Solar Panel Cost Guide in New Milford, NJ (2024 Update)
- New Milford Solar Installation Cost: $11,529
- 25-Year Savings: $8,804
- Payback Period: 16.1 Years
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Average Cost of Solar Panels in New Milford
We go over average solar pricing in New Milford.
In New Milford, solar panels cost about 4 per watt on average.Since a 4.7-kW system is needed to cover the energy costs of a typical home in New Milford, the average price of going solar will be about $11,529 after claiming the federal solar tax credit of 0.
Keep in mind that the figures above are only estimates based on the average energy use of New Milford homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.With typical savings of about $15,000 on energy bills over 20 years, many homeowners in New Milford find going solar can pay off big.
You can click the button below to get connected with a top solar installer in New Milford for a quote for your home.
Solar savings over time in New Milford
| Year | Return on Investment |
|---|---|
| 1 years | $-10,106 |
| 3 years | $-7,262 |
| 5 years | $-4,417 |
| 7 years | $-1,572 |
| 9 years | $1,273 |
| 11 years | $4,117 |
| 13 years | $6,962 |
| 15 years | $9,807 |
| 17 years | $12,652 |
| 19 years | $15,496 |
| 21 years | $18,341 |
| 23 years | $21,186 |
| 25 years | $24,031 |
Top Solar Installers in New Milford
Many homeowners opt for a solar panel company since trying to put up solar panels yourself can be hard. Another good thing about using a reliable solar installer is that it'll likely provide warranties and free repairs, which help protect your solar system over time.
If you're looking for a solar installer in New Milford, the EcoWatch team has compiled a list of our top suggestions here:
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in New Milford
Factors that Affect Solar Panel Costs in New Milford
While the average cost of a solar system in New Milford is $11,529, your final cost may be higher or lower than that. There are many factors that can have a significant impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $3,530. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your power bills. In addition, extra products, like solar batteries, can bring your total well above the New Milford average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are offered by most installers in New Milford, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible.However, the interest on solar loans also increases your overall costs, so it’s vital to take that into consideration as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The last significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of sustainable energy solutions in New Milford, you’ll have lots of options to choose from, but each comes at different price points for labor and equipment.Additionally, some companies in New Milford know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $7,537 | 16.8 years |
| 8 kW | $3.60 | $20,163 | $10,444 | 16.5 years |
| 10 kW | $3.53 | $24,710 | $13,550 | 16.1 years |
| 12 kW | $3.46 | $29,059 | $16,853 | 15.8 years |
| 14 kW | $3.39 | $33,210 | $20,353 | 15.5 years |
| 16 kW | $3.32 | $37,164 | $24,051 | 15.2 years |
| 18 kW | $3.25 | $40,920 | $27,947 | 14.9 years |
| 20 kW | $3.18 | $44,478 | $32,041 | 14.5 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Contract: When looking over your solar installer’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Solar Panel Brands: The brand of solar panel you’d like to get plays a part in which installer you should choose, since different companies have different panels.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most 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.
- Warranty: A comprehensive, 25-year warranty can help keep your solar system running for years to come and save you money on part replacement and repairs.
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's New Milford, NJ Solar Cost FAQs
What is the average cost of installing solar panels in New Milford?
The average cost of solar panels in New Milford 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 such as the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in New Milford?
Leasing solar panels can be an appealing choice, as it typically comes with low or $0 upfront payments. The drawback 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
How will solar panels impact the value of my home?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in New Milford?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.