Solar Panel Cost Guide in Waterford, NJ (2024 Update)
- Waterford Solar Installation Cost: $11,511
- 25-Year Savings: $13,728
- Payback Period: 12.6 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 Waterford
We go over average solar pricing in Waterford.
The national average cost of solar panels is $2.66 per watt, but in Waterford it’s 4 per watt.The average Waterford homeowner needs a 4.7-kilowatt system, which would cost about $11,511 with the federal tax credit, or $16,461 before the 0 tax credit is applied.
These figures are only estimates, and your own solar costs may vary based on your specific situation and what company you go with.But, once you've paid the upfront cost of installation, the savings for most homeowners is quite fruitful, with a net average savings of about $19,000 over 20 years on energy bills.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Waterford
| Year | Return on Investment |
|---|---|
| 1 years | $-10,012 |
| 3 years | $-7,016 |
| 5 years | $-4,020 |
| 7 years | $-1,023 |
| 9 years | $1,973 |
| 11 years | $4,969 |
| 13 years | $7,966 |
| 15 years | $10,962 |
| 17 years | $13,959 |
| 19 years | $16,955 |
| 21 years | $19,951 |
| 23 years | $22,948 |
| 25 years | $25,944 |
Top Solar Installers in Waterford
When making the switch to solar, many homeowners choose to use a solar installation company since putting up solar panels yourself can be a challenging project. Because solar panels are exposed to the elements every day, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some 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 Waterford
Factors that Affect Solar Panel Costs in Waterford
There are several criteria that can influence your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production 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.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your power bills. In addition, add-on products, like solar batteries, can bring your total well above the Waterford average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are provided by most installers in Waterford, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible.You’ll have to consider the long-term cost of financing options, including the total interest you’ll pay over the length of the loan. If you can only 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 finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Waterford is the company you hire to install your PV system. As with choosing a company to build a deck or pool, for example, there are plenty of solar installers that provide a range of services for different budgets.Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and choose a company that offers 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 | $13,897 | 13.1 years |
| 8 kW | $3.60 | $20,163 | $18,925 | 12.9 years |
| 10 kW | $3.53 | $24,710 | $24,150 | 12.6 years |
| 12 kW | $3.46 | $29,059 | $29,574 | 12.4 years |
| 14 kW | $3.39 | $33,210 | $35,194 | 12.1 years |
| 16 kW | $3.32 | $37,164 | $41,013 | 11.9 years |
| 18 kW | $3.25 | $40,920 | $47,029 | 11.6 years |
| 20 kW | $3.18 | $44,478 | $53,243 | 11.4 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Installation Process: When making the switch to solar energy, it’s crucial to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process will go and the project timeline.
- Warranty: If you’re concerned about the durability of your solar panel system, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: Although reading through a contract can be tedious, it’s important to do it fully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
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 Waterford, NJ Solar Cost FAQs
How much does it cost to install solar panels in Waterford?
The average cost of solar panels in Waterford 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 stuff like the type of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Waterford?
Solar panels aren’t free in Waterford, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is it worth going solar in Waterford?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.