Solar Panel Cost Guide in Somerset, NJ (2024 Update)
- Somerset Solar Installation Cost: $11,701
- 25-Year Savings: $8,668
- Payback Period: 16.4 Years
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Average Cost of Solar Panels in Somerset
Let’s have a look at the average cost of solar panels in Somerset.
The national average cost of solar panels is $2.66 per watt, but in Somerset it’s 4 per watt.To cover the typical energy usage of the average home in Somerset, most homeowners require a 4.7-kilowatt system. Using the figure above, a solar installation costs about $11,701, or $16,732 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy use, the type of solar system you want to get, your solar contractor and more.For most homeowners, the upfront investment in solar is worth paying. On average homeowners in Somerset see about $14,000 in savings on utility bills over 20 years.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Somerset
| Year | Return on Investment |
|---|---|
| 1 years | $-10,279 |
| 3 years | $-7,434 |
| 5 years | $-4,589 |
| 7 years | $-1,745 |
| 9 years | $1,100 |
| 11 years | $3,945 |
| 13 years | $6,790 |
| 15 years | $9,634 |
| 17 years | $12,479 |
| 19 years | $15,324 |
| 21 years | $18,168 |
| 23 years | $21,013 |
| 25 years | $23,858 |
Top Solar Installers in Somerset
Trying to install solar panels on your own can be a challenging task, which is why hiring a solar installation company is a good option for many homeowners. Since solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
Working with a professional solar installer can make going solar easier. Here are our recommendations:
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 Somerset
Factors that Affect Solar Panel Costs in Somerset
The cost of installing a solar system in Somerset can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend about $3,530 per kilowatt in Somerset.The kind of solar panels and equipment you want is another factor that will substantially impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment consists of 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
Most solar companies in Somerset have solar loans, which reduce the initial cost of installing solar.However, the interest on solar loans also increases your overall costs, so it’s important to consider that as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Somerset, 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 usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle 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 | $7,198 | 17.0 years |
| 8 kW | $3.60 | $20,163 | $9,993 | 16.7 years |
| 10 kW | $3.53 | $24,710 | $12,985 | 16.4 years |
| 12 kW | $3.46 | $29,059 | $16,175 | 16.1 years |
| 14 kW | $3.39 | $33,210 | $19,563 | 15.7 years |
| 16 kW | $3.32 | $37,164 | $23,149 | 15.4 years |
| 18 kW | $3.25 | $40,920 | $26,932 | 15.1 years |
| 20 kW | $3.18 | $44,478 | $30,913 | 14.7 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: When looking through your solar company’s contract, ask for clarification 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.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years most likely provide good-quality solar panel installation and expertise.
- Warranty: Companies typically offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should acquire and what the project timeline is.
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 Somerset, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Somerset?
The average cost of solar panels in Somerset 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 things such as 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 Somerset?
You can’t get solar panels for free in Somerset. 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’d prefer to own your solar panels, you can finance them with a solar loan.
Can solar panels significantly reduce my power bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $753.91 per year.
How long do solar panels last in Somerset?
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.