Solar Panel Cost Guide in Oaklyn, NJ (2024 Update)
- Oaklyn Solar Installation Cost: $11,511
- 25-Year Savings: $8,818
- Payback Period: 16.1 Years
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Average Cost of Solar Panels in Oaklyn
We go over average solar pricing in Oaklyn.
The average cost of a solar panel system in Oaklyn is 4 per watt.The average solar panel system size in Oaklyn is around 4.7 kilowatts, meaning a cost of about $11,511 for a solar installation, or $16,461 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 exact cost of installing solar panels can vary quite a bit depending on a few factors, such as what size system you need, your energy consumption and what installation company you go with.Despite the significant upfront cost, the average Oaklyn homeowner can save about $15,000 on their energy bills over 20 years, which is one of the perks of solar.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Oaklyn
| 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 Oaklyn
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Taking advantage of a solar company can make switching to solar power much easier. Solar companies provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
If you're on the hunt for a solar installer in Oaklyn, we've put together a list of our top suggestions here:
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 Oaklyn
Factors that Affect Solar Panel Costs in Oaklyn
For many Oaklyn homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Oaklyn, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar panel system in Oaklyn, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy consumption, which you can determine by looking at past energy bills. Your overall cost can increase by around $3,530 for each additional kilowatt you need.The kind of solar panels and equipment you get is another factor that will considerably impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Plus, solar equipment is more than 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 looking into a solar system that’s in your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That’s why many Oaklyn homeowners choose to finance their solar panel systems to offset upfront costs.However, the interest on solar loans also adds to your all-in costs, so it’s vital to include that in your estimate as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The last major cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Oaklyn, you’ll have a great number of options to choose from, but each comes at varying price points for labor and equipment.Larger national companies generally have lower costs, but some local companies undercut 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 car 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 | $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
There are a large number of companies to choose from in Oaklyn, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Contract: When looking over your solar company’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Installation Process: When making the switch to solar power, it’s important to keep an open line of communication with your solar panel company. See to it that you understand how the installation process works and the project completion timeline.
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
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 Oaklyn, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Oaklyn?
This is a difficult question to answer precisely, because the cost depends on many 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. It will cost more if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Oaklyn?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
How will installing solar panels impact how much my home is worth?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually 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.