Solar Panel Cost Guide in Princeton Meadows, NJ (2024 Update)
- Princeton Meadows Solar Installation Cost: $11,564
- 25-Year Savings: $8,220
- Payback Period: 16.7 Years
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Average Cost of Solar Panels in Princeton Meadows
Let’s take a look at the average cost of solar panels in Princeton Meadows.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Princeton Meadows, the typical cost of solar panels is 4 per watt.To account for the typical energy usage of the average home in Princeton Meadows, most homeowners require a 4.7-kilowatt system. Using the figure above, a solar installation costs about $11,564, or $16,537 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of installing solar panels can vary quite a bit depending on multiple factors, such as how many panels you need, your energy usage and what company you go with.For many homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $14,000 in savings on electricity bills over 20 years.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Princeton Meadows
| Year | Return on Investment |
|---|---|
| 1 years | $-10,323 |
| 3 years | $-7,842 |
| 5 years | $-5,360 |
| 7 years | $-2,879 |
| 9 years | $-397 |
| 11 years | $2,084 |
| 13 years | $4,566 |
| 15 years | $7,048 |
| 17 years | $9,529 |
| 19 years | $12,011 |
| 21 years | $14,492 |
| 23 years | $16,974 |
| 25 years | $19,455 |
Top Solar Installers in Princeton Meadows
Installing solar panels on your own can be a difficult task, which is why getting a solar installation company is a good option for many homeowners. Companies can also have access to quality options of the best solar panels and help you pick which one will be best for your family.
Working with a professional solar installer can help you make the most of your investment in solar. Here are our recommendations:
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 Princeton Meadows
Factors that Affect Solar Panel Costs in Princeton Meadows
For many Princeton Meadows homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Princeton Meadows, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production use 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 a lot of different solar panel brands and the one you pick also changes the cost. Usually, the brands that have better efficiency tend to also cost more. Plus, the type of equipment you’re looking to get can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Princeton Meadows to be prohibitively expensive, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in a higher cost over time because of interest.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar company you select will affect your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor.Additionally, some companies in Princeton Meadows are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $6,754 | 17.4 years |
| 8 kW | $3.60 | $20,163 | $9,400 | 17.1 years |
| 10 kW | $3.53 | $24,710 | $12,245 | 16.7 years |
| 12 kW | $3.46 | $29,059 | $15,287 | 16.4 years |
| 14 kW | $3.39 | $33,210 | $18,526 | 16.0 years |
| 16 kW | $3.32 | $37,164 | $21,964 | 15.7 years |
| 18 kW | $3.25 | $40,920 | $25,599 | 15.4 years |
| 20 kW | $3.18 | $44,478 | $29,432 | 15.0 years |
How to Save on Solar Panels
The solar panel company you choose will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should keep in mind, such as:
- Contract: It’s important to read your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should acquire and how long the project will take.
- Warranty: Warranties that cover defective panels and repairs over around 25 years are the best you can get in the business, and offering such a warranty is one sign of a quality company.
- Reputation: Well-established companies likely have a good 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 Princeton Meadows, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Princeton Meadows?
The average cost of solar panels in Princeton Meadows 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 stuff like the kind of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Princeton Meadows?
You can’t get solar panels for free in Princeton Meadows. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
How will having solar panels impact my property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Princeton Meadows is currently $667,842, so you could be looking at a value of about $27,382 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Princeton Meadows is a fruitful investment.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.