Solar Panel Cost Guide in Penns Grove, NJ (2024 Update)
- Penns Grove Solar Installation Cost: $11,411
- 25-Year Savings: $13,806
- Payback Period: 12.5 Years
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Average Cost of Solar Panels in Penns Grove
Find out what the average cost of a solar system is in Penns Grove.
In Penns Grove, solar panels cost about 4 per watt on average.To account for the typical energy usage of the average home in Penns Grove, most homeowners require a 4.6-kilowatt system. Using the per-watt figure above, a solar installation costs around $11,411, or $16,318 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy use, the type of equipment you choose, your solar contractor and more.For most homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $19,000 in savings on energy bills over 20 years.
Click the button below to get connected to a top solar installer in your area for a custom estimate.
Solar savings over time in Penns Grove
| Year | Return on Investment |
|---|---|
| 1 years | $-9,913 |
| 3 years | $-6,917 |
| 5 years | $-3,920 |
| 7 years | $-924 |
| 9 years | $2,073 |
| 11 years | $5,069 |
| 13 years | $8,065 |
| 15 years | $11,062 |
| 17 years | $14,058 |
| 19 years | $17,054 |
| 21 years | $20,051 |
| 23 years | $23,047 |
| 25 years | $26,044 |
Top Solar Installers in Penns Grove
When making the switch to solar, many homeowners decide to use a solar company since putting up solar panels yourself can be a time-consuming project. Solar installers provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
There are several licensed solar professionals that can install solar panels for you. 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 Penns Grove
Factors that Affect Solar Panel Costs in Penns Grove
For many Penns Grove homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Penns Grove, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,530.There are several different solar panel brands and the one you pick also changes the cost. In general, the brands that are more efficient tend to also be more expensive. Plus, the type of equipment you’re looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are a popular option because they cut back your upfront costs and allow you to pay for your system over five to seven years on average.Though solar loans make adopting solar energy more accessible for Penns Grove homeowners, they can also add to the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you go with to handle your switch to clean energy can play a role in your total costs. There are about 3 solar panel companies in Penns Grove, and each can charge varying amounts for labor and equipment.You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk equipment 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 | $14,153 | 13.0 years |
| 8 kW | $3.60 | $20,163 | $19,266 | 12.8 years |
| 10 kW | $3.53 | $24,710 | $24,576 | 12.5 years |
| 12 kW | $3.46 | $29,059 | $30,085 | 12.3 years |
| 14 kW | $3.39 | $33,210 | $35,791 | 12.0 years |
| 16 kW | $3.32 | $37,164 | $41,694 | 11.8 years |
| 18 kW | $3.25 | $40,920 | $47,796 | 11.5 years |
| 20 kW | $3.18 | $44,478 | $54,095 | 11.3 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Contract: It’s important to look over your solar installer’s contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Solar Panel Brands: The kind of solar panel you want to install plays a role in which installer you should opt for, since different companies provide different panels.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the project timeline.
- Reputation: Companies that have been in business for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
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 Penns Grove, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Penns Grove?
The average cost of solar panels in Penns Grove is about $17,650 for a 5-kW system and $35,300 for a 10-kW system before the ITC, but the actual cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.
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 reasons for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Can you sell solar power back to the grid in Penns Grove?
The majority of states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses 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 house 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.