Solar Panel Cost Guide in Mount Olive, NJ (2024 Update)
- Mount Olive Solar Installation Cost: $11,808
- 25-Year Savings: $6,918
- Payback Period: 18.2 Years
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Average Cost of Solar Panels in Mount Olive
We go over average solar pricing in Mount Olive.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Mount Olive, the average cost of a solar system is 4 per watt.Because a 4.8-kW system is needed to cover the energy costs of a typical home in Mount Olive, the average price of going solar will be about $11,808 after claiming the federal solar tax credit of 0.
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 depending on several factors, such as how many panels you need, your energy consumption and what installation company you go with.With average savings of about $13,000 on power bills over 20 years, many homeowners in Mount Olive find installing solar panels can be quite rewarding.
Click the button below to get connected to a reputable solar company in Mount Olive for a personalized quote.
Solar savings over time in Mount Olive
| Year | Return on Investment |
|---|---|
| 1 years | $-10,749 |
| 3 years | $-8,630 |
| 5 years | $-6,512 |
| 7 years | $-4,394 |
| 9 years | $-2,275 |
| 11 years | $-157 |
| 13 years | $1,962 |
| 15 years | $4,080 |
| 17 years | $6,198 |
| 19 years | $8,317 |
| 21 years | $10,435 |
| 23 years | $12,554 |
| 25 years | $14,672 |
Top Solar Installers in Mount Olive
When switching to solar energy, many homeowners opt to use a solar installer since putting up a solar system yourself can be a time-consuming project. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long term due to their warranties, repair services and expert design.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Mount Olive
Factors that Affect Solar Panel Costs in Mount Olive
For many Mount Olive homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Mount Olive, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most important 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 power your household uses, the larger your system will likely need to be. You can expect to spend about $3,530 per kilowatt in Mount Olive.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Mount Olive, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Mount Olive to be prohibitively expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to paying more over time because of interest.While solar loans make switching to solar energy more accessible for Mount Olive homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Mount Olive is the company you get to install your PV system. Similar to choosing a company to build a deck or pool, for instance, you’ll have many options for solar installers that provide a range of services for different budgets.Larger national companies usually have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.
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 | $4,901 | 19.0 years |
| 8 kW | $3.60 | $20,163 | $6,930 | 18.6 years |
| 10 kW | $3.53 | $24,710 | $9,157 | 18.2 years |
| 12 kW | $3.46 | $29,059 | $11,581 | 17.9 years |
| 14 kW | $3.39 | $33,210 | $14,203 | 17.5 years |
| 16 kW | $3.32 | $37,164 | $17,023 | 17.1 years |
| 18 kW | $3.25 | $40,920 | $20,041 | 16.8 years |
| 20 kW | $3.18 | $44,478 | $23,256 | 16.4 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose significantly influences your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Different companies will offer different brands and kinds of panels. If you want a specific brand, make sure the solar company you’re considering has it.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can verify your installer’s reputation is by reading reviews.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running for a long time and save you money on part replacement and repairs.
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 Mount Olive, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Mount Olive?
This is a tough 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. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
What other factors should I consider aside from cost when buying solar panels?
The upfront cost is a key factor to consider, but whether it’s the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Is it worth going solar in Mount Olive?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and the amount of direct sunlight your roof gets.
How long do solar panels last in Mount Olive?
Though 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 once you've had 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.