Solar Panel Cost Guide in Twin Rivers, NJ (2024 Update)
- Twin Rivers Solar Installation Cost: $11,653
- 25-Year Savings: $7,873
- Payback Period: 17.1 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Twin Rivers
Let’s take a look at the average cost of solar in Twin Rivers.
In Twin Rivers, solar panels cost about 4 per watt on average.Using this figure, a typical 4.7-kW system would cost about $11,653 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy needs, the type of solar panels you choose, your solar contractor and more.With typical savings of about $14,000 on electricity bills over 20 years, many homeowners in Twin Rivers find installing solar panels can be quite rewarding.
You can click the button below to get connected with a top solar installer in Twin Rivers that can help you get a more accurate cost estimate for your home.
Solar savings over time in Twin Rivers
| Year | Return on Investment |
|---|---|
| 1 years | $-10,594 |
| 3 years | $-8,476 |
| 5 years | $-6,357 |
| 7 years | $-4,239 |
| 9 years | $-2,120 |
| 11 years | $-2 |
| 13 years | $2,116 |
| 15 years | $4,235 |
| 17 years | $6,353 |
| 19 years | $8,472 |
| 21 years | $10,590 |
| 23 years | $12,708 |
| 25 years | $14,827 |
Top Solar Installers in Twin Rivers
DIY solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Going with an installer can make switching to solar power much easier. Another advantage of working with a solar company is that they can help you optimize your investment by cutting back on future costs of repairs and replacements due to warranties and giving you information on local incentives you can take advantage of.
If you’d like to go solar but still aren’t certain which solar installer to go with, here are our suggestions for providers nearby:
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 Twin Rivers
Factors that Affect Solar Panel Costs in Twin Rivers
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that will push your cost above or below the average in Twin Rivers: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Twin Rivers, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can figure out by looking at past power bills. Your overall cost can increase by about $3,530 for each additional kilowatt you need.The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive 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 will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a popular route because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also adds to your all-in costs, so it’s important to include that in your estimate 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 solar installer you pick will affect your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor.You may see national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions 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 | $6,231 | 17.8 years |
| 8 kW | $3.60 | $20,163 | $8,704 | 17.5 years |
| 10 kW | $3.53 | $24,710 | $11,374 | 17.1 years |
| 12 kW | $3.46 | $29,059 | $14,242 | 16.8 years |
| 14 kW | $3.39 | $33,210 | $17,307 | 16.4 years |
| 16 kW | $3.32 | $37,164 | $20,570 | 16.1 years |
| 18 kW | $3.25 | $40,920 | $24,031 | 15.8 years |
| 20 kW | $3.18 | $44,478 | $27,690 | 15.4 years |
How to Save on Solar Panels
There are many 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: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Although there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of options before deciding.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
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 Twin Rivers, NJ Solar Cost FAQs
How much does it cost to install solar panels in Twin Rivers?
This is a difficult question to answer exactly, because the cost depends on many factors. Broadly 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 more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Twin Rivers?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Can solar panels significantly reduce my power bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located 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 $721.68 per year.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires 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.