Solar Panel Cost Guide in Totowa, NJ (2024 Update)
- Totowa Solar Installation Cost: $11,798
- 25-Year Savings: $8,308
- Payback Period: 16.8 Years
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Average Cost of Solar Panels in Totowa
We go over average solar pricing in Totowa.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Totowa, the typical cost of solar panels is 4 per watt.The average solar panel system size in Totowa is around 4.8 kilowatts, meaning a cost of about $11,798 for a solar installation, or $16,871 before the 0 federal solar tax credit is applied.
The true cost of your system can be above or below the average in Totowa depending on a few factors, such as the model of solar panels you choose and the solar company you hire.But, once you've paid the initial cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $14,000 over 20 years on power bills.
To receive a free estimate from a vetted solar installer in Totowa, you can click the button below.
Solar savings over time in Totowa
| Year | Return on Investment |
|---|---|
| 1 years | $-10,497 |
| 3 years | $-7,894 |
| 5 years | $-5,291 |
| 7 years | $-2,689 |
| 9 years | $-86 |
| 11 years | $2,516 |
| 13 years | $5,119 |
| 15 years | $7,722 |
| 17 years | $10,324 |
| 19 years | $12,927 |
| 21 years | $15,529 |
| 23 years | $18,132 |
| 25 years | $20,735 |
Top Solar Installers in Totowa
DIY solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Taking advantage of a solar company can make your switch to solar power much easier. Also, if you’d like to maximize your investment in solar energy, using a solar company can help with that too. Different providers can offer repairs, expertise on solar panel installation and sometimes even information on local incentives.
If you're looking for a solar company in Totowa, we've compiled 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 Totowa
Factors that Affect Solar Panel Costs in Totowa
There are several criteria that can play into your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That’s why it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs.The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That’s why many Totowa homeowners decide to finance their solar panel systems to make going solar more affordable.It’s wise to add the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panels can influence your pricing. Totowa’s solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and find a company that has the products, warranties and services you’re looking for and also fits within your budget.
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 | $6,655 | 17.5 years |
| 8 kW | $3.60 | $20,163 | $9,269 | 17.1 years |
| 10 kW | $3.53 | $24,710 | $12,080 | 16.8 years |
| 12 kW | $3.46 | $29,059 | $15,089 | 16.5 years |
| 14 kW | $3.39 | $33,210 | $18,296 | 16.1 years |
| 16 kW | $3.32 | $37,164 | $21,700 | 15.8 years |
| 18 kW | $3.25 | $40,920 | $25,302 | 15.4 years |
| 20 kW | $3.18 | $44,478 | $29,102 | 15.1 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 pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely offer good-quality solar panel installation and expertise.
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Look through the contract terms carefully to make sure you understand how much it will cost, project completion timeline incentives and warranties.
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 Totowa, NJ Solar Cost FAQs
What is the average cost of installing solar panels in Totowa?
This is a tough 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 higher-than-average energy needs. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Totowa?
Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The downside 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 incentives and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
How will solar panels impact the value of my home?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.