, most homeowners require a 4.7-kilowatt system. Using the figure above, a solar installation costs around $11,692, or $16,720 before the federal solar tax credit of 0 is applied.

The true cost of your system can be above or below the average in Millburn depending on a variety of factors, such as the brand of solar panels you choose and the solar company you hire.For most homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Millburn see about $14,000 in savings on electricity bills over 20 years.

To calculate your potential ROI and connect with a local solar installer, click the button below.

Solar savings over time in Millburn

Year Return on Investment
1 years $-10,633
3 years $-8,514
5 years $-6,396
7 years $-4,278
9 years $-2,159
11 years $-41
13 years $2,078
15 years $4,196
17 years $6,314
19 years $8,433
21 years $10,551
23 years $12,670
25 years $14,788

Top Solar Installers in Millburn

DIY solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Going with an installer can make your swap to solar power much easier. Plus, warranties and repairs from your solar panel company can protect your investment and lower the cost of maintenance in the long run.

Working with a licensed solar installer can help your solar project go smoothly. 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 Millburn

Factors that Affect Solar Panel Costs in Millburn

For many Millburn homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Millburn, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you’ll pay, which we'll go over below.

Solar Equipment

Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. For that reason, it’s a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs.The kind of solar panels and equipment you get is another factor that will largely affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that falls within your budget.

Solar Financing Terms

If paying for a solar system in cash is out of reach, solar loans are a popular choice because they lower your upfront costs and let you pay for your system over five to seven years on average.However, the interest on solar loans also increases your overall costs, so it’s important to consider that as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.

Solar Panel Installation Company

The solar installation company you pick will influence your total cost to go solar. Different companies will charge different amounts for the equipment and labor.The size of the company can sometimes play the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to greater 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 promotion can bring their pricing lower to compete with bigger 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 $6,159 17.9 years
8 kW $3.60 $20,163 $8,608 17.5 years
10 kW $3.53 $24,710 $11,254 17.2 years
12 kW $3.46 $29,059 $14,098 16.8 years
14 kW $3.39 $33,210 $17,139 16.5 years
16 kW $3.32 $37,164 $20,378 16.1 years
18 kW $3.25 $40,920 $23,815 15.8 years
20 kW $3.18 $44,478 $27,450 15.5 years

How to Save on Solar Panels

There are a large number of companies available in Millburn, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:

  • Warranty: An all-inclusive, long-term warranty can help keep your solar panels running smoothly and save you money on part replacement and repairs.
  • Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely provide good-quality solar panel installation and expertise.
  • Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Although there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of offerings before making your decision.
  • Contract: Although reading through a contract can take a lot of time, it’s important to do it carefully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.

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 Millburn, NJ Solar Cost FAQs

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

This is a difficult question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $17,650 for a 5-kW system and $35,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.

What other factors should I consider other than cost when buying solar panels?

Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.

Can solar panels eliminate my electricity bills?

It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Millburn, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.

What solar power system size is right for my home?

The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.

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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