Solar Panel Cost Guide in Parsippany-Troy Hills, NJ (2024 Update)

  • Parsippany-Troy Hills Solar Installation Cost: $11,808
  • 25-Year Savings: $8,011
  • Payback Period: 17.1 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 Parsippany-Troy Hills

Find out what the average cost of solar panel installation is in Parsippany-Troy Hills.

In Parsippany-Troy Hills, solar panels cost about 4 per watt on average.Since a 4.8-kW system is needed to cover the energy needs of a typical home in Parsippany-Troy Hills, the average price of going solar will be about $11,808 after claiming the federal solar tax credit of 0.

Bear in mind that the figures above are only estimates based on the average energy use of Parsippany-Troy Hills homeowners. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.For many homeowners, the upfront investment in solar power is worth paying. On average Parsippany-Troy Hills homeowners see about $14,000 in savings on utility bills over 20 years.

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

Solar savings over time in Parsippany-Troy Hills

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 Parsippany-Troy Hills

Trying to install solar panels yourself can be a dangerous project, which is why getting a solar installer is a good option for many homeowners. The expertise that solar installers offer can be useful as well, especially if you aren’t sure what kind of solar equipment you need.

Working with a professional solar company can help you make the most of your investment in solar. 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 Parsippany-Troy Hills

Factors that Affect Solar Panel Costs in Parsippany-Troy Hills

For many Parsippany-Troy Hills homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Parsippany-Troy Hills, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you’ll pay, which we'll go over below.

Solar Equipment

The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $3,530. The type of solar panels and equipment you choose is another factor that will substantially impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment consists of more than just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that falls within your budget.

Solar Financing Terms

If paying for a solar system out of pocket is difficult, solar loans are an affordable choice because they reduce your upfront costs and let you pay for your system over five to seven years on average.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay off the loan.

Solar Panel Installation Company

The solar company you go with to handle your switch to green energy can play a part in your total costs. There are about 3 solar installation companies operating throughout Parsippany-Troy Hills, and each can charge different amounts for labor and equipment.You may see national solar installers that have lower prices because of their larger brand name and access to bulk prices, 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 $6,274 17.8 years
8 kW $3.60 $20,163 $8,761 17.4 years
10 kW $3.53 $24,710 $11,445 17.1 years
12 kW $3.46 $29,059 $14,327 16.7 years
14 kW $3.39 $33,210 $17,407 16.4 years
16 kW $3.32 $37,164 $20,684 16.1 years
18 kW $3.25 $40,920 $24,159 15.7 years
20 kW $3.18 $44,478 $27,832 15.4 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. Because picking a company can be a challenge, we have some tips to help you, such as:

  • Warranty: If you’re concerned about the longevity of your solar panels, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
  • Reputation: Make sure your solar system 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.
  • Solar Panel Brands: Different companies will have different brands and models of panels. If you know you want a specific brand, make sure the solar installer you’re considering has it.
  • Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.

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 Parsippany-Troy Hills, NJ Solar Cost FAQs

What is the average cost of installing solar panels in Parsippany-Troy Hills?

This is a hard question to answer exactly, 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 extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.

Should I lease or buy solar panels in Parsippany-Troy Hills?

Leasing solar panels can be an appealing choice, as it commonly 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 way to go if you want to maximize your savings.

Is switching to solar power worth it?

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 often do you have to replace solar panels?

Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt to replace them after having 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.

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